Driven by broad-based organic growth across all segments, 3M Company (MMM- Free Report) reported strong second-quarter 2017 results with healthy year-over-year increase in earnings and revenues. GAAP earnings for the reported quarter were $1,583 million or $2.58 per share compared with $1,291 million or $2.08 per share in the year-earlier quarter. The year-over-year improvement in earnings was largely due to higher sales. However, the reported earnings missed the Zacks Consensus Estimate by a penny.
Net sales during the quarter were $7,810 million, up from $7,662 million in the year-ago quarter, but missed the Zacks Consensus Estimate of $7,879 million. Foreign currency translation impact and divestures decreased sales by 0.6% and 1%, respectively, while organic local-currency sales improved 3.5%.
On a geographic basis, total sales increased 8.3% in Asia Pacific, 2.5% in Latin America/Canada, and 0.5% in the U.S and declined 3.6% in EMEA (Europe, Middle East, and Africa). From a segment perspective, total sales increased 7.5% in Electronics and Energy, 2.5% in Industrial, 1.8% in Health Care, and 0.5% in Consumer, somewhat offset by a 0.9% decline in Safety and Graphics. Operating income in the reported quarter increased to $2,184 million from $1,866 million in the year-ago-quarter, resulting in respective operating margins of 28.0% and 24.4%.
3M Company Price, Consensus and EPS Surprise
3M Company Price, Consensus and EPS Surprise | 3M Company Quote
Segment Results
