3M 2019 sales decline 1.9 percent
3M announced that its fourth quarter sales grew 2.1 percent year-on-year to $8.1 billion.
Total sales grew 25.4 percent in Health Care, were flat in Consumer, with declines of 4.8 percent in Safety and Industrial, and 6.2 percent in Transportation and Electronics.
In the Safety and Industrial segment, sales of $2.8 billion were down 4.8 percent in U.S. dollars. Sales increased in personal safety and roofing granules; declined in electrical markets, industrial adhesives and tapes, automotive aftermarket, abrasives, and closure and masking.
Net income of $969 million, or $1.66 per diluted share, compared to $1.3 billion, or $2.27, in the same period last year.
Full-year sales of $32.1 billion were down 1.9 percent year-on-year compared to $32.8 billion in 2018. Net income of $4.6 billion, or $7.81 per diluted share, were down from $5.3 billion, or $8.89 per share, in 2018.
Today, 3M also announced a new global operating model and streamlined organizational structure.
As a result of these actions, 3M initiated a restructuring that will reduce approximately 1,500 positions, spanning all business groups, functions and geographies. On a pre-tax basis, 3M took a restructuring charge of $134 million in the fourth quarter of 2019. The company expects annual pre-tax savings of $110 million to $120 million, with $40 million to $50 million in 2020.
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.
