The Maplewood-based maker of Post-it and Scotch Tape products posted an unexpected decline in second-quarter sales, but still topped Wall Street projections by a penny. Net sales were down 1.9 percent.
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St. Paul-based 3M exceeded Wall Street expectations in the first quarter. The company's transportation and industrial products section made up for a softened consumer electronics market. Profits rose more than 4 percent with sales hitting $7.5 billion.
The Austin-based food maker says strong demand for its Jennie-O products and Spam helped boost sales in the quarter that ended in April.
3M is expanding its sustainable energy footprint with its new photovoltaic film manufacturing plant in Missouri. The Maplewood-based conglomerate says the film cuts manufacturing time and replaces the need for the heavy glass used in rooftop solar modules. The Star Tribune also reports the project will lower costs for U.S.-based makers of solar panels.
3M Co. still wants to complete a $550 million deal to buy Avery Dennison Corp.'s office-products division, according to a Wednesday morning statement. On Tuesday, the U.S. Department of Justice said the Maplewood-based company decided to terminate the proposed acquisition after the agency threatened to block the deal.
From social media to thwarting crime and terrorism, facial recognition technology is becoming a big business and one Minnesota company is looking to cash in. A couple years ago, Maplewood-based 3M acquired the California company Cogent, which develops a variety of identification systems, for nearly $1 billion. 3M Cogent marketing director Teresa Wu tells the Star Tribune, "The next step in applications will be face-in-the-crowd -- identifying people at long distance."
3M Co. posted a record third-quarter earnings of $1.65 per share, an increase of 8.6 percent increase from a year earlier, but cut its profit expectations for all of 2012 because of "current economic realities." The Maplewood-based company, which makes everything from office supplies to specialized coatings, expects to earn $6.27 to $6.35 per share for the year, down from $6.35 to $6.50, CNBC reports.
The Winona-based operator of industrial hardware supply stores reported its net income rose to $112.3 million with help from new store openings and the installation of new industrial vending machines. However, second quarter sales failed to meet Wall Street expectations.