3M Announces Second Quarter Financial Results
3M, headquartered in St. Paul, Minnesota, and operating in the promotional products industry as 3M Promotional Markets (PPAI 113638), reports second-quarter sales of $7.8 billion in its fiscal second quarter, up 1.9 percent from the second quarter of 2016.
“Our team posted another quarter of strong and broad-based organic growth, which included positive growth across all five of our business groups,” says Inge G. Thulin, 3M chairman, president and chief executive officer. “We also continued to deliver premium margins and returns, while accelerating investments to support growth and strengthen the portfolio—which is part of our playbook to build an even stronger and more competitive 3M.”
Total sales grew 7.5 percent in Electronics and Energy, 2.5 percent in Industrial, 1.8 percent in Health Care, and 0.5 percent in Consumer; total sales declined 0.9 percent in Safety and Graphics. Organic local-currency sales increased 8.4 percent in Electronics and Energy, 3.8 percent in Industrial, 3.2 percent in Safety and Graphics, 2.5 percent in Health Care, and 0.7 percent in Consumer.
On a geographic basis, total sales grew 8.3 percent in Asia Pacific, 2.5 percent in Latin America/Canada, and 0.5 percent in the U.S.; total sales declined 3.6 percent in EMEA (Europe, Middle East and Africa). Organic local-currency sales increased 10.0 percent in Asia Pacific, 3.7 percent in Latin America/Canada, and 1.9 percent in the U.S.; organic local-currency sales declined 1.6 percent in EMEA.
Read more on 3M’s second quarter financial results here.