St. Paul, Minn.-based 3M has reported second-quarter net income of $1.16 billion, up 3.6% from $1.12 billion in the second quarter of 2010. Net sales totaled $7.7 billion, up 14.1% from $6.7 billion in the year-ago period.
Sales increased in all regions: Europe was up 24.1%, Latin America/Canada was up 20.2%, Asia Pacific was up 11%, and the United States was up 8.7%.
“We posted record second-quarter sales and earnings per share and generated significant free cash flow in the quarter, and we did so in the face of some sizable headwinds,” said George Buckley, 3M chairman, president and CEO. “Most significant was the impact of the Japan earthquake, which was in line with our projections.
“3M’s innovation engine continues to accelerate, and we expect further growth in new products this year. While economic growth moderated a bit in the second quarter, we believe that the global economy will continue to expand, and 3M is well positioned to capitalize on that growth,” Buckley added.
For the first six months of 2011, 3M posted net income of $2.24 billion, up 9% from $2.05 billion in the same period of 2010. Net sales for the period totaled $15 billion, up 15% from $13 billion in the first six months of 2010.
3M expects that 2011 full-year earnings will be in the range of $6.10 to $6.25 per share versus a prior expectation of $6.05 to $6.25 per share.