The Minnesota conglomerate 3M (IW 500/41) reported a drop in overall sales and a drop in industrial sales Thursday morning, citing the stronger U.S. dollar.
The company reported $1.85 in earnings per share on overall sales that dropped 3.2% year-on-year to $7.6 billion. During the same period last year, overall sales totaled $7.83 billion. Industrial sales also dropped 4.3% to $2.7 billion.
“The stronger U.S. dollar negatively impacted sales and earnings in the first quarter, and global economic growth was mixed,” company chairman, president and CEO Inge G. Thulin said in a statement. “Despite these near-term challenges, we grew organically in all business groups and all geographic areas, and expanded operating margins by nearly a full percentage point.”
3M did report a total quarterly sales increase of 0.8% in electronics and energy, with drops in safety and graphics (3.6%), health care (3.3%) and consumer (2.9%).
“We also continue to invest for long-term success through research and development, commercialization and acquisitions,” Thulin said, citing the company’s February $1 billion acquisition of Polypore’s Separations Media, which “will enhance our existing filtration program and help generate new growth opportunities across the company.”