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Comprehensive media reported on July 22 that US 3M (3M) achieved its Wall Street profit target and raised its 2010 profit target.
3M22 announced that its second-quarter net profit increased by 1.12 billion US dollars, or 1.54 US dollars per share, compared with 783 million US dollars in the same period of 2009, or US$ 1.12.
The company's revenue increased 18% year-on-year, from $572 million in 2009 to $673 million. Wall Street analysts surveyed predicted that the coatings and adhesives manufacturer's second-quarter net profit was $1.47 per share, with revenues of $662 million.
3M raised its 2010 profit target range to $5.65-5.80 per share, which was previously expected to be $5.40-5.60 per share.
The company said that sales of all its businesses in all regions improved, with sales in the telecommunications sector up 32% and sales in the charting department up 30%. Sales growth in emerging markets remained strong, up 38%, back to levels before the second quarter of 2008.
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