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3M’s Sales Fall 5% in 1Q

3M (NYSE: MMM), St. Paul, Minnesota, reported first-quarter sales of $7.9 billion, a 5% decrease compared to the first quarter of 2018. Profit was $891 million, a 47.4% increase compared to the prior year.

Total sales grew 0.3% in health care. Sales declined 1.9% in consumer, 11.8% in electronics and energy, 6.6% in industrial and 4.2% in safety and graphics.

On a geographic basis, total sales grew 0.1% in the U.S., with declines of 6.5 percent in Latin America/Canada, 7.4% in Asia Pacific and 9.4% in EMEA (Europe, Middle East and Africa). Organic local-currency sales increased 0.8% in Latin America/Canada and 0.7%in EMEA, with decreases of 0.4% in the U.S. and 3.6% in Asia Pacific. 

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