Posted January 28, 2010
3M finished year strong
3M reported fourth-quarter earnings of $1.30 per share on sales of $6.1 billion, with operating income margins of 21.9 percent.
Sales and per-share earnings increased 11.1 percent and 69 percent year-on-year, respectively. Profits grew at double-digit rates in each of the company’s six business segments and in all geographic regions.
The company posted full-year 2009 sales of $23.1 billion and earnings per share of $4.52, down 8.5 percent and 7.6 percent, respectively.
“Our company got stronger and our results improved as the year went on, culminating with an outstanding fourth quarter. Sales in the quarter rose over 11 percent to $6.1 billion as all six business segments and all geographic regions expanded their sales year-on-year," said George W. Buckley, 3M chairman, president and chief executive officer. "These sales helped drive a 38 percent increase in operating profit, with all segments and geographies posting double-digit growth. Our strong fourth quarter gives me great confidence for continued success in 2010 and beyond.”
In the Industrial and Transportation segment, Q4 sales increased 10 percent to $1.9 billion. Quarterly sales in the Safety, Security and Protection Services segment rose 13.5 percent year-on-year to $828 million.
