3M recently reported second quarter sales of $8.1 billion, an increase of 4.9% year-on-year. Operating income for the quarter was $1.9 billion and operating income margins were 22.8%. Net income was $1.3 billion, and the company converted 103% of net income to free cash flow in the quarter.
“Our businesses continued to execute very well in the second quarter,” said Inge G. Thulin, chairman, president and CEO. “Organic sales growth was again positive across all businesses and geographic regions, which helped drive double-digit growth in earnings per share. Strong productivity fueled increased growth investments, and operating margins increased year-on-year to nearly 23%.”
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