3M sales up by 2 percent
3M reported that its fourth quarter sales grew 2.0 percent to $7.7 billion.
Organic local-currency sales grew 6.3 percent with acquisitions adding 0.1 percent to sales. Foreign currency translation reduced sales by 4.4 percent compared to last year.
Earnings increased by 11.7 percent to $1.81 per share.
For the full year, sales increased 3.1 percent to a record $31.8 billion, with organic local-currency growth of 4.9 percent. Foreign currency translation reduced sales by 1.9 percent.
“3M delivered strong results in the fourth quarter, which culminated a solid 2014 performance,” said Inge G. Thulin, 3M’s chairman, president and chief executive officer. “Organic growth was positive across all business groups and geographic areas.”
Industrial segment sales of $2.6 billion were up 1.4 percent in U.S. dollars. Sales growth was led by advanced materials, aerospace and commercial transportation, industrial adhesives and tapes, and automotive aftermarket.
Safety and graphics segment sales of $1.4 billion were up 3.4 percent in U.S. dollars. Sales growth was led by the personal safety and commercial solutions businesses; sales in traffic safety and security systems were down slightly 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.
