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3M gives earnings comfort
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September 21, 2000: 11:14 a.m. ET
Vows to meet second-half targets, future growth goals despite low value of euro
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NEW YORK (CNNfn) - Diversified manufacturer Minnesota Mining and Manufacturing Co.'s stock rose Thursday after the company told analysts that it is on target to meet earnings forecasts for the second half of 2000 and to post 13 percent earnings per share growth the next three years.
Shares of 3M (MMM: Research, Estimates) gained $5 to $86.75 in morning trading Thursday. The St. Paul, Minn.-based company, a component of the Dow Jones industrial average, made its comments to analysts at its biennial security analyst meeting.
 A number of high profile multi-national companies and manufacturers have issued earnings warnings in recent weeks, pointing to the impact of a low value of the euro on their revenue, as well as higher energy costs. So 3M's statement was welcome reassurance for investors.
"We continue to achieve strong results in Asia, which will help overcome the effects of the weaker euro," said the statement from L.D. DeSimone, chairman and chief executive of the company.
Analysts surveyed by earnings tracker First Call had forecast third-quarter earnings of $1.24 a share, up from $1.14 a year earlier, and fourth-quarter results of $1.20 a share, up from $1.10.
The company -- best known for such products as Scotch tape and Post-it Notes -- said that along with the 13 percent EPS growth, it should see 11 percent sales growth the next three years. A compounded 13 percent EPS growth rate would give the company results just above current First Call forecasts for full-year 2000, 2001 and 2002. 
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3M
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