3M OP sales up


27 July 2007 — St Paul (MN): 3M has announced its Q2 sales and profit.

Consumer and office product sales increased by 8.2 percent to $832 million, from $769 million in 2006. For the six month period sales were $1.64 billion, up from $1.51 billion a year earlier.


3M’s total Q2 sales grew by 8 percent to $6.1 billion, the first time in the company’s history that sales exceeded $6 billion. Q2 earnings were $917 million, or EPS of $1.25, compared to $882 million, or EPS of $1.15 last year.


George Buckley, chairman, president and CEO, said: "Our strategy of accelerating top-line growth while maintaining exceptional returns remains on track, evidenced by record-breaking results in Q2. The strength of 3M’s portfolio was evident in Q2 as our growth spanned the entire company, with particularly outstanding results from our Safety, Security and Protection Services and Health Care businesses. As a result of this strong first-half performance, we are raising our earnings outlook for 2007.


"We delivered outstanding sales growth and operating margins in the quarter while simultaneously increasing investments in key growth drivers such as research and development, sales and marketing, and the expansion and simplification of our global supply chain, all aimed directly at propelling us toward sustainable higher growth."