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Post-It owner 3M reported net income improved four per cent during the second quarter, even as revenue declined on weakness in its electronics and display unit.Click here for updates >
The company earned $1.2 billion, or $1.66 per share. Analysts polled by Bloomberg had forecast earnings of $1.65 a share.
Sales were light at the firm, as the strong U.S. dollar diluted international revenue.
The St. Paul, Minn., based firm said it tallied revenue of $7.53 billion during the three months ending June 30, a 2 per cent decline. That figure also missed Wall Street’s expectations by $250 million.
Two of the companies six major business lines weighed on sales, with both its graphics and electronics unit posting lower sales than the year ago period. 3M said poor LCD television sales hit revenue in its optics division by double digit levels.
“Going forward, we will keep driving to achieve strong earnings and cash flow,” Chief Executive Inge Thulin said. “At the same time we will expand 3M’s customer relevance through strategic investments in manufacturing, innovation and commercialization.”
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