3M Reports Second Quarter Results

3M recently released its second quarter earnings for the year 2009. Between April and June of this year second quarter earnings were US$1.12 per share on sales of US$5.7 billion, with operating income margins of 20.8 per cent. Sales and per-share earnings declined 15.1 per cent and 15.8 per cent year-on-year, respectively.

In their transportation division, 3M saw positive local-currency growth in both the automotive aftermarket and renewable energy businesses. Total sales were US$1.7 billion, down 15.3 per cent year-on-year in local currency, including a 3.3 per cent benefit from acquisitions, currency impacts reduced sales by 5.4 per cent. Operating income was US$329 million with strong margins of 19.1 per cent. Sales and operating income improved by 9.2 per cent and 67.2 per cent, respectively, when compared to first quarter of 2009.

“We drove strong results in the second quarter, exceeding our own expectations for profits, sales and free cash flow,” said George W. Buckley, 3M chairman, president and CEO. “Operating discipline was key to the quarter, as discretionary spending was well-controlled and restructuring actions proceeded according to plan. 3M employees across the globe are undaunted in facing this recession, and I applaud their efforts.”