ST. PAUL, Minnesota (
, the diversified manufacturer, earned $1.16 billion, or $1.60 a share, in the second quarter, in line with estimates, but said profit was clipped by disruptions from the March earthquake and tsunami in Japan.
A year earlier, 3M earned $1.12 billion, or $1.54 a share.
Sales in the quarter rose 14% to $7.68 billion; analysts were forecasting sales of $7.6 billion.
3M said Tuesday it estimates that disruptions from the Japan disaster reduced second-quarter sales growth by 2.4 percentage points, operating margins by 50 basis points and earnings by 7 cents a share.$
3M said it now expects that 2011 earnings will be in the range of $6.10 to $6.25 a share versus a prior expectation of $6.05 to $6.25 a share. Excluding an increase in pension and post-retirement expenses, earnings would be in the range of $6.32 to $6.47 a share, 3M said.
-- Written by Joseph Woelfel
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