3M recently reported record first quarter sales of $7.3 billion, up 15.2% year-on-year, including an 8.9% increase in organic sales volumes. Sales increased at a double-digit rate in all geographic regions, with Asia-Pacific up 21%, Latin America/Canada up 19.5%, Europe up 13.1% and the U.S. up 10.2%. All six of 3M’s business segments expanded sales in the quarter, with particular strength in Electro and Communications at 20.5%; Industrial and Transportation at 20.3%; and Safety, Security and Protection Services at 14.4%.
Sales in emerging markets grew by 24% in the first quarter and now comprise 34% of 3M’s worldwide sales. Sales grew by 30% in India, 27% in China/Hong Kong and 25% in Brazil.
“We are off to a tremendous start in 2011 with first quarter organic sales growth of 9%-or 10.5% adjusting for Japan and H1N1 impacts,” said George W. Buckley, chairman, president and CEO. “New product flow is accelerating, boosted by higher investment in laboratory, sales and marketing, and manufacturing capacity. Sales are growing faster as a result, and our businesses are growing most everywhere in the world.”
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