3M surpasses expectations

  • Updated: July 23, 2009 - 8:42 PM

 

Despite recessionary headwinds, 3M Co. increased sales from the first to second quarter and surprised analysts with higher-than-expected earnings per share of $1.12.

• Second-quarter sales dropped from $6.7 billion in 2008 to $5.7 billion this year, but second quarter sales increased $600 million from the first quarter.

• The company expects full-year earnings per share to be $4.10 to $4.30, up from $3.90 to $4.30 forecast in April.

• The sales slide for the rest of the year will be less severe than an earlier forecast.

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