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