3M Third Quarter Sales Grow 5.6%
3M recently reported third quarter sales of $7.9 billion, an increase of 5.6% compared to the same period last year. Operating income was $1.7 billion and operating income margins for the quarter were 22%. Third quarter net income was $1.2 billion.
In the Industrial sector, sales were $2.7 billion, up 8.6%. Organic local currency sales increased 6.2%, acquisitions (including Ceradyne) added 4.1% to sales, and foreign currency translation reduced sales by 1.7%.
“The 3M team delivered another strong performance in the third quarter,” said Inge G. Thulin, chairman, president and CEO. “All business groups generated positive organic sales growth and operating margins above 20%. At the same time, we further strengthened the company through increased investments in innovation, commercialization and manufacturing. Finally, we returned $2 billion of cash to our shareholders during the quarter via dividends and gross share repurchases, or $4.8 billion through nine months of the year.”
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