3M (NYSE:MMM) announced that net income increased by four percent in the first quarter due to strong sales in its automotive and aerospace sectors. The company earned $1.13 billion, or $1.59 per share, beating analyst estimates of $1.48 per share. Revenue of $7.49 billion met analyst estimates.
Shares are higher by about three percent.
Novartis (NYSE:NVS) announced that net profit fell by $2.33 billion from $2.88 billion in the same period last year, while revenue dropped by two percent to $13.74 billion. The company cited strong competition in the generic drug market, as well as manufacturing problems at a plant in the United States for the poor quarterly results.
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