Breaking News

3M Reports Sales, Earnings

December 1, 2009

3M has closed its third quarter with a decline in sales and per-share earnings. Sales and per-share earnings declined 5.6% and 4.3% year-on-year, respectively. On a sequential basis, sales and per-share earnings increased 8.3% and 20.5%, respectively, and operating income margins improved by 3.1% versus second quarter levels.

Third quarter worldwide sales totaled $6.2 billion, a year-on-year decrease of 5.6%. Local-currency sales including acquisitions decreased 3.3%, while currency translation effects reduced sales by 2.3%.

“These results reflect the strength of 3M’s business model as we again delivered higher than expected sales, strong operating margins and outstanding free cash flow,” said George Buckley, 3M chairman, president and CEO. “At the same time, we continued to invest in research and development, improving our supply chains and strengthening our brands and customer relationships, which will position us well as economies improve.”

In 3M’s Health Care business, sales of $1.1 billion were up 4.7% year-on-year in local currency. Currency impacts reduced sales by 3.1%. Local-currency sales growth was led by the skin and wound care, infection prevention and oral care businesses. Drug delivery local-currency sales were down year-on-year. Profits increased year-over-year in all businesses. All major geographic regions drove positive local-

currency sales growth. Operating income rose 12% to $340 million and operating margins were 31.5%.

In the Industrial and Transportation section, sales dropped 6.4% year-on-year on local currency, to $1.9 billion, including a 3% benefit from acquisitions; currency impacts reduced sales by 2.2%. 3M reported continued year-on-year declines in many large industrial markets, such as automotive OEM and home appliances, although quarter-on-quarter trends are improving. 3M posted double-digit growth in the automotive aftermarket and renewable energy business. The company reported sequential sales and operating income improved by 10.1% and 22.7%, respectively, led by the industrial adhesives and drapes and the automotive OEM businesses.
  • Latin America: A Region in Flux

    Latin America: A Region in Flux

    Karen McIntyre, Editor||February 2, 2017
    Region looks to recover in 2017 but changes in U.S. trade policy could pose setbacks.

  • Needlepunch Nonwovens Report

    Needlepunch Nonwovens Report

    Tara Olivo, Associate Editor||February 2, 2017
    This versatile technology continues to replace fabrics typically used in automotives, filtration and more.

  • Personal Care  Wipes Market

    Personal Care Wipes Market

    Tara Olivo, Associate Editor||February 2, 2017
    Specialized wipes continue to emerge in this growing segment.