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3M Reports Strong Third Quarter

Friday, October 23, 2009

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3M (St. Paul, MN), which includes coatings, respirators, and other materials for painting among its product lines, has announced strong third quarter results, with sales of $6.2 billion, a 5.6% decline from Q3 2008 but an 8.3% increase over Q2 2009. Net income was $971 million, down 2.8% year-on-year.

In the industrial and transportation segment, sales of $1.9 billion were down 6.4% year-on-year, although the company says that quarter-on-quarter trends are improving. Sequential sales improved by 10.1% and operating income by 22.7%, led by industrial adhesives and tapes and automotive OEM businesses.

The safety, security, and protection services segment saw sales of $864 million, down 2% compared to 2008. Operating income increased by 9.8%. According to the company, respirator manufacturing plants are running at full capacity, but difficult economic conditions continued to hurt sales of corrosion protection products.

The health care segment was up 4.7% year-on-year with sales of $1.1 billion. The consumer and office segment saw a decline of 4.8% compared to 2008, with sales of $923 million. The display and graphics segment was up 5.5% over last year with sales of $896 million. The electro and communications segment was down 15.3% year-on-year with sales of $617 million.

For more information, visit www.3m.com.

   

Tagged categories: 3M; Earnings reports; Finance

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