3M recently reported second quarter sales of $7.5 billion, down 1.9% year-over-year. Organic local-currency sales grew 1.9% and acquisitions added 0.5% to sales. The company reported that the combination of challenging economic conditions and the strong U.S. dollar hurt sales in the quarter. Second quarter net income was $1.2 billion. Total company operating income margins were 22.9% for the quarter.
“Our team performed very well in the quarter, delivering excellent productivity and record second quarter earnings,” said Inge G. Thulin, chairman, president and CEO. “We achieved these results through outstanding factory efficiency and cost discipline throughout the organization.”
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