3M sales up by 2.8 percent
3M reported third-quarter sales grew 2.8 percent year-on-year to $8.1 billion.
Organic local-currency sales grew 3.9 percent, acquisitions added 0.1 percent to sales and currency impacts reduced sales by 1.2 percent year-on-year.
Third-quarter operating income was $1.9 billion and operating income margins were 23.4 percent. Net income was $1.3 billion and the company converted 103 percent of net income to free cash flow in the quarter.
Industrial segment sales of $2.8 billion were up 3.0 percent in U.S. dollars. Sales growth was led by aerospace and commercial transportation, 3M purification, automotive OEM, advanced materials, and industrial adhesives and tapes; sales declined in personal care.
Sales growth was strongest in the U.S., followed by Asia Pacific and EMEA; sales declined in Latin America/Canada.
Safety and Graphics segment sales of $1.4 billion were up 1.3 percent in U.S. dollars.
Sales growth was led by personal safety, and traffic safety and security; sales declined in roofing granules. Sales rose in the U.S. and EMEA, were flat in Latin America/Canada and declined slightly in Asia Pacific.
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.
