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3M Posts Overall, Industrial Sales Drop

April 23, 2015
A stronger U.S. dollar contributed to 3M reporting sales declines for the first quarter in industrial, safety and graphics, health care, consumer and overall.

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.”

About the Author

Matt LaWell | Staff Writer

Staff writer Matt LaWell explores news in manufacturing technology, covering the trends and developments in automation, robotics, digital tools and emerging technologies. He also reports on the best practices of the most successful high tech companies, including computer, electronics, and industrial machinery and equipment manufacturers.

Matt joined IndustryWeek in 2015 after six years at newspapers and magazines in West Virginia, North Carolina and Ohio, a season on the road with his wife writing about America and minor league baseball, and three years running a small business. He received his bachelor's degree in magazine journalism from Ohio University.

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