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3M beats 2Q expectations despite lower sales

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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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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3M profits go up despite weak electronics sales

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.

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Medina-based Polaris Industries Inc. reported a record second quarter net income of $69.8 million or $0.98 per share, Wall Street Journal reports. The better-than-expected results were driven by double-digit sales growth in all types of vehicles, led by its on-road motorcycles.

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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.

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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."

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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.

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