3M Posts Record Sales in 2012
3M recently reported operating income of $1.4 billion and operating income margins for the quarter of 19.5% for the fourth quarter. Fourth quarter net income was $1 billion. Sales rose 4.2% year-on-year to $7.4 billion, reportedly an all-time fourth quarter record. Organic local currency sales grew 4.3%, acquisitions added 0.9% to sales, and currency impacts reduced sales by 1% year-on-year.
For the full 2012 year, 3M posted record sales of $29.9 billion, up 1% year-on-year. Organic local currency sales grew 2.6% and acquisitions added 0.8% to sales. Four of the company’s six business segments posted full-year organic local currency growth, led by Health Care at 4.7% and Industrial and Transportation at 4.5%. Latin America/Canada was the fastest-growing geographic region in 2012 at 10.9%, followed by the U.S. at 4.2%. Full-year 2012 earnings were $6.32 per share, an increase of 6%. Operating margins were 21.7% and return on invested capital was 20%.
“Fourth quarter was a good finish to a successful year for 3M,” said Inge G. Thulin, chairman, president and CEO. “Our people executed well in the face of challenging macroeconomic conditions, and we have built good momentum to innovate and move forward in 2013.”
For additional information, visit www.3m.com.