3M net income up in 2Q despite lower sales
NEW YORK (AP) -- 3M, the iconic maker of Post-Its and Scotch Tape, says it managed a slim increase in second-quarter earnings as cost-cutting offset a revenue shortfall.
The St. Paul, Minn., conglomerate maintained its 2012 earnings forecast.
3M posted net income of $1.17 billion, or $1.66 per share, compared with $1.16 billion, or $1.60 per share, a year earlier.
Revenue fell 2 percent to $7.53 billion. A strong U.S. dollar diluted the value of international sales when converted back to the U.S. currency.
Analysts expected net income of $1.65 per share on revenue of $7.79 billion.
3M Co. makes office products along with items ranging from stethoscopes to computer arms. It said sales fell most in its display and graphics segment, which makes films for LCD televisions, stop signs and overhead projectors.
(Copyright 2012 by The Associated Press. All Rights Reserved.)