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3M Q4 profit climbs YOY

3M Co. said its normalized net income for the fourth quarter amounted to $1.64 per share, compared with the S&P Capital IQ consensus estimate of $1.87 per share.

EPS rose year over year from $1.57.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $1.01 billion, an increase from $984.6 million in the year-earlier period.

The normalized profit margin increased to 13.7% from 13.5% in the year-earlier period.

Total revenue totaled $7.33 billion, compared with $7.30 billion in the prior-year period, and total operating expenses came to $5.66 billion, compared with $5.68 billion in the prior-year period.

Reported net income rose 11.5% on an annual basis to $1.15 billion, or $1.88 per share, from $1.03 billion, or $1.65 per share.

For the year, the company's normalized net income totaled $7.11 per share, compared with the S&P Capital IQ consensus normalized EPS estimate of $8.15.

EPS rose from $6.79 in the prior year.

Normalized net income was $4.40 billion, a gain from $4.33 billion in the prior year.

Full-year total revenue amounted to $30.11 billion, compared with $30.27 billion in the prior year, and total operating expenses declined on an annual basis to $22.89 billion from $23.21 billion.

The company said reported net income rose year over year to $5.05 billion, or $8.16 per share, in the full year, from $4.83 billion, or $7.58 per share.