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3M Profit Beats Estimates as CEO Cites Gains in Efficiency
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3M Co., the maker of products ranging from dental braces to commercial sealants, posted a second-quarter profit that beat analysts’ estimates as gains in efficiency helped trump the drag from foreign-exchange rates.
Net income rose 0.6 percent to $1.17 billion, or $1.66 a share, from $1.16 billion, or $1.60, a year earlier, St. Paul, Minnesota-based 3M said today in a statement. Analysts projected earnings of $1.65 a share, according to the average of eight estimates compiled by Bloomberg.