3M Co. (NYSE: MMM) reported its second-quarter financial results before the markets opened on Thursday. The company had $2.02 in earnings per share (EPS) on $7.7 billion in revenue. That compared to Thomson Reuters consensus estimates of $2.00 in EPS on $7.83 billion. In the same period of the previous year, it posted EPS of $1.91 and $8.13 billion in revenue.

Organic local-currency sales grew 1.8%, and foreign currency translation reduced sales by 7.3% year over year. Operating income margins for the quarter were 23.9%, up 1.1 percentage points from the same period last year.

The company updated its guidance for the 2015 full year. Now 3M expects EPS will be in the range of $7.80 to $8.00, versus a prior range of $7.80 to $8.10, and that foreign currency translation will reduce 2015 sales by 6% to 7%. The consensus estimates are $7.90 in EPS on $31.14 billion in revenue for the 2015 full year.

In terms of its segments 3M reported (on a year-over-year basis):

• Industrial had sales of $2.6 billion, down 6.4%. Organic local-currency sales increased 1.4% and foreign currency translation reduced sales by 7.8%.
• Safety and Graphics had sales of $1.4 billion, down 4.1%. Organic local-currency sales increased 4.9% and foreign currency translation reduced sales by 9.0%.
• Health Care had sales of $1.4 billion, down 3.7%. Organic local-currency sales increased 3.4%, acquisitions increased sales by 0.7% and foreign currency translation reduced sales by 7.8%.
• Electronics and Energy had sales of $1.3 billion, down 7.9% in U.S. dollars. Organic local-currency sales declined 3.0%, divestitures reduced sales by 0.7% and foreign currency translation reduced sales by 4.2%.
• Consumer had sales of $1.1 billion, down 2.5% in U.S. dollars. Organic local-currency sales increased 3.4% and foreign currency translation reduced sales by 5.9%.

Inge G. Thulin, chairman, president and CEO of 3M, commented on earnings:

In the face of a mixed economic environment, the 3M team delivered positive organic growth in all geographic areas while expanding worldwide margins by over a full point. We also continued to invest in our future, including strategic acquisitions. In June, we announced the acquisition of Capital Safety, which will bolster our personal safety platform and build on our fundamental strengths in technology, manufacturing, global capabilities and brand.

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At the end of the second quarter, the company reported cash, cash equivalents and marketable securities of $3.49 billion, compared to $3.01 billion in the same period of the previous year.

Shares of 3M closed Wednesday even at $155.41, in a 52-week trading range of $130.60 to $170.50. In early trading indications Thursday, shares were down 1.3% to $153.38. The stock has a consensus analyst price target of $168.77.

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