3M First-Quarter Sales Rise 15 Percent to a Record $7.3 Billion; Earnings Rise ...
26.04.11
The company estimates that combined direct and indirect business
disruption resulting from events in Japan reduced first-quarter sales
growth by 70 basis points, operating margins by 40 basis points and
earnings by $0.03 per share.
Sales increased at a double-digit rate in all geographic regions, with
Asia Pacific up 21.0 percent, Latin America/Canada up 19.5 percent,
Europe up 13.1 percent and the United States up 10.2 percent. All six of
3M’s business segments expanded sales in the quarter, with particular
strength in Electro and Communications at 20.5 percent, Industrial and
Transportation at 20.3 percent and Safety, Security and Protection
Services at 14.4 percent.
Sales in emerging markets grew by 24 percent in the first quarter and
now comprise 34 percent of 3M’s worldwide sales. Sales grew by 30
percent in India, 27 percent in China/Hong Kong and 25 percent in Brazil.
“We are off to a tremendous start in 2011 with first-quarter organic
sales growth of 9 percent – or 10.5 percent adjusting for Japan and H1N1
impacts,” said George W. Buckley, 3M chairman, president and chief
executive officer. “New product flow is accelerating, boosted by higher
investment in laboratory, sales and marketing and manufacturing
capacity. Sales are growing faster as a result and our businesses are
growing most everywhere in the world.” The company noted that its new
product vitality index, which measures the percent of sales attributed
to new products, is projected to rise again in 2011, on top of a record
31 percent in 2010.
[ Via: Business Wire (press release) | Read more... ]
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