3M Posts Earnings of $1.54 Per Share on Booming Sales

3M (MMM) reported that second-quarter earnings rose 37.5% from a year ago to $1.54 per share, driven by booming sales.

Sales were $6.7 billion, an increase of 17.7% from the year-ago quarter, the company said in a statement. Geographically, the biggest gain was in emerging economies, which posted an increase of 38% in sales from a year ago.

Net income was $1.121 billion for the quarter, compared with $783 million in the second quarter of 2009.

"Our growth strategy continues to gain momentum as we again delivered strong top-line growth and outstanding leverage to the bottom line," CEO George W. Buckley said.

3M now expects earnings per share of $5.65 to $5.80 for the year, excluding the Medicare Part D-related charge recorded in the first quarter of this year. The company previously forecast a range of $5.40 to $5.60.