3M beats quarterly expectations
By William L. Watts, CBS.MarketWatch.com
Last Update: 8:48 AM ET Jul 26, 2000 NewsWatch
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ST. PAUL, Minn. (CBS.MW) - Manufacturing conglomerate Minnesota Mining and Manufacturing posted stronger-than-expected second-quarter earnings Wednesday, citing global product strength and productivity gains.
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Updated:
7/26/2000 8:33:18 AM ET
3M (MMM: news, msgs), which makes products ranging from Post-It notes to electrical insulating products to fabric protectors, said second-quarter earnings were $470 million, or $1.18 a share, compared to $421 million, or $1.03 a share, in the same period last year. A survey of analysts by First Call produced a consensus estimate of $1.17.
Sales rose 9 percent to $4.224 billion from $3.863 billion in the same period last year.
"We continue to deliver solid growth," said CEO L.D. DeSimone. "We're going through a strong flow of innovative products, increasing participation in dynamic industries and our strong global presence."
DeSimone said productivity gains also contributed to the company's financial performance.
Specifically, DeSimone said 3M saw strong growth in its electro communications businesses, as well as its consumer and office, and transportation, graphics and safety segments. |
