UPDATE: 3M Q2 Earnings Meet Estimates
3M Company (NYSE: MMM) reported in-line earnings for the second quarter.
The St. Paul, Minnesota-based company posted a quarterly net profit of $1.27 billion, or $1.91 per share, versus a year-ago profit of $1.2 billion, or $1.71 per share.
Its sales climbed 4.9% to $8.13 billion from $7.75 billion. However, analysts were projecting earnings of $1.91 per share on sales of $8.1 billion.
Organic local-currency sales rose 6.4% in Electronics and Energy, and surged 5.1% in Health Care. Organic local-currency sales surged 4.7% in Industrial and rose 4.7% in Safety and Graphics. Organic sales also jumped 4.2% in Consumer business.
Organic local-currency sales jumped 6.6% in Asia Pacific, 4.8% in Europe, Middle East and Africa and 4.5% in the U.S.
“Our businesses continued to execute very well in the second quarter,” said Inge G. Thulin, 3M's chairman, president and chief executive officer.
For 2014, 3M affirmed its earnings forecast of $7.30 to $7.55 per share on revenue growth of 3% to 6%. Analysts expected earnings of $7.47 per share on 4% revenue growth.
3M shares rose 0.61% to $146.00 in pre-market trading.
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