3M reports higher second-quarter earnings

MAPLEWOOD, Minn. . -- Second-quarter earnings at 3M Co. more than doubled on higher sales and improved efficiency. The company also raised its earnings forecast for the second time this year.

The diversified technology company, whose products include Scotch tape and Post-It notes, reported net income of $466 million, or $1.18 per share, up 131 percent from $202 million, or 50 cents per share, in the second quarter last year.

Excluding nonrecurring charges, earnings were $539 million, or $1.36 a share, up 21 percent from $451 million, or $1.12 per share in the second quarter last year.

The quarterly earnings were 2 cents better than the consensus estimate of $1.34 per share by analysts surveyed by Thomson Financial/First Call.

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