Diversified manufacturer 3M (NYSE: MMM), St. Paul, MN, reported second quarter sales of $7.5 billion, down 1.9 percent year-over-year. Profit rose 0.6 percent to $1.2 billion.
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On a geographic basis, organic sales grew 11.4 percent in Latin America/Canada and 3.6 percent in the United States, while Asia Pacific and EMEA (Europe, Middle East and Africa) declined 0.6 percent and 1.9 percent, respectively.
Industrial and Transportation segment sales were $2.6 billion, down 0.6 percent. Organic sales increased 4.2 percent, acquisitions added 0.2 percent and foreign currency translation reduced sales by 5 percent. Organic sales growth was strongest in automotive OEM, aerospace, abrasives and energy/advanced materials.
Health Care segment sales were $1.3 billion, up 1.1 percent. Organic sales increased 5.4 percent, acquisitions added 0.4 percent and foreign currency translation reduced sales by 4.7 percent. Organic sales rose in all businesses, led by food safety, health information systems and skin/wound care.
Consumer and Office segment sales were $1.1 billion, up 2.3 percent. Organic sales increased 3.1 percent, acquisitions added 2.7 percent and foreign currency translation reduced sales by 3.5 percent. Organic sales growth was led by the DIY and home care businesses.
Safety, Security and Protection Services segment sales were $991 million, down 1.9 percent. Organic sales increased 3.1 percent and foreign currency translation reduced sales by 5 percent. Organic sales growth was strongest in infrastructure protection, personal safety and building and commercial services; sales declined year-on-year in security systems.
Display and Graphics segment sales were $882 million, down 9.3 percent. Organic sales declined 6.6 percent and foreign currency translation reduced sales by 2.7 percent. Lower film volumes for LCD TVs drove double-digit organic sales declines in optical systems. Double-digit increases occurred in both architectural markets and commercial graphics.
Electro and Communications segment sales were $824 million, down 4.7 percent. Organic sales declined 1.8 percent and foreign currency translation reduced sales by 2.9 percent. Electrical markets experienced positive organic sales growth, and telecom and consumer electronics-related businesses declined.
For the first six months of 2012, sales for 3M were $15 billion, 0.2 percent above the prior year. Profit rose 2.3 percent to 2.2 billion.
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