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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