3M recently reported first quarter earnings of $1.85 per share, an increase of 3.4% vs. the first quarter of 2014. Sales declined 3.2% year-on-year to $7.6 billion.
Operating income for the quarter was $1.7 billion, and operating income margins for the quarter were 22.8%, up 0.9 percentage points year-on-year. First quarter net income was $1.2 billion, and the company converted 66% of net income to free cash flow.
“We are executing well against a more challenging economic backdrop in early 2015,” said Inge G. Thulin, chairman, president and CEO. “The stronger U.S. dollar negatively impacted sales and earnings in the first quarter, and global economic growth was mixed. Despite these near-term challenges, we grew organically in all business groups and all geographic areas, and expanded operating margins by nearly a full percentage point.”
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