29/6/10 – 3M says new products have driven up second quarter sales
29 June 10
3M Co. says that new products and strong demand in emerging economies are expected increase its second-quarter sales up between 16 to 18 percent year-over-year to top Wall Street expectations.
The company says it expects sales to range between $6.6 billion and $6.75 billion for the three-month period ending in June. That would mark 4 percent to 6 percent growth from the first quarter, and 16 percent to 18 percent growth from the $5.72 billion in sales that 3M recorded for the 2009 second quarter.
Analysts on average are targeting $6.57 billion in sales, according to a survey by Thomson Reuters. 3M, which makes any commercial and industrial products including abrasives and paint finishings, has been focusing on booming markets in Asia and Latin America to drive its growth. In the first quarter, the company reported a surge in earnings driven mostly by international sales. 3M is scheduled to announce complete second-quarter results and its full-year outlook on July 22.