Diversified manufacturer 3M Co. saw second-quarter profit rise nearly 25 percent as the maker of Post-it Notes and Scotch-brand tapes benefited from increased sales in its display business and internationally. The company also raised its outlook for the year.
For the quarter ended June 30, 3M said Monday it earned $773 million, or 97 cents a share, up from $619 million, or 78 cents a share, a year earlier.
Worldwide sales rose 9 percent to $5.01 billion from $4.58 billion during the same quarter a year earlier. Sales outside the United States totaled $3.04 billion, a 14 percent increase over last year’s quarter.
The latest earnings results beat the average estimate of analysts surveyed by Thomson First Call by a penny a share.
“Our broad-based growth in the second quarter reflects the fundamental strength of the 3M business model,” said W. James McNerney Jr., chairman and chief executive. “Organic growth remains our focus.”
Local-currency sales increased 18 percent in 3M’s display and graphics business, the company announced.
The company also increased its earnings outlook for 2004, predicting earnings between $3.72 and $3.75 per share for the year. It had previously predicted a range of $3.60 to $3.70 per share. Thomson First Call’s analysts had estimated $3.75 per share.
St. Paul-based 3M also said that it expected third-quarter earnings per share to match the second quarter’s 97 cents.