3M (NYSE: MMM), St. Paul, MN, reported sales for 2018 of $32.8 billion, a year-over-year increase of 3.5 percent. Organic local-currency sales increased 3.2 percent. Profit for the diversified manufacturer increased 10.1 percent to $5.3 billion.
For the fourth quarter, sales dropped slightly to $7.9 billion. Organic local-currency sales grew 3 percent. Profit increased to $1.3 billion from $525 million.
On a geographic basis, total sales grew 6.4 percent in EMEA (Europe, Middle East and Africa), sales were down 0.8 percent in Asia Pacific, increased 5 percent in Latin America/Canada, and sales increased 3.3 percent in the U.S. for the quarter. Organic local-currency sales increased 2 percent in Asia Pacific, 1.3 percent in EMEA, 4.4 percent in the U.S. and 5 percent in Latin America/Canada.
Industrial sales in the fourth quarter decreased 0.3 percent to $3 billion in U.S. dollars. Organic local-currency sales grew 2.5 percent. Operating income was $627 million, an increase of 8.1 percent year-on-year.
Safety and graphics sales rose 0.3 percent to $1.6 billion. Organic local-currency sales increased 3.3 percent. Operating income was $345 million, a decrease of 14.8 percent year-on-year.
Health care sales of $1.5 billion were up 2.4 percent in U.S. dollars during the quarter. Organic local-currency sales increased 4.8 percent. Operating income was $458 million, a decrease of 0.2 percent year-on-year.
Electronics and energy sales of $1.3 billion were down 4.5 percent in U.S. dollars. Organic local-currency sales increased 4.1 percent. Operating income was $396 million, an increase of 8.2 percent year-on-year.
Consumer sales of $1.2 billion were up 0.1 percent in U.S. dollars. Organic local-currency sales increased 1.9 percent. Operating income was $257 million, up 8.2 percent year-on-year.
