3M 1st-Quarter Profit Flat as Sales Fall
3M Co. said first-quarter profit was little changed even as sales fell for the fourth straight time because Chief Executive James McNerney cut costs and focused on fast-growing units such as health care.
Net income fell to $452 million, or $1.14 a share, from $453million, or $1.13, a year earlier, 3M said. Sales fell 6.6% to $3.89billion.
3M said earlier this month that profit would exceed estimates because of McNerney’s cost cutting. The former General Electric Co. executive expects to save $1 billion by year’s end.
Shares of 3M rose 12 cents to $125.01 on the New York Stock Exchange.
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