3M sales up 2.4%
3M reported record first-quarter sales of $7.5 billion, up 2.4 percent year-on-year.
First-quarter organic local-currency sales grew 1.8 percent, acquisitions added 1.5 percent to sales and foreign exchange impacts reduced sales by 0.9 percent.
On a segment basis, sales increased 8.6 percent in Industrial and Transportation to $2.7 billion, while sales in the Safety, Security and Protection Services segment increased 5.5 percent to $1.0 billion.
On a geographic basis, sales grew 8.4 percent in Latin America/Canada, 6.3 percent in the United States and 0.1 percent in Europe. Sales declined 1.9 percent in Asia Pacific.
First-quarter net income rose 4.0 percent year-on-year to over $1.1 billion and earnings were $1.59 per share, an increase of 6.7 percent versus last year’s first quarter.
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.
