St. Paul, MN-based 3M (NYSE: MMM) reported second-quarter sales of $7.7 billion, down 0.3 percent over the same period a year ago. Organic local-currency sales fell 0.2 percent. Profit for the diversified manufacturer fell slightly to $1.3 billion.
On a geographic basis, organic local-currency sales growth was 4.8 percent in Latin America/Canada, 3.0 percent in EMEA (Europe, Middle East and Africa) and 0.4 percent in the U.S., with a decline of 5.4 percent in Asia Pacific.
Industrial sales fell 0.1 percent to $2.6 billion. Organic local-currency sales decreased 1.4 percent, with sales growth in automotive OEM, automotive aftermarket and abrasives offset by declines across the rest of the portfolio. Sales increased in Latin America/Canada and EMEA, and declined in Asia Pacific and the U.S.
Electronics and energy sales of $1.2 billion were down 10 percent year-over-year. Organic local-currency sales declined 9.1 percent. Electronics-related sales decreased 14 percent, with declines in both electronics materials solutions, and display materials and systems; energy-related sales declined 2 percent as sales growth in telecom was offset by declines in electrical markets and renewable energy. Sales increased in EMEA and were flat in Latin America/Canada and the U.S.; sales declined in Asia Pacific.
Safety and graphics sales of $1.5 billion were up 4.7 percent. Organic local-currency sales increased 2.3 percent; acquisitions, net of divestitures, increased sales by 4.6 percent; foreign currency translation reduced sales by 2.2 percent. Sales growth was led by roofing granules and commercial solutions. Sales increased in Latin America/Canada, the U.S. and EMEA, and declined in Asia Pacific.
Health care sales of $1.4 billion grew 3 percent, while organic local-currency sales increased 4.9 percent; foreign currency translation reduced sales by 1.9 percent. On an organic local-currency basis, sales grew across all businesses, and sales grew in all geographic areas led by Latin America/Canada and Asia Pacific.
Consumer sales of $1.1 billion were up 1.7 percent. Organic local-currency sales increased 2.7 percent; foreign currency translation reduced sales by 1.0 percent. On an organic local-currency basis, sales growth was led by home improvement and consumer health care, and sales grew in Asia Pacific, the U.S. and Latin America/Canada, and declined in EMEA.
For the six months ended June 30, 3M reported sales of $15.1 billion, down 1.3 percent from the same period a year ago. Profit grew 2.7 percent to $2.6 billion.
