3M reports record-breaking results for second quarter of 2013

3M has published its financial report for the second quarter of 2013, during which the firm achieved a record-breaking sales total of $7.8 billion (5.08 billion pounds).

This represented a 2.9 percent year-on-year increase, with four out of five of its business segments achieving positive organic growth, while its earnings increased by three percent to $1.71 per share.

The firm's healthcare division saw the second-largest annual growth rate of any of 3M's business units at 4.6 percent, thanks to rising demand for health information, food safety, critical and chronic care, oral care and infection prevention products.

3M was also able to convert 107 percent of net income to free cash flow in the quarter, which helped to fuel ongoing investment and provide strong returns for shareholders.

Inge Thulin, 3M's chairman, president and chief executive officer, said: "This was a good quarter for 3M with strong performances across the portfolio … Our employees executed well in the face of continued slow economic growth."

3M products are sold in more than 200 countries, with the group employing around 88,000 people worldwide.