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.
Read Full Story

Markets

NASDAQ 6,862.48 71.76 1.06%
S&P 500 2,599.03 16.89 0.65%
DJIA 23,590.83 160.50 0.69%
NIKKEI 225 22,523.15 106.67 0.48%
HANG SENG 30,003.49 185.42 0.62%
DAX 13,121.53 -46.01 -0.35%
USD (per EUR) 1.18 0.00 0.13%
USD (per CHF) 0.99 0.00 -0.16%
JPY (per USD) 112.06 -0.28 -0.24%
GBP (per USD) 1.32 0.00 -0.05%

Can't get enough business news?

Sign up for Finance Report by AOL and get everything from retailer news to the latest IPOs delivered directly to your inbox daily!

Subscribe to our other newsletters

Emails may offer personalized content or ads. Learn more. You may unsubscribe any time.