3M 2Q profit rises 6 percent
ST. PAUL, Minn. (AP) — 3M’s second-quarter profit jumped 6 percent as sales surged across all its businesses.
The maker of Post-it notes, industrial coatings and ceramics posted net income of $1.27 billion, or $1.91 per share, in the quarter ending June 30, compared with $1.2 billion, or $1.71 per share, in the same quarter a year ago.
The profit matched Wall Street expectations and the company’s revenue, which rose 4.9 percent to $8.13 billion, edged out most analyst projections, according to a poll by FactSet.
“Organic sales growth was again positive across all businesses and geographic regions which helped drive double-digit growth in earnings per share,” said Chairman and CEO Inge Thulin. “Strong productivity fueled increased growth investments, and operating margins increased year-on-year to nearly 23 percent.”
At its industrial unit, which makes auto and aircraft parts, revenue rose 4.9 percent to $2.8 billion. It rose 4.1 percent to $1.5 billion at its safety and graphics business, 6.2 percent to $1.4 billion at its electronics and energy unit, 5.9 percent to $1.4 billion at its health care business and increased 3.7 percent to $1.1 billion at its business that makes Scotch tape, Post-its and other consumer products.
The St. Paul company stuck by its full-year projection for per-share earnings of between $7.30 and $7.55, and an increasing in revenue of between rise 3 percent and 6 percent.
Wall Street is expecting earnings of $7.47 per share and a 4 percent hike in revenue.
Before the opening bell, shares of 3M Co. rose $1.42 to $146.10. That would be within 15 cents of its all-time high if it carries over to regular trading.