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Post-it maker 3M's 3rd quarter net income rises 6 percent on higher revenue across divisions

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ST. PAUL, Minnesota — Diversified manufacturer 3M's third-quarter net income rose 6 percent on higher revenue across all divisions.

The maker of Post-it notes, industrial coatings and ceramics also narrowed its guidance range.

Net income for the three months ending Sept. 30 after paying preferred dividends totaled $1.3 billion, or $2.02 per share, up from $1.23 billion, or $1.81 per share, last year. Analysts expected $1.96 per share, according to FactSet.

PHOTO: FILE - This Jan. 26, 2010 file photo shows the 3M Co. logo on some of the company's products, in Philadelphia. 3M reports quarterly financial results on Thursday, Oct. 23, 2014. (AP Photo/Matt Rourke, File)
FILE - This Jan. 26, 2010 file photo shows the 3M Co. logo on some of the company's products, in Philadelphia. 3M reports quarterly financial results on Thursday, Oct. 23, 2014. (AP Photo/Matt Rourke, File)

Revenue rose 3 percent to $8.14 billion from $7.92 billion. Analysts expected $8.23 billion. The stronger dollar hurt revenue by about 1 percentage point, the company said.

The St. Paul, Minnesota-based company narrowed its guidance to net income of $7.40 to $7.50 for the year, compared with prior expectations of $7.30 to $7.55. Analysts expected $7.46 per share.

At its industrial unit, which makes auto and aircraft parts, revenue rose 3 percent to $2.8 billion. Revenue from its electronics and energy unit rose nearly 4 percent to $1.5 billion. Safety and graphics revenue rose 1 percent to $1.4 billion and revenue from health care products rose about 5 percent to $1.4 billion.

Revenue from consumer products like Scotch tape and Post-its rose 2 percent to $1.2 billion.

Shares of 3M Co. rose $3.02, or 2.2 percent, to $141.97 in premarket trading shortly before the market open.

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