3M's net income rose to $502 million, or $1.27 a share, compared with $452 million, or $1.14 a share, a year ago. Sales increased 11 percent to $4.32 billion, with unit volume up 5.4 percent.

Results were at the upper end of 3M's Jan. 21 estimate that it would earn $1.38 to $1.43 a share before items in the first quarter. Analysts on average have been expecting $1.40 a share, according to market tracker Thomson First Call.

The company's strongest gains came in displays and graphics, a new division 3M started breaking out with the current report. The company said sales volume there rose 24.4 percent, with 12 percent coming from its acquisition of Corning Inc.'s precision lens business in December. Operating income gained more than 54 percent.

The company's new Safety, Security and Protection Services division boosted sales by 5.0 percent and increased operating income almost 22 percent. Health care product increased 4.7 percent, with profits up 8.4 percent.

The company also reaffirmed its estimates for the second quarter and full year. 3M said it expects second-quarter earnings of $1.47 to $1.53 a share, up from $1.36 a year ago. It also estimated 2003 earnings before items of $5.80 to $6.00 a share before items, with net income of $5.65 to $5.85 a share.

By: DocMemory
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