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3M Q2 profit climbs YOY

3M Co. said its second-quarter normalized net income amounted to $1.76 per share, compared with the S&P Capital IQ consensus estimate of $1.99 per share.

EPS climbed year over year from $1.69.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $1.13 billion, compared with $1.12 billion in the prior-year period.

The normalized profit margin increased to 14.7% from 13.8% in the year-earlier period.

Total revenue decreased 5.5% on an annual basis to $7.69 billion from $8.13 billion, and total operating expenses fell 6.9% from the prior-year period to $5.85 billion from $6.28 billion.

Reported net income rose year over year to $1.30 billion, or $2.02 per share, from $1.27 billion, or $1.91 per share.