Posted April 26, 2011
3M sales up 15.2%
3M reported record first-quarter sales of $7.3 billion, up 15.2 percent year-on-year, including an 8.9 percent increase in organic sales volumes.
Earnings rose 15.5 percent to $1.49 per share and operating margins for the quarter were 21.6 percent. All six of the company's business segments posted operating margins above 21 percent in the quarter.
First-quarter net income was $1.1 billion, or $1.49 per share, versus $930 million, or $1.29 per share, in the first quarter of 2010.
Industrial and Transportation segment sales increased 16.9 percent to $2.5 billion, led by renewable energy, aerospace and aircraft maintenance, abrasives and industrial adhesives and tapes.
Safety, Security and Protection Services segment sales rose 11.3 percent to $929 million. The segment showed double-digit growth in sales of personal protection products, adjusting for H1N1-related respirator demand in 2010.
