3M First Quarter Net Income up 4%
3M recently reported record first-quarter 2012 sales of $7.5 billion, up 2.4% year-on-year. On a segment basis, sales increased 8.6% in Industrial and Transportation; 5.5% in Safety, Security and Protection Services; 4.3% in Consumer and Office; and 2% in Health Care. Sales declined 3.4% in Electro and Communications and 11.8% in Display and Graphics, both reportedly impacted by the consumer electronics industry. First quarter net income rose 4% year-on-year to over $1.1 billion vs. last year’s first quarter.
“We are off to a very good start in 2012 with record first quarter sales and strong earnings,” said Inge G. Thulin, president and CEO. “3M employees everywhere did an outstanding job of managing in a challenging environment for growth.”
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