3M (NYSE:MMM) announced higher than expected quarterly earnings due to strong demand from industrial and transport markets that was able to offset weak demand from its consumer electronics units. Earnings were $954 million, or $1.35 per share, versus $928 million, or $1.28 per share, in the same period last year. Analysts had expected $1.31 per share. Revenues increased to $7.1 billion, which met analyst estimates.
Shares are higher in early trading.
Caterpillar (NYSE:CAT) announced that fourth quarter profit increased by 60 percent due to an increase in glbal demand. Net income was $1.55 billion, or $2.32 per share, versus $968 million, or $1.47 per share, in the same period last year. Sales and revenue increased by 24 percent to $17.24 billion from $12.81 billion. Analysts had expected a profit of $1.76 per share and $15.95 billion in revenue. The company expects a 2012 profit of $9.25 per share and $68 billion to $72 billion in revenue.
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