3M sales relatively flat
3M reported fourth-quarter sales increased 0.4 percent year-on-year to $7.3 billion.
Organic local-currency sales increased 1.6 percent while divestitures reduced sales by 0.4 percent. Foreign currency translation reduced sales by 0.8 percent year-on-year.
Earnings were $1.88 per share, an increase of 13.3 percent versus the fourth quarter of 2015. Net income of $1.1 billion compared to $1.0 billion in the same period last year.
Organic local-currency sales growth was 4.6 percent in Industrial, 2.2 percent in Safety and Graphics, and 1.3 percent in Health Care, with declines of 0.6 percent in Electronics and Energy, and 0.7 percent in Consumer. On a geographic basis, organic local-currency sales growth was 4.1 percent in Latin America/Canada, 2.4 percent in Asia Pacific, and 1.2 percent in the U.S., with a decline of 2.4 percent in EMEA (Europe, Middle East and Africa).
For the full year, sales decreased 0.5 percent to $30.1 billion and organic local-currency sales declined 0.1 percent. Acquisitions, net of divestitures, increased sales 0.8 percent. Foreign currency translation reduced sales by 1.2 percent.
Full-year 2016 GAAP earnings were $8.16 per share, an increase of 7.7 percent. Net income for the year was $5.0 billion, compared to $4.8 billion last year.