3M, DuPont boost forecasts
3M's optimism results in shares rising on a rotten day. DuPont also boosts its guidance after a strong first quarter.
The parade of companies reporting better results after suffering in 2009 continued today. That may help stocks on Wednesday.
3M (MMM), a Dow component, said it earned $930 million, or $1.29 a share, an 80% surge from $518 million, or 74 cents, a year earlier. Excluding items, 3M earned $1.40 per share, topping expectations of $1.21 per share.
Revenue rose 24.7% to $6.3 billion, thanks to a strong performance in the Asia-Pacific region.
3M increased its full-year 2010 guidance to between $5.40 a share and $5.60 a share, excluding items. Wall Street is looking for $5.16 per share.
DuPont, another Dow stock, also had a strong quarter. The chemicals and plastics company reported net income of $1.13 billion, or $1.24 per share, more than double the $489 million, or 54 cents per share, it reported last year.
The results were above estimates of $1.06 per share.
Revenue jumped 23.5% to $8.48 billion, topping expectations of $8.06 billion.
Shares of DuPont fell 3.8% to $39.40.
DuPont also boosted its 2010 forecast. The company expects earnings between $2.50 and $2.70 per share, up from previous guidance of $2.15 to $2.45 per share.
Wall Street's estimate is $2.39 per share.
Ford Motor (F) reported net profit of $2.1 billion in the first quarter, or 50 cents per share, a big improvement from the loss of $1.4 billion, or 60 cents per share, in the same quarter a year ago. Revenue rose 15% to $28.1 billion.
Analysts had expected Ford to earn 31 cents per share on revenue of about $30.5 billion. Ford stock fell 6.2% to $13.57.
Shares fell 6.2% to $13.57.
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[BRIEFING.COM] The stock market ended the Thursday session on a mixed note ahead of Friday's nonfarm payrolls report for February (Briefing.com consensus 163K). The Dow Jones Industrial Average (+0.4%) and S&P 500 (+0.2%) posted modest gains while the Nasdaq Composite (-0.1%) lagged throughout the session.
Equities began the trading day on an upbeat note following comments from the Bank of England and the European Central Bank, both of which reaffirmed their commitment to ... More
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