3M recently reported second-quarter earnings of $2.58 per share, an increase of 24% vs. the second quarter of 2016. Sales were $7.8 billion, up 1.9% year-on-year in dollar terms. Total sales grew 7.5% in electronics and energy, 2.5% in industrial, 1.8% in health care, and 0.5% in consumer; total sales declined 0.9% in safety and graphics. Organic local-currency sales increased 8.4% in electronics and energy, 3.8% in industrial, 3.2% in safety and graphics, 2.5% in health care, and 0.7% in consumer.
On a geographic basis, total sales reportedly grew 8.3% in Asia Pacific, 2.5% in Latin America/Canada, and 0.5% in the U.S.; total sales declined 3.6% in EMEA (Europe, Middle East and Africa). Organic local-currency sales increased 10.0% in Asia Pacific, 3.7% in Latin America/Canada, and 1.9% in the U.S.; organic local-currency sales declined 1.6% in EMEA.
“Our team posted another quarter of strong and broad-based organic growth, which included positive growth across all five of our business groups,” said Inge G. Thulin, chairman, president and CEO. “We also continued to deliver premium margins and returns, while accelerating investments to support growth and strengthen the portfolio – which is part of our playbook to build an even stronger and more competitive 3M.”
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