3M earnings increased on flat sales
3M reported second-quarter earnings of $2.08 per share, an increase of 3.0 percent versus the second quarter of 2015.
Sales declined 0.3 percent year-on-year to $7.7 billion. Organic local-currency sales declined 0.2 percent while acquisitions, net of divestitures, added 1.4 percent to sales. Foreign currency translation reduced sales by 1.5 percent year-on-year.
Industrial sales of $2.6 billion were down 0.1 percent in U.S. dollars. Sales growth in automotive OEM, automotive aftermarket, and abrasives was offset by declines across the rest of the portfolio.
Safety & Graphics sales of $1.5 billion were up 4.7 percent in U.S. dollars. Sales growth was led by roofing granules and commercial solutions. Sales increased in Latin America/Canada, the U.S. and EMEA, and declined in Asia Pacific.