3M posts strong second quarter
St. Paul, Minn.-based 3M has reported second-quarter net income of $1.16 billion, up 3.6% from $1.12 billion in the second quarter of 2010. Net sales totaled $7.7 billion, up 14.1% from $6.7 billion in the year-ago period.
Sales increased in all regions: Europe was up 24.1%, Latin America/Canada was up 20.2%, Asia Pacific was up 11%, and the United States was up 8.7%.
“We posted record second-quarter sales and earnings per share and generated significant free cash flow in the quarter, and we did so in the face of some sizable headwinds,” said George Buckley, 3M chairman, president and CEO. “Most significant was the impact of the Japan earthquake, which was in line with our projections.
“3M’s innovation engine continues to accelerate, and we expect further growth in new products this year. While economic growth moderated a bit in the second quarter, we believe that the global economy will continue to expand, and 3M is well positioned to capitalize on that growth,” Buckley added.
For the first six months of 2011, 3M posted net income of $2.24 billion, up 9% from $2.05 billion in the same period of 2010. Net sales for the period totaled $15 billion, up 15% from $13 billion in the first six months of 2010.
3M expects that 2011 full-year earnings will be in the range of $6.10 to $6.25 per share versus a prior expectation of $6.05 to $6.25 per share.
DuPont acquires Innovalight, expanding its solar power
DuPont acquired Innovalight, Inc., a company specializing in advanced silicon inks and process technologies that increase the efficiency of crystalline silicon solar cells.
The acquisition strengthens DuPont’s position as a leader in materials for the solar energy market, according to the company. Financial terms of the acquisition were not disclosed.
“Innovalight has very exciting technology that improves cell efficiency and DuPont can help expedite its adoption,” said David B. Miller, president – DuPont Electronics & Communications. “DuPont and Innovalight share a commitment to innovation in materials that have a common purpose – to make solar energy more efficient and more affordable.”
DuPont exceeded $1 billion in revenue from sales into the photovoltaic market in 2010, and has set a goal to reach $2 billion by 2014 based on continued growth supported by new innovations that improve solar module efficiency, lifetime and overall system costs.
Innovalight is based in Sunnyvale, Calif., and has developed proprietary silicon ink products, process technology and a pipeline of anticipated products. Silicon inks used in conjunction with DuPont Solamet photovoltaic metallization pastes boost the amount of electricity produced from sunlight, enabling the production of superior Selective Emitter solar cells, the company said.
Firefighter charged in HD looting case
A 25-year-old firefighter was charged with misdemeanor theft In Joplin, Mo., for allegedly looting a Home Depot store after a tornado destroyed the building, according to an article in the Joplin Globe.
Matthew Page was one of three firefighters dismissed June 9 by the town of Baxter Springs, Kan., for alleged misconduct during the emergency response to the tornado. But Joplin authorities said they only had enough evidence to charge one of the suspects.
Documents filed in Page’s case allege that the firefighters took a chain saw, a gas-powered trimmer, a garden hose and wrenches from the store while on duty and engaged in the emergency response to the tornado.
Prosecutors valued the merchandise at approximately $245, short of the $500 threshold for the filing of a felony theft charge. All of the alleged stolen goods have been recovered except for the chain saw, which has not yet been not included in the charges.
Page supposedly confessed to the theft to detectives, according to the newspaper.