3M's Profits Boom to $6.7B, Up 9.7%
3M has announced second-quarter sales of $6.7 billion, an increase of 9.7% over second quarter of 2007. Net income was $945 million, or $1.33 per share, versus $917 million, or $1.25 per share in the corresponding period last year.
Excluding special items in both 2007 and 2008 (a-e), net income in the second quarter of 2008 was $991 million, or $1.39 per share, versus $899 million, or $1.23 per share, in 2007, increases of 10.3 percent and 13 percent, respectively.
"The strength of 3M's global portfolio was evident in the second quarter," said George W. Buckley, 3M Chairman, President and CEO. "3M's three largest businesses, Industrial and Transportation, Health Care and Safety, Security and Protection Services, grew at double-digit rates. Our record sales and earnings for the second quarter are a remarkable achievement by 3M employees around the globe, given the tough economic conditions we have seen in the U.S. and the changing dynamics in the optical films industry."
The company drove outstanding growth across its international operations—3M sales in Latin America increased 32% over last year, and Europe achieved 18% sales growth, while Canada grew by 14%. Sales in Asia Pacific improved by 1%, 17% excluding optical headwinds. International sales now account for close to two-thirds of 3M’s total.
Buckley continued, "We remain committed to our long-term growth strategy as we continue to innovate and invest in 3M’s core, build upon and extend that core with acquisitions, invest in emerging business opportunities and leverage our world-class international presence. As always, these investments will be balanced with operational excellence to ensure that we continue to deliver on our commitments."
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