3M first-quarter earnings rose helped by the weaker dollar and strong demand for films that boost the brightness of displays in laptops, cell phones and flat-panel televisions, the company said today.
The company also raised its full-year earnings forecast and said it expects second-quarter earnings to surpass Wall Street estimates.
Shares of 3M, whose products range from Post-It notes and Scotch tape to drugs and roofing granules, rose in trading before the US market opened today.
The company reported net income of $722 million, or 90 cents a share, compared with $502 million, or 63 cents a share, a year earlier.
Excluding special items in last year's first quarter, net income rose 29 percent from $560 million, or 71 cents a share.
Sales increased 14 per cent to $4.94 billion. International sales shot up 21.6 per cent, with about half of that due to the impact of the weaker US dollar.
Excluding the currency impact, 3M said sales in its display and graphics division rose 20.4 per cent. The unit makes a film that increases the brightness of flat-panel displays as well as lenses used in televisions and large commercial graphics.
Sales also rose 9.2 per cent in its safety and security unit, which makes respiratory masks, security laminates used in photo identification and a film that makes windows shatterproof.