3M reaps profit of US$451m in Q2, down 4%

3M released the Q2 earnings report and declared the profit fell 4% over the same period last year to US$451 mln and per share earnings beat market expectation to hit US$1.12. The company said that if the US economy still fails to revive and the global market remains sluggish, the full-year earnings can only reach US$4.5 per share. The turnover dropped 4% to US$4.08 bln. The company predicted that its global sales would decline by 4% and the sales in US would be reduced by 5%. The profit decline was caused by decreasing sales in overseas market and the strong dollar. 3M ended US$1.68 lower, or 1.5% to US$111.32.

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