Posted July 26, 2011
3M sales up 14.1% for Q2
3M reported record second-quarter sales of $7.7 billion, up 14.1 percent year-on-year.
Earnings rose 3.9 percent to $1.60 per share and operating margins were 21.6 percent.
Sales increased in all geographic regions, with Europe up 24.1 percent, Latin America/Canada up 20.2 percent, Asia Pacific up 11.0 percent and the U.S. up 8.7 percent. Five of the company's six business segments expanded sales in the quarter, with particular strength in Industrial and Transportation at 24.6 percent and Safety, Security and Protection Services at 19.7 percent.
The Industrial and Transportation segment posted sales of $2.6 billion, up 17.5 percent in local currency, including 7.1 percent from acquisitions. the company reported double-digit local-currency sales growth in renewable energy, abrasives systems, aerospace, industrial adhesives and tapes, energy and advanced materials and automotive aftermarket.
The Safety, Security and Protection Services segment's sales rose 12.4 percent in local currency to $1.0 billion, including 7.0 percent from acquisitions; H1N1-related comps reduced sales growth by 2.7 percent. Double-digit local-currency growth in occupational health and environmental safety, security systems and track and trace businesses.
