3M sales decline by 0.4%
3M said its third quarter sales were $7.5 billion, down 0.4 percent year-over-year.
Earnings of $1.65 per share increased 8.6 percent versus the third quarter of 2011. Net income was $1.2 billion for the period.
On a business segment basis, organic local-currency sales increased 4.3 percent in Health Care, 3.3 percent in Industrial and Transportation, 1.4 percent in Consumer and Office, 1.3 percent in Display and Graphics, 0.7 percent in Safety, Security and Protection Services and 0.1 percent in Electro and Communications. On a geographic basis, organic local-currency sales grew 10.5 percent in Latin America/Canada, 2.3 percent in the United States, 0.8 percent in EMEA (Europe, Middle East and Africa) and were down 0.1 percent in Asia Pacific.
In the Industrial and Transportation segment, sales of $2.6 billion were down 0.5 percent in U.S. dollars. Sales growth was strongest in automotive OEM, aerospace and automotive aftermarket; renewable energy declined year-on-year.
In the Safety, Security and Protection Services segment, sales of $926 million were down 2.9 percent in U.S. dollars. Sales growth was strongest in infrastructure protection and personal safety; sales declined year-on-year in roofing granules and security systems.
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.
