3M Co. posted record third-quarter earnings Thursday with positive input from all businesses, but executives narrowed their earnings guidance for the year, citing pressure from the strengthening dollar.
The Maplewood-based maker of Post-it notes, Scotch tape and industrial abrasives reported quarterly sales that grew 2.8 percent to $8.14 billion. Earnings grew 5.9 percent to $1.3 billion or $1.98 a share, which beat analysts’ average earnings expectations by a penny. Analysts had expected sales of $8.24 billion.
“This was another strong quarter for 3M,” said CEO Inge Thulin in a statement. “3M remains on track to deliver its long term financial objectives.”
3M’s healthcare business delivered the largest sales gains of the quarter as demand shot up for 3M’s transdermal patches, other drug delivery products and digitized medical record systems. Healthcare sa