3M sets 2011 profit target that could top Street

By @ibtimes on

3M Co set a 2011 profit forecast that could top Wall Street's expectations, saying that strong growth in emerging markets including India and Latin America would offset a tepid U.S. economy.

The diversified U.S. manufacturer, which makes products ranging from Post-It notes to films used in television screens, said on Tuesday it expects 2011 profit to come to $6.17 to $6.37 per share, excluding one-time items, on revenue of $29 billion to $30.5 billion.

Analysts, on average, had looked for profit of $6.20 on $29.15 in revenue, according to Thomson Reuters I/B/E/S.

Several major U.S. manufacturers are set to lay out their 2011 expectations to Wall Street this week. Executives from General Electric Co's finance arm brief analysts later on Tuesday, while officials from United Technologies Corp and Rockwell Automation Inc sit down with investors later this week.

(Reporting by James B. Kelleher, writing by Scott Malone in Boston, editing by Dave Zimmerman)

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