3M quarterly profit climbs 80%; lifts outlook

Dow component and economic bellwether 3M Co. said Tuesday its first-quarter profit rose 80% on surging demand for electronics for autos and health-care products, boosting its full-year outlook.

Results of the growth are partly due to easy year-ago comparisons, cost cutting and the cyclical recovery in the economy, but the numbers still blew past analyst estimates, lifting 3M shares in an otherwise down day for the market.

[Market Watch]