3M tops Q1 forecasts

ST. PAUL, Minn. ― 3M’s quarterly earnings exceeded analysts’ expectations, boosted by reductions in expenses. Earnings edged up from $1.2 billion a year earlier to $1.27 billion. At $2.05 per share, the results were better than the average estimate of $1.92 per share yielded in a Zacks survey. Updates to accounting standards in the past year added $0.10 net to earnings per share. Lower operating expenses—$5.62 billion, from $5.85 billion—contributed to the increase, while revenues declined to $7.41 billion from $7.58 billion, due to softer sales in the electronics, energy, and industrial categories.