3M Co. (NYSE: MMM) said Tuesday that its second-quarter earnings rose to $1.2 billion, or $1.60 a share, from $1.1 billion, or $1.54 a share, in the year-earlier period. Revenue rose 14% to $7.7 billion. Analysts, on average, expected the company to report earnings of $1.59 a share on revenue of $7.6 billion.
"We posted record second-quarter sales and earnings per share and generated significant free cash flow in the quarter, and we did so in the face of some sizable headwinds," said George W. Buckley, 3M chairman, president and chief executive officer. "Most significant was the impact of the Japan earthquake, which was in line with our projections. In addition, a larger-than-anticipated contraction in LCD TV end-market demand affected our sales, reflecting a tighter consumer electronics market as OEMs work to reduce channel inventories and lower their unit costs. Without these two impacts, organic sales growth would have been 8 percent, so underlying strength remains."
Looking ahead, the company lifted the low-end of its guidance for 2011 full-year earnings to a range of $6.10 to $6.25 a share, compared to its previous forecast of $6.05 to $6.25 a share.
Full Disclosure: None.
"We posted record second-quarter sales and earnings per share and generated significant free cash flow in the quarter, and we did so in the face of some sizable headwinds," said George W. Buckley, 3M chairman, president and chief executive officer. "Most significant was the impact of the Japan earthquake, which was in line with our projections. In addition, a larger-than-anticipated contraction in LCD TV end-market demand affected our sales, reflecting a tighter consumer electronics market as OEMs work to reduce channel inventories and lower their unit costs. Without these two impacts, organic sales growth would have been 8 percent, so underlying strength remains."
Looking ahead, the company lifted the low-end of its guidance for 2011 full-year earnings to a range of $6.10 to $6.25 a share, compared to its previous forecast of $6.05 to $6.25 a share.
Full Disclosure: None.
