3M has closed its first quarter with increases in both sales and per-share earnings.
Each of the company’s six business segments posted double-digit sales growth and 20%-plus operating income margins. Sales growth was strongest in emerging economies where sales expanded by 47% versus the first quarter of 2009.
First quarter worldwide sales totaled $6.3 billion, up 24.7% compared to the first quarter of 2009. Local currency sales including acquisitions increased 19.8% and foreign exchange impacts added 5% to sales growth in the quarter.
Total sales in 3M’s Health Care business were up 12%. Industrial and Transportation segment sales rose 29.3%.
“By any measure, we are off to a tremendous start in 2010,” said George W. Buckley, 3M chairman, president and CEO. “First-quarter sales were boosted by improved market penetration and new product flow along with significant growth in important end-markets such as electronics, automotive OEM and respiratory protection products.