3M sales up 2.4 percent
3M reported fourth-quarter sales grew 2.4 percent year-on-year to $7.6 billion.
Organic local-currency sales grew 3.4 percent, acquisitions added 0.7 percent to sales and currency impacts reduced sales by 1.7 percent year-on-year.
Earnings of $1.62 per share increased of 14.9 percent versus the fourth quarter of 2012. Sales and per-share earnings were the highest of any fourth quarter in 3M’s history.
Fourth-quarter net income was $1.1 billion and the company converted 131 percent of net income to free cash flow.
Organic local-currency sales growth was 5.8 percent in Industrial, 4.8 percent in Safety and Graphics, 3.6 percent in Health Care, 1.3 percent in Consumer and 0.4 percent in Electronics and Energy. On a geographic basis, organic local-currency sales grew 4.5 percent in the U.S., 3.4 percent in EMEA (Europe, Middle East and Africa), 3.3 percent in Asia Pacific and 2.2 percent in Latin America/Canada.
Industrial segment sales of $2.6 billion were up 6.1 percent in U.S. dollars, driven by advanced materials, automotive OEM, 3M Purification, aerospace and automotive aftermarket. Sales grew in all major geographies, with the largest increases in the U.S. and Europe, the Middle East and Africa.
Safety and Graphics segment sales of $1.3 billion were up 2.5 percent in U.S. dollars, led by roofing granules, personal safety, commercial graphics and architectural markets.
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.
