3M tops earnings estimates and raises guidance

3M Co.
MMM,
0.59%

said Tuesday it had net income of $1.524 billion, or $2.59 a share, in the second quarter, up from $1.306 billion, or $2.25 a share, in the year-earlier period. Adjusted per-share earnings were also $2.59, ahead of the $2.28 FactSet consensus. The diversified industrial company and maker of Post-It notes said sales rose to $8.950 billion from $7.176 billion, also ahead of the $8.525 billion FactSet consensus. The company is now expecting full-year sales to grow 7% to 10%, up from prior guidance of 5% to 8%. It expects per-share earnings to range from $9.70 to $10.10, against prior guidance of $9.20 to $9.70. Shares were up 0.8% premarket and have gained 15.4% in the year to date, while the S&P 500
SPX,
0.24%

has gained 17.7%.