WSJ: 3M CEO Sees Recession Bottom At End Of 2Q, Start Of 3Q

Post-It NotesPost-It Notes rule and so does the company that makes them, 3M Co. (NYSE:MMM) said today they expect the economic recession to reach its bottom late in Q2 or early in Q3 09. 3M CEO George W. Buckley expects Asia, particularly China, to help lead the world out of the recession and that Europe's recovery would lag behind other parts of the world by a quarter or two.

 

3M shares are up 3.6% today in the $56 range.  In a conference call with investors, Buckley said the company's business in April is running at a pace similar to that of March.

The Minnesota-based diversified manufacturing company also told investors that a change in options-recording rules had hurt its first-quarter results by 4 cents a share. The company said it had announced the change in the past but that some analysts may not have included the change in their models for the quarter. The company reported first-quarter earnings per share excluding restructuring charges of 81 cents.

Analysts polled by Thomson Reuters expected earnings of 86 cents.

Chart for 3M Co. (MMM)

SOURCE: http://online.wsj.com/article/BT-CO-20090424-709336.html