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3M 4Q profit climbs more than 11 percent

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The Associated Press | January 30, 2014 12:14 PM EST | AP

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3M says its fourth-quarter earnings jumped more than 11 percent, fueled in part by a revenue gain from the Post-it note maker's industrial business.

Its earnings topped expectations, but its revenue was short, and its shares slipped in midday trading Thursday.

3M Co. makes reflective coatings for signs and glues and adhesives, and its products are used in a variety of industries.

It said revenue from its industrial business climbed 6.1 percent to $2.6 billion, driven by gains for advanced materials, aerospace and automotive aftermarket products.

But revenue from consumer goods — perhaps 3M's best-known category — fell almost 1 percent to $1.1 billion. Operating income fell 3.4 percent to $226 million.

Sales fell 1 percent in its electronics and energy unit because foreign currency fluctuations eliminated what would have been a small revenue increase. Sales for energy products rose, but sales of electronics-related products fell.

The Maplewood, Minn., company said it earned $1.1 billion, or $1.62 per share, in the quarter ended Dec. 31, up from $991 million, or $1.41 per share, a year ago.

Revenue rose 2.5 percent to $7.57 billion from $7.38 billion.

Analysts forecast earnings of $1.61 per share on $7.73 billion in revenue.

For the full year, net income rose almost 5 percent to $4.66 billion, or $6.72 per share. Revenue rose 3 percent to $30.87 billion.

3M Co. shares fell $1.93, or 1.5 percent, to $128.32 in midday trading. Its shares are up 27 percent for the past year.