3M Sales Jump Nearly 10% in 2021 First Quarter
Total sales grew 13.7% in Safety and Industrial, 13.1% in Transportation and Electronics, 9.8% in Consumer, and 6.8% in Health Care.
3M recently reported its results for the first quarter of 2021. Sales grew 9.6% year-on-year to $8.9 billion. Organic local-currency sales increased 8%, while divestitures decreased sales by 1.4%. Foreign currency translation increased sales by 3% compared to the 2020 first quarter.
Total sales grew 13.7% in Safety and Industrial, 13.1% in Transportation and Electronics, 9.8% in Consumer, and 6.8% in Health Care. Organic local-currency sales increased 10.3% in Safety and Industrial, 9.8% in Transportation and Electronics, 9.3% in Health Care, and 7.8% in Consumer.
On a geographic basis, total sales grew 18.1% in Asia-Pacific, 10.4% in EMEA (Europe, Middle East and Africa), and 4.5% in the Americas. Organic local-currency sales grew 12.8% in Asia-Pacific, 6.3% in the Americas, and 5.5% in EMEA.
"The first quarter was highlighted by broad-based organic growth, robust cash flow and a double-digit increase in earnings per share," said Mike Roman, chairman and CEO. "Our four industry-leading businesses are delivering strong results, while we accelerate 3M's digital transformation and sustainability efforts with significant new goals to improve air and water quality. While uncertainty related to COVID-19 remains, we will stay focused on driving growth, building on favorable market trends, improving operational performance and delivering for customers and shareholders."
3M's full-year 2021 guidance remains unchanged, with total sales growth expected in the range of 5-8% and with organic local-currency growth between 3-6%. Additional details are available at www.3m.com.
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