3M recently reported first-quarter financial results. Sales reached $5.1 billion, a decrease of 21.3% from the first quarter of 2008. Net income was $518 million versus $1 billion in the corresponding period last year.
"As expected, the global economic slowdown dramatically affected our businesses in the first quarter," said George Buckley, 3M chairman, president and CEO. "Substantial end market declines and continued inventory takedowns in major industries, including automotive, consumer electronics and general industrial manufacturing, resulted in significantly lower sales and profits. Accordingly, we aggressively reduced our cost structure, lowered manufacturing output and intensified our attention to operational improvement. The combination of these actions drove strong operating income margins of more than 17%."
The company adjusted its 2009 sales and earnings expectations to reflect ongoing global economic uncertainty. 3M now expects 2009 organic sales volume to decline between 11% and 15% versus a previous planning assumption of -5% to -9%.