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Posted April 26, 2016

3M 1Q earnings rise but sales decline

3M reported first-quarter earnings of $2.05 per share, an increase of 10.8 percent versus the first quarter of 2015.


Sales declined 2.2 percent year-on-year to $7.4 billion. Organic local-currency sales declined 0.8 percent while acquisitions, net of divestitures, added 1.6 percent to sales. Foreign currency translation reduced sales by 3.0 percent year-on-year.

First-quarter net income was $1.3 billion, compared to $1.2 billion in the same period last year.

Industrial sales of $2.6 billion were down 3.0 percent in U.S. dollars. Organic local-currency sales declined 1.9 percent while foreign currency translation reduced sales by 3.0 percent and acquisitions, net of divestitures, increased sales by 1.9 percent.

Safety and Graphics sales of $1.4 billion were up 2.9 percent in U.S. dollars. Organic local-currency sales increased 2.4 percent and acquisitions, net of divestitures, increased sales by 4.5 percent while foreign currency translation reduced sales by 4.0 percent.

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