second-quarter earnings rose sharply from a year ago and matched analysts' recently adjusted estimates on modest revenue growth and cost controls. The company also issued upbeat guidance for the remainder of the year.
3M earned $466 million, or $1.18 a share, in the second quarter, compared with $202 million, or 50 cents a share, a year ago. Excluding items, net income was $539 million, or $1.36 a share, in the latest quarter compared with $451 million, or $1.12 a share, last year. Sales were $4.16 billion in the latest quarter compared with $4.07 billion a year ago.
The company expects to earn $1.35 to $1.40 a share in the third quarter on both a pro forma and actual basis and $5.15 to $5.30 a share in the full year, excluding items but including a 12-cent gain from the new goodwill accounting treatment. Analysts were predicting earnings of $1.31 a share in the third quarter and $5.14 a share for the year.