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Martin Moylan
ST. PAUL, Minn.

3M's quarterly profit up 2.6%

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3M reported a slightly higher quarterly profit today. The Maplewood-based company saw revenue increases in most of its businesses, which provide products for everything from cars and planes to cell phones and TVs.

The company's net income rose 2.6 percent to $1.2 billion on sales of nearly $8 billion. 3M CEO Inge Thulin said the company did well in the face of economic challenges around the world.

"[The] second quarter was another good one for 3M," he said. "We continued to grow our sales, profits and free cash flow in the face of a continued slow growth economy and strong U.S. dollar."

Because about two-thirds of 3M's sales are outside the United States, a strong dollar can hurt earnings. Shares of 3M are up slightly so far today. The company's stock has gained 31 percent over the past year.