3M's Quarterly Profit Rises 11.3%

3M, the maker of Scotch tape and Post-it notes, reported an 11.3 percent increase in quarterly profit as the company kept a tight lid on costs.

Net income attributable to the company rose to $1.15 billion, or $1.88 per share, in the fourth quarter ended Dec. 31, from $1.04 billion, or $1.66 per share, a year earlier.

The company's operating expenses fell 2.3 percent.

Net sales fell 0.4 percent to $7.33 billion.

(Reporting by Ankit Ajmera and Shashwat Awasthi in Bengaluru; Editing by Maju Samuel)