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3M Reports Sales, Earnings

December 1, 2010

3M has closed its third quarter with an increase in sales and per-share earnings. Sales rose 11% to $6.9 billion and net income increased more than 15% to $1.1 billion. Operating income margins exceeded 20% in all six of the company’s business segments for the third consecutive quarter.

In 3M’s health care business, sales rose 1.6% to $1.1 billion. Sales in Latin America/Canada were up 11%, while Asia Pacific was up 9%. Sales were down slightly in the U.S. and Western Europe. Skin and wound care, health information systems, drug delivery and oral care had positive sales growth. Operating income was $326 million and operating margins were 29.8%.

In the industrial and transportation unit, sales rose 14.2%. Growth was led by renewable energy, energy and advanced materials, abrasives and auto.

3M reported continued rapid sales growth in Asia Pacific with 25% growth and double-digit sales growth in Europe and in Latin America/Canada. The company reported operating income improved 14% to $446 million. Operating margins were 20.2%.

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