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.
INDUSTRIAL SUPPLY MAGAZINE
The March/April issue of Industrial Supply magazine features an in-depth cover story about Joyce Lansdale and Vallen. Plus, we're featuring articles by contributing writers Dirk Beveridge, Frank Hurtte, and David Kahle, as well as interviews with numerous product and distribution industry experts.
