3M Reports First-Quarter Sales of $7.7 Billion
Sales were up 3.7% year-on-year.
3M recently reported first-quarter sales were $7.7 billion, up 3.7% year-on-year in dollar terms. In addition, organic local-currency sales increased 4.6%.
Operating income was reported to be $1.8 billion, and operating income margins for the quarter at 23.1%, down 1 percentage point year-on-year. This result includes an incremental $136 million of strategic investments in growth, productivity and portfolio actions.
First-quarter net income was reported at $1.3 billion, up 3.7%.
“The 3M team delivered a strong start to 2017, marked by organic sales growth of 5%, with positive growth in all geographic areas,” said Inge G. Thulin, chairman, president and CEO. “At the same time, we increased investments across the enterprise to further accelerate growth and improve productivity, while increasing our dividend for the 59th consecutive year. In the first quarter we also announced the acquisition of Scott Safety, which will bolster 3M’s already strong position in the personal safety market.”
For more information, visit www.3m.com.