St. Paul, MN, July 18--3M Co. posted a higher quarterly profit and raised the bottom of its full-year profit forecast as it expects sales to continue to accelerate.
Net income rose to $776 million, or $1 a share, in the second quarter, from $773 million, or 97 cents a share, in the year-earlier quarter.
Excluding a one-time charge related to plans to reinvest $1.7 billion in foreign earnings, 3M earned $1.09 a share.
Sales rose 5.6 percent to $5.29 billion from $5.01 billion last year.
Analysts expected 3M to earn $1.09 a share, excluding one-time items, on sales of $5.29 billion, according to Reuters Estimates.
3M said earlier this month it expected to earn 98 cents to $1.00 a share after the charge for the repatriation of the foreign earnings. Prior to announcing the charge, it had expected a net profit of $1.08 to $1.10 a share.
For the year, 3M expects a net profit of $4.10 to $4.15 a share. Excluding one-time items, it sees $4.20 to $4.25 a share, compared with its previous forecast of $4.15 to $4.25 a share.
In the third quarter, the St. Paul, Minneapolis-based company forecast a profit of $1.06 to $1.08 a share.
The outlooks include the impact of 3 cents for the third quarter and about 4 cents a share for the year related to its pending acquisition of Cuno.
Analysts expected a profit before one-time items of $4.23 for the full year and $1.09 for the third quarter.
