3M (NYSE: MMM), St. Paul, MN, reported sales for the second quarter were $6.7 billion, an increase of 17.7 percent versus second quarter 2009. Profit was $1.12 billion, versus $783 million a year ago.
For the first six months, sales for the diversified manufacturer were $13.1 billion, up 21.3 percent over the prior year period. Profit increased 57.7 percent to $2.05 billion.
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\”Our growth strategy continues to gain momentum as we again delivered strong top-line growth and outstanding leverage to the bottom line,\” said George W. Buckley, president and CEO. \”Our new product vitality index is the highest in recent memory and we are taking share in many of our businesses.\”
Second quarter sales growth was broad-based, with year-on-year increases of 32 percent in Electro and Communications, 30 percent in Display and Graphics, 23 percent in Industrial and Transportation, 10 percent in both Consumer and Office and in Safety, Security and Protection Services and 5 percent in Health Care.
On a geographic basis, sales in the second quarter rose 42 percent in Asia Pacific, 21 percent in Latin America and Canada and 9 percent in the United States. Sales rose over 4 percent in Europe in the quarter, as organic volume growth of nearly 11 percent was partially offset by 6-plus points of negative currency impact, primarily due to the weaker Euro.
