3M Co. (NYSE: MMM) reported third-quarter 2014 results before markets opened Thursday. The conglomerate posted diluted earnings per share (EPS) of $1.98 on revenues of $8.1 billion. In the same period a year ago, the company reported EPS of $1.78 on revenues of $7.92 billion. Third-quarter results also compare to the Thomson Reuters consensus estimates for EPS of $1.96 and $8.24 billion in revenues.

3M narrowed its full-year earnings expectation from a prior range of $7.30 to $7.55 per share to a new range of $7.40 to $7.50. The current consensus estimate calls for full-year EPS of $7.46

The company also narrowed its estimated range for organic local-currency sales growth from a prior range of 3% to 6% (about $31.8 to $32.72 billion, based on 2013 revenues of $30.87 billion) to a new range of 4% to 5%. Foreign currency is now expected to reduce sales by approximately 15% for the year, versus a previous expectation for a negative impact of 1%.

The consensus estimates for the fourth quarter call for EPS of $1.79 on revenues of $7.85 billion.

The company’s CEO said:

The 3M team once again delivered broad-based organic growth with operating margins exceeding 22 percent in all businesses. As we look forward, our focus will remain on actively managing the portfolio and strategically investing in the business to continue delivering profitable growth across the company.

3M’s sales in the quarter grew the most in its health care division, rising 4.7% to $1.4 billion. The industrial division grew revenue 3% to $2.8 billion and safety and graphics division sales rose 1.3% to $1.4 billion. The consumer division’s sales rose 2.1% to $1.2 billion, and sales were up 3.5% in the electronics and energy division.

The company did not change its full-year guidance, but it did lift the bottom of the ranges and drop the top end a little. In the end, the effect was to focus attention more clearly on the already established mid-point. That shouldn’t have much impact on the share price Thursday.

3M’s shares were up fractionally in premarket trading Thursday morning and opened near $141.92. The current 52-week range is $122.70 to $147.87. Thomson Reuters had a consensus analyst price target of around $151.10 before the report.

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