3M profit up 4%, outlook lifted

3M Co (MMM-N) reported a 4-percent rise in quarterly profit on Tuesday helped by growth in the transportation business and the Americas region.

The Minneapolis company also provided a modest increase to its full-year profit outlook.

The maker of Post-It notes, Scotch tape and components for consumer electronics reported net earnings of $1.12 billion US, or $1.59 per share, compared with $1.08 billion, or $1.49 per share, a year earlier.

Analysts on average were expecting a profit of $1.49 a share, according to Thomson Reuters I/B/E/S. The 2012 results included a 4 cent per share charge related to a voluntary retirement program.

3M's sales rose 2.4 percent to $7.5 billion during the first quarter, the company said. The revenue performance was in line with analyst expectations.

The company increased its forecast for 2012 earnings to a range of $6.35 and $6.50 per share, up from its prior range of $6.25 and $6.50 per share.

3M maintained its expectation for growth in organic sales of between 2 percent and 5 percent, and operating margins in a range of 21 percent to 22.5 percent.