3M’s net sales for the second quarter ended 30 June 2014 were up 4.93% to US$8.13bn compared with $7.75bn in the second quarter of 2013. Its operating income for the period was up 9.05% to $1.86bn from $1.70bn in the corresponding period in 2013.

The company’s income before income taxes in the second quarter of 2014 rose 8.92% to $1.82bn from $1.67bn, while net income attributable to the company rose 5.85% to $1.27bn compared with $1.19bn in the second quarter of 2013.

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3M’s net sales for the first half ended 30 June 2014 were up 3.76% to $15.97bn compared with $15.39bn in the same period of 2013. Its operating income for the period was up 6.69% to $3.57bn from $3.35bn in the first half of 2013. Income before income taxes rose 6.69% to $3.51bn from $3.29bn. Net income attributable to 3M was up 6.36% to $2.47bn from $2.33bn.

“Our businesses continued to execute very well in the second quarter,” said Inge Thulin, 3M’s chairman, president and chief executive officer. “Organic sales growth was again positive across all businesses and geographic regions, which helped drive double-digit growth in earnings per share. Strong productivity fuelled increased growth investments, and operating margins increased year on year to nearly 23%.”

Thulin continued, “In addition to a strong operating performance, we are also deploying capital more aggressively to both improve the business and to enhance shareholder returns. On 16 July, we announced the acquisition of the remaining 25% of our Sumitomo 3M subsidiary in Japan for a purchase price of $885m and during the second quarter we paid $2bn to shareholders via a combination of cash dividends and gross share repurchases. My thanks to the 3M team for the results thus far in 2014.”

3M also confirmed its 2014 full-year performance expectations. The company continues to expect earnings of $7.30 to $7.55 per share and organic local-currency sales growth of 3% to 6%. Foreign currency impacts are expected to reduce sales by approximately 1% for the year. 3M also expects full-year free cash flow conversion to be in the range of 90% to 100%.