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St. Paul, MN-based 3M (NYSE: MMM) reported sales for the third quarter ended Sept. 30, 2010, were $6.9 billion, an increase of 11 percent versus the third quarter of 2009. Profit attributable to the diversified manufacturer increased 15.6 percent to $1.1 billion.
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During the third quarter, the company drove double-digit sales increases in four of its six business segments, led by Electro and Communications at 25 percent and Display and Graphics at 19 percent. Asia Pacific led all geographic regions with a 28 percent sales increase.
Sales in emerging markets grew by 25 percent in the third quarter and now comprise 34 percent of 3M's worldwide sales. Sales grew by 48 percent in Korea, 39 percent in India, 32 percent in Russia, 31 percent in the China/Hong Kong region and 25 percent in Brazil.
"The 3M team posted yet another outstanding quarter, with 11 percent organic volume growth and 23 percent margins," said George W. Buckley, president and CEO. "We drove growth throughout the portfolio, with more than 80 percent of our operating divisions posting year-on-year sales increases. New products are fueling market share gains and filling adjacent spaces everywhere, but particularly in emerging markets, the fastest-growing area of our company."
For the first nine months of 2010, sales increased 17.4 percent to $20 billion, driven primarily by a 16 percent increase in organic volumes. Profit increased 39.8 percent to $3.6 billion.