Ahead of the Bell: 3M
NEW YORK (AP) — Shares of 3M rose in premarket trading Wednesday, following the company's announcement that its board has authorized the repurchase up to $12 billion in shares of its common stock.
On Tuesday the maker of Post-it notes, health care products, and a wide range of industrial coatings and ceramics said that the stock buyback replaces its existing repurchase program and has no predetermined closing date.
3M Co. said that it has returned $37 billion to shareholders over the last 10 years through a combination of dividends and stock repurchases.
Last month 3M reported a better-than-expected fourth-quarter profit, although volatile exchange rates on foreign currency and weak growth in South America caused revenue to come in lower than Wall Street expected.
Its shares rose $1.23 to $127.95 in premarket trading about 90 minutes ahead of the market opening.