ST. PAUL, Minn.--(BUSINESS WIRE)--3M (NYSE: MMM) today reported second-quarter earnings of $2.58 per share, an increase of 24.0 percent versus the second quarter of 2016. Sales were $7.8 billion, up 1.9 percent year-on-year in dollar terms. Organic local-currency sales increased 3.5 percent while divestitures reduced sales by 1.0 percent. Foreign currency translation decreased sales by 0.6 percent year-on-year.
Operating income was $2.2 billion and operating income margin for the quarter was 28.0 percent, up 3.6 percentage points year-on-year. This result includes a net benefit of $273 million, which is comprised of divestiture gains of $451 million (net of lost operating income), partially offset by $178 million of incremental investments in accelerated growth programs, productivity and portfolio actions. Second-quarter net income was $1.6 billion, up 22.6 percent. The company’s operating cash flow was $1.6 billion, contributing to conversion of 85 percent of net income to free cash flow, as referenced in the “Supplemental Financial Information Non-GAAP Measures” section.
Operating income was $2.2 billion and operating income margin for the quarter was 28.0 percent, up 3.6 percentage points year-on-year. This result includes a net benefit of $273 million, which is comprised of divestiture gains of $451 million (net of lost operating income), partially offset by $178 million of incremental investments in accelerated growth programs, productivity and portfolio actions. Second-quarter net income was $1.6 billion, up 22.6 percent. The company’s operating cash flow was $1.6 billion, contributing to conversion of 85 percent of net income to free cash flow, as referenced in the “Supplemental Financial Information Non-GAAP Measures” section.
