3M earnings up 11.2 percent
3M reported first-quarter earnings of $1.2 billion, or $1.79 per share, on sales of $7.8 billion.
Net income for the same period last year was $1.1 billion, or $1.61 per share.
Sales grew 2.6 percent year-on-year. On a geographic basis, sales grew 6.9 percent in Asia Pacific, 6.8 percent in Latin America/Canada, 3.7 percent in EMEA (Europe, Middle East and Africa) and 2.6 percent in the U.S.
In the Industrial group, sales of $2.8 billion were up 3.1 percent in U.S. dollars. Sales growth was led by 3M Purification, automotive OEM, advanced materials, abrasive systems, and aerospace and commercial transportation; sales declined in personal care.
In the Safety and Graphics segment, sales increased by 1.7 percent to $1.4 billion. Sales grew in personal safety, roofing granules and commercial solutions, while the traffic safety and security business declined year-on-year.
INDUSTRIAL SUPPLY MAGAZINE
The March/April issue of Industrial Supply magazine features an in-depth cover story about Joyce Lansdale and Vallen. Plus, we're featuring articles by contributing writers Dirk Beveridge, Frank Hurtte, and David Kahle, as well as interviews with numerous product and distribution industry experts.
