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St. Paul, MN-based 3M (NYSE: MMM) reported second-quarter sales of $7.8 billion, up 1.9 percent over the same period a year ago. Organic local-currency sales grew 3.5 percent. Profit for the diversified manufacturer increased 22.6 percent to $1.6 billion.
On a geographic basis, organic local-currency sales growth was 3.7 percent in Latin America/Canada, 1.9 percent in the U.S. and 10 percent in Asia Pacific. Organic local-currency sales declined 3.6 percent in EMEA (Europe, Middle East and Africa).
Industrial sales grew 2.5 percent to $2.7 billion. Organic local-currency sales increased 3.8 percent, with sales growth led by advanced materials, automotive and aerospace solutions, and industrial adhesives and tapes. Separation and purification sciences declined. Sales grew in all geographic areas led by Asia Pacific and the U.S.
Electronics and energy sales of $1.2 billion were up 7.5 percent year-over-year. Organic local-currency sales increased 8.4 percent. Electronics-related sales were up 15 percent with growth in both electronics materials solutions, and display materials and systems; energy-related sales declined 3 percent, with electrical markets flat, while telecom declined. Sales grew in Asia Pacific and Latin America/Canada, U.S. sales were flat and EMEA declined.
Safety and graphics sales of $1.5 billion were down 0.9 percent. Organic local-currency sales increased 3.2 percent. Sales increased in personal safety, were flat in commercial solutions, and declined in transportation safety and roofing granules. Sales grew in all geographic areas led by Asia Pacific and Latin America/Canada.
Health care sales of $1.4 billion grew 1.8 percent, while organic local-currency sales increased 2.5 percent; foreign currency translation reduced sales by 0.7 percent. On an organic local-currency basis, sales grew in drug delivery systems, food safety, and medical consumables. Oral care was flat. Sales increased in Latin America/Canada, Asia Pacific, and the U.S. and declined in EMEA.
Consumer sales of $1.1 billion were up 0.5 percent. Organic local-currency sales increased 0.7 percent; foreign currency translation reduced sales by 0.2 percent. On an organic local-currency basis, sales grew in home improvement, home care and consumer health care. Stationery and office declined. Sales grew in Asia Pacific and Latin America/Canada and declined in the U.S. and EMEA.
For the six months ended June 30, 3M reported sales of $15.5 billion, up 2.8 percent from the same period a year ago. Profit grew 11.5 percent to $2.9 billion.