Investors reacted positively to 3M's fourth-quarter and full-year 2012 financial results, sending its stock to a record $99.76 on Thursday.
Maplewood-based 3M Company’s stock reached an all-time high of $99.70 on Wednesday as investors awaited financial results—and then it broke that record Thursday after the company reported increased profits and record sales for both the fourth quarter of 2012 and the full year.
3M shares climbed to $99.76 following news of the results, which included a 3.9 percent increase in fourth-quarter net income to $991 million, or $1.41 per share.
The results mirrored expectations of analysts surveyed by Bloomberg. Revenue for the quarter rose 4.2 percent to reach $7.4 billion, setting a fourth-quarter record.
Strong sales for the quarter were driven mainly by 3M’s consumer and office business unit, which makes Post-it notes and Scotch tape and posted a 28.8 percent increase in profits. Its health care unit also contributed, with a 10.8 percent increase in quarterly profits. The company said it also saw strong fourth-quarter sales in Latin America, Canada, and the Asia Pacific region.
Meanwhile, profits for the full year totaled $6.5 billion, or $6.32 per share, up 4.9 percent from 2011. Sales for the year reached a record high of $29.9 billion, up 1 percent year-over-year.
“[The fourth quarter] was a good finish to a successful year for 3M,” CEO Inge Thulin said in a statement. “Our people executed well in the face of challenging macroeconomic conditions and we have built good momentum to innovate and move forward in 2013.”
3M in October consolidated six major business segments down to five. The company also announced at the time that it had shifted around some of its senior executives.
The changes came about seven months after Thulin took the helm as CEO, who described the restructuring as “a natural outcome of our strategy to increase relevance to our customers and to broaden our presence in the markets we serve.”
3M is Minnesota’s fifth-largest public company based on revenue. Shares of the company’s stock were trading at $99.59 mid-morning on Thursday, up 0.1 percent.