Diversified manufacturer 3M (NYSE: MMM), St. Paul, MN, reported sales for the second quarter of $8.1 billion, a 4.9 percent increase year-over-year. Organic local-currency sales increased 4.8 percent, with acquisitions contributing 0.1 percent to sales growth. Profit increased 5.8 percent to $1.3 billion.
“In addition to a strong operating performance, we are also deploying capital more aggressively to both improve the business and to enhance shareholder returns," said Inge Thulin, president and CEO. "On July 16, we announced the acquisition of the remaining 25 percent of our Sumitomo 3M subsidiary in Japan for a purchase price of $885 million."
In the second quarter, organic local-currency sales grew 6.4 percent in electronics and energy, 5.1 percent in health care, 4.7 percent in industrial, 4.7 percent in safety and graphics and 4.2 percent in consumer.
On a geographic basis, organic local-currency sales grew 6.6 percent in Asia Pacific, 4.8 percent in EMEA (Europe, Middle East and Africa), 4.5 percent in the U.S. and 2.7 percent in Latin America/Canada.
Year-to-date sales were $16 billion, up 3.8 percent over the prior-year period. Profit increased 6.4 percent to $2.5 billion.