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3M Sales Dip 0.4% in Third Quarter

St. Paul, MN-based 3M (NYSE: MMM) reported sales for the third quarter were $7.5 billion, down 0.4 percent year over year. Organic local-currency sales grew 2 percent. Profit increased 6.7 percent to $1.2 billion.

On a business segment basis, organic local-currency sales increased 4.3 percent in Health Care, 3.3 percent in Industrial and Transportation, 1.4 percent in Consumer and Office, 1.3 percent in Display and Graphics, 0.7 percent in Safety, Security and Protection Services and 0.1 percent in Electro and Communications.

On a geographic basis, organic local-currency sales grew 10.5 percent in Latin America/Canada, 2.3 percent in the United States, 0.8 percent in EMEA (Europe, Middle East and Africa) and were down 0.1 percent in Asia Pacific.

For the first nine months, sales were $22.5 billion, flat compared with the same period a year ago. Profit grew 3.7 percent to $3.5 billion.

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