earnings and sales were stronger in the second quarter, and the company raised its guidance for the full year, sayings its corporate initiatives are paying off.
The company reported earnings of $619 million, or $1.56 a share, up from $466 million, or $1.18 a share, in the second quarter of 2002. Excluding items, 3M earned $539 million, or $1.36 a share, in last year's second quarter.
Worldwide sales totaled $4.58 billion, 10.1% higher than $4.16 billion in the year-earlier quarter. Sales volumes increased 5.6%. Currency-exchange rates increased worldwide sales by 4.6%, while selling prices fell 0.1%. Sales outside the U.S. rose 16.9% from a year ago to $2.66 billion.
3M also increased its earnings outlook for the full year. For 2003, the company now expects a profit of of $5.75 to $5.90 a share. Excluding items, 3M forecast earnings of $5.90 to $6.05 a share. The company projected third-quarter earnings of $1.56 to $1.60 a share.
"Clearly, it is prudent to maintain a cautious outlook on global economic growth and to gear our plans accordingly," 3M said in a press release. "At the same time, we remain confident in our ability to improve every aspect of our company."
Analysts polled by Thomson First Call were expecting earnings of $1.51 in the second quarter. Wall Street is looking for a third-quarter profit of $1.53 and full-year earnings of $5.91.