Diversified manufacturer 3M (NYSE: MMM), St. Paul, MN, reported second quarter sales of $7.5 billion, down 1.9 percent year-over-year. Profit rose 0.6 percent to $1.2 billion.
Download a Free Chapter:
The Little Black Book of Strategic Planning for Distributors
Submit your email address below to receive a chapter of Brent Grover's new book. When you submit your email you will be signed up to receive weekly distribution news updates.
On a geographic basis, organic sales grew 11.4 percent in Latin America/Canada and 3.6 percent in the United States, while Asia Pacific and EMEA (Europe, Middle East and Africa) declined 0.6 percent and 1.9 percent, respectively.
Industrial and Transportation segment sales were $2.6 billion, down 0.6 percent. Organic sales increased 4.2 percent, acquisitions added 0.2 percent and foreign currency translation reduced sales by 5 percent. Organic sales growth was strongest in automotive OEM, aerospace, abrasives and energy/advanced materials.
Health Care segment sales were $1.3 billion, up 1.1 percent. Organic sales increased 5.4 percent, acquisitions added 0.4 percent and foreign currency translation reduced sales by 4.7 percent. Organic sales rose in all businesses, led by food safety, health information systems and skin/wound care.
Consumer and Office segment sales were $1.1 billion, up 2.3 percent. Organic sales increased 3.1 percent, acquisitions added 2.7 percent and foreign currency translation reduced sales by 3.5 percent. Organic sales growth was led by the DIY and home care businesses.
Safety, Security and Protection Services segment sales were $991 million, down 1.9 percent. Organic sales increased 3.1 percent and foreign currency translation reduced sales by 5 percent. Organic sales growth was strongest in infrastructure protection, personal safety and building and commercial services; sales declined year-on-year in security systems.
Display and Graphics segment sales were $882 million, down 9.3 percent. Organic sales declined 6.6 percent and foreign currency translation reduced sales by 2.7 percent. Lower film volumes for LCD TVs drove double-digit organic sales declines in optical systems. Double-digit increases occurred in both architectural markets and commercial graphics.
Electro and Communications segment sales were $824 million, down 4.7 percent. Organic sales declined 1.8 percent and foreign currency translation reduced sales by 2.9 percent. Electrical markets experienced positive organic sales growth, and telecom and consumer electronics-related businesses declined.
For the first six months of 2012, sales for 3M were $15 billion, 0.2 percent above the prior year. Profit rose 2.3 percent to 2.2 billion.
Please do not reprint MDM's content on your website without MDM's express permission as it is copyrighted material. To gain permission, email us, or call 1-888-742-5060. For information on PDF or print reprints, visit www.mdm.com/reprints. MDM welcomes inbound links from your site. Please cite Modern Distribution Management.
Download the Top 40 Industrial Distributor List Free
Get the Top 40 Industrial Distributors list in PDF, and you will be signed up below to receive MDM Update, your free daily distribution news update by email.