3M First Quarter Sales Grow 2.6%
3M recently reported that its first quarter sales grew 2.6% year-on-year to $7.8 billion, compared to $7.6 billion in the same period last year. Operating income for the quarter was $1.7 billion, operating income margins were 21.9% and net income was $1.2 billion.
Organic local currency sales growth was 6.2% in Health Care, 4.9% in Industrial, 4.6% in Safety and Graphics, 4.1% in Electronics and Energy, and 2.6% in Consumer. On a geographic basis, organic local currency sales grew 6.9% in Asia-Pacific, 6.8% in Latin America/Canada, 3.7% in EMEA (Europe, Middle East and Africa) and 2.6% in the U.S.
“This was a solid quarter for 3M,” said Inge G. Thulin, chairman, president and CEO. “Our teams delivered positive organic growth in all business groups and geographic areas, we posted strong margins across the portfolio and we returned a record amount of cash to shareholders. At the same time, we increased investments in R&D and commercialization to help secure future growth in the business. 3M is well-positioned to generate sustainable, profitable growth far into the future.”
For more information, visit www.3m.com.