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3M Fourth Quarter Sales Up 9%; Full-Year Sales Rise 15%

January 31, 2011
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3M recently reported fourth quarter sales of $6.7 billion, up 9.6% vs. 2010, including an 8.6% increase in organic volumes. Net income was $928 million vs. $935 million in the same period last year.

Quarterly organic sales volumes increased in all six of 3M’s businesses, led by a 19.8% increase in the Electro and Communications business and a 14.7% increase in Display and Graphics. On a geographic basis, organic volume growth was strongest in Asia Pacific at 18.1% and Latin America at 12.2%.

The company posted full-year 2010 sales of $26.7 billion and earnings per share of $5.63, up 15.3% and 24.6%, respectively. Excluding special items, 2010 earnings increased 22.6% to $5.75 per share. All businesses posted positive organic volume growth, led by Electro and Communications at 26.9%, Display and Graphics at 26.5%, and Industrial & Transportation at 16.9%.

“3M made great progress in 2010 as we achieved record sales and earnings per share for the year, and made significant investments to improve long-term growth,” said George W. Buckley, chairman, president and CEO. “For example, our research and development investments of $1.4 billion fueled innovation and drove new product sales as a percent of total to 31%. We also accelerated sales and marketing investments in high-growth markets to help secure future growth. Overall, I could not be more proud of the 3M team for their effort in 2010.”

For additional details, visit www.3m.com.

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