LONDON, January 28, 2013 /PRNewswire/ --
In recent quarters, industrial conglomerates such as 3M Co. (NYSE: MMM), United Technologies Corp. (NYSE: UTX) and General Electric Co. have found the going tough due to the weak global economic environment. While developed economies struggled last year, growth in China and India also slowed down. However, the global economy is starting show signs of improvement and this should help industrial conglomerates. StockCall has initiated technical analysis on 3M and United Technologies, and these free reports can be downloaded at
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Industrial Conglomerates Executives expects Improving Global Economy Should Help
Last week, China reported better-than-expected fourth-quarter GDP data. A survey released on Thursday, meanwhile, showed that China's manufacturing index rose to a two-year high in January. Economic data in the U.S. has also been encouraging, while concerns over the Eurozone debt crisis have also eased.
In a conference call with analysts following the release of quarterly results, 3M Co. CEO Inge G. Thulin said that demand in China is improving from the sluggish levels seen over the past year. Additionally, David Meline, 3M's CFO, noted in a conference call with analysts that in Europe, the economies have stabilized although they are not yet growing. Earlier in the week, United Technologies CEO Louis Chenevert said that the company closed the year better than it had anticipated and is seeing broad based improvements in its order trends. Sign up now to access the free report on United Technologies Corp. at
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3M's Profits Rise
Last Thursday, 3M Co. [Free Report on MMM] (1) released its financial results for the fourth quarter. The company posted a 3.9% increase in its fourth quarter profit, driven by strength in healthcare and office supplies, which more than offset weaker results in some industrial and electronic markets.
The company's sales for the quarter rose 4.2% to $7.4 billion. Organic local-currency sales rose 4.3% in the quarter. In the Consumer and Office division, organic local-currency sales growth was 8.7%. Display and Graphics division registered organic sales growth of 8.3%, while Healthcare registered sales growth of 5.3%. In terms of region, sales grew 9.7% in Latin America/Canada, 5.8% in the Asia, and 5.2% in the U.S. Sales fell 1% in Europe, Middle-East and Africa.
CEO Thulin said that the fourth quarter was a good finish to a successful year for the company and the company has build good momentum to innovate and move forward in 2013.
Meanwhile, the company also reaffirmed its guidance for 2013. The company expects 2013 earnings to be between $6.70 per share and $6.95 per share. Organic local-currency sales growth in 2013 is expected to be between 2% and 5%.
United Technologies' Q4 Profit Beats Estimates
Earlier last week, United Technologies also reported its quarterly results, posting better-than-expected profit. Excluding discontinued operations, United Technologies' earnings for the quarter were $1.04 per share. Sales for the quarter rose an impressive 14% to $16.4 billion, thanks mainly to the acquisition of Goodrich.
CEO Chenevert said that the company remains confident in its ability to deliver 2013 earnings per share of $5.85 to $6.15 and continues to expect sales to be between $64 billion and $65 billion.
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