3M sales grow 2.9%
3M reported that its 2Q sales grew 2.9 percent year-on-year to a record $7.8 billion.
Organic local-currency sales grew 2.3 percent and acquisitions added 1.9 percent to sales. Currency impacts reduced sales by 1.3 percent year-on-year.
Second-quarter earnings of $1.71 per share increased 3.0 percent versus the second quarter of 2012. Net income was $1.19 billion, compared to $1.16 last year.
In its industrial segment, sales of $2.7 billion were up 6.6 percent in U.S. dollars. Sales grew in most businesses, led by aerospace, automotive aftermarket, liquid filtration, industrial adhesives and tapes and automotive OEM. Sales rose in all major geographies led by Latin America/Canada, the U.S. and Europe, the Middle East and Africa (EMEA).
In the Safety & Graphics business group, sales increased 2.3 percent to $1.5 billion. Sales growth was led by commercial graphics, personal safety, architectural markets and building and commercial services; sales declined in roofing granules and traffic safety and security systems. Sales grew in Latin America/Canada, Asia Pacific and EMEA and declined in the U.S.
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.
