3M Profit Tops Estimates on Health, Auto-Parts Demand
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3M Co., the maker of car fuel-system cleaners to dental braces, posted second-quarter profit that beat analysts’ estimates on lower taxes and higher demand for health-care and auto products.
Net income rose 2.6 percent to $1.2 billion, or $1.71 a share, from $1.17 billion, or $1.66, a year earlier, the St. Paul, Minnesota-based company said today in a statement. The average estimate was $1.70, according to data compiled by Bloomberg. 3M said a lower tax rate added 6 cents a share to earnings, and its operating profit margin fell.