3M reports 24.7 percent sales jump
3M reported first-quarter earnings of $1.29 per share on sales of $6.3 billion.
Operating income margins were 22.8 percent, up 7 percentage points year-on-year. Sales and per-share earnings increased 24.7 percent and 74.3 percent, respectively, versus the first quarter of 2009.
"By any measure, we are off to a tremendous start in 2010," said George W. Buckley, 3M chairman, president and chief executive officer. "First-quarter sales were boosted by improved market penetration and new product flow along with significant growth in important end-markets such as electronics, automotive OEM and respiratory protection products. I thank the many 3M business teams around the world for an outstanding first-quarter effort."
In the Industrial and Transportation segment, sales increased 29.3 percent to $2.1 billion. In the Safety, Security and Protection Services segment, sales rose 20.4 percent year-on-year to $809 million.
INDUSTRIAL SUPPLY MAGAZINE
The May/June issue of Industrial Supply magazine features an in-depth cover story about GHX Industrial. Plus, we're featuring articles by contributing writers Dr. Bharani Nagarathnam and Frank Hurtte, as well as interviews with numerous product and distribution industry experts.
