On Tuesday, 3M (NYSE: MMM), St. Paul, Minnesota, reported first quarter revenues of $8.9 billion, which was up by close to 10% year-over-year. Net income increased to $1.62 billion, or $2.77 a share, from $1.31 billion, or $2.27 a share in the same quarter a year ago.
Total sales increased by 13.7% to $3.3 billion in the Safety and Industrial division, which includes personal protective equipment such as N25 masks, while healthcare sales increased 6.8% to $2.2 billion. Organic local-currency sales increased 10% while foreign currency translation increased sales by 3.4%.
For Transportation and Electronics, sales increased by $2.5 billion in the first quarter, which was a 13% year-over-year increase. Organic local-currency sales increased by 9.8% and foreign currency translation increased sales by 3.3.
Sales in the consumer sector were up by close to 10% to $1.4 billion. Organic local-currency sales increased by 7.8% and foreign currency translation increased sales by 2%.
“The first quarter was highlighted by broad-based organic growth, robust cash flow and a double-digit increase in earnings per share,” says Mike Roman, 3M chairman and chief executive officer. “Our four industry-leading businesses are delivering strong results, while we accelerate 3M’s digital transformation and sustainability efforts with significant new goals to improve air and water quality. While uncertainty related to COVID-19 remains, we will stay focused on driving growth, building on favorable market trends, improving operational performance and delivering for customers and shareholders.”
Going forward for the rest of the 2021 financial year, 3M says its earnings will fall between $9.20 per share to $9.70 per share with sales growth projected to be in the 5% to 8% range.
In the fourth quarter, 3M’s sales of $8.6 billion marked a 5.8% increase compared to the fourth quarter of 2019. Profit was $1.4 million, a 43.3% increase compared to the prior-year period.