3M recently announced its financial results for the second quarter of 2019. Sales declined 2.6% in the 2019 second quarter, to $8.2 billion. Organic local-currency sales decreased 0.9%, while acquisitions (net of divestitures) increased sales by 0.1%. Foreign currency translation decreased sales by 1.8% compared to the 2018 second quarter.
In the company’s Health Care segment, total sales grew 5.8% in the second quarter of 2019 to reach $1.8 billion. 3M’s other segments all saw declines, including Consumer, 0.5% to $1.3 billion; Transportation and Electronics, 2.9% to $2.5 billion; and Safety and Industrial, 9% to $3 billion. Organic local-currency sales increased 3.5% in Health Care and 0.7% in Consumer, with declines of 1.2% in Transportation and Electronics, and 5% in Safety and Industrial.
On a geographic basis, total sales grew 1.7% in the U.S., with declines of 2.9% in Latin America/Canada, 3.5% in Asia-Pacific, and 9.4% in Europe, Middle East and Africa (EMEA). Organic local-currency sales increased 0.7% in Latin America/Canada and 0.1% in the U.S., with decreases of 0.9% in Asia-Pacific and 3.6% in EMEA.
“I am encouraged by our company’s progress and performance in the second quarter,” said Mike Roman, 3M chairman and CEO. “Our execution was strong in the face of continued slow growth conditions in key end markets, as we effectively managed costs and improved cash flow. Moving ahead we remain focused on continuing to drive operational improvements, investing for the future and delivering for our customers and shareholders.”
Additional details are available at www.3m.com.