Manufacturers Raise 2012 Forecasts, Shares Gain

The year ahead for industrial companies is looking a little brighter than it seemed a few months ago, as economic conditions improve in North America and demand in key business segments strengthens.

Large manufacturers, led by 3M Co. (parent of 3M Promotional Markets), Illinois Tool Works Inc. and Parker Hannifin Corp., raised 2012 profit forecasts on Tuesday as they reported stronger-than-expected results.

The three posted results that topped Wall Street estimates, and all raised their outlooks. United Technologies Corp. also beat forecasts but noted an uneven global economy and kept its outlook steady.