The 2020 Mid-Year Economic Update_long

3M Sales Fall 4.9% in 2015

Industrial sales fell 6.3 percent in the fourth quarter.

3M (NYSE: MMM), St. Paul, MN, reported sales for 2015 of $30.3 billion, a year-over-year decrease of 4.9 percent. Organic local-currency growth was 1.3 percent. Profit for the diversified manufacturer fell 2.5 percent to $5 billion.

For the fourth quarter, sales were $7.3 billion, down 5.4 percent from the same period a year ago. Organic local-currency sales fell 1.1 percent. Profit fell 12 percent to $1 billion.

"The fourth quarter capped off a year of disciplined execution from our global team with solid margin and cash flow performance," said Inge G. Thulin, president and CEO. "Throughout 2015 we controlled the controllable, while investing in the business and also returning significant cash to shareholders."

On a geographic basis, fourth quarter organic local-currency sales growth was 1.1 percent in EMEA with declines of 0.4 percent in the U.S., 0.6 percent in Latin America/Canada and 2.7 percent in Asia Pacific.

Industrial sales in the fourth quarter declined 6.3 percent to $2.5 billion in U.S. dollars. Organic local-currency sales fell 1.8 percent. Operating income was $476 million, a decrease of 11.6 percent year-on-year.

Safety and graphics sales were $1.3 billion, down 5.3 percent. Organic local-currency sales declined 2.5 percent. Operating income was $282 million, a decrease of 1.1 percent year-on-year.

Health care sales of $1.4 billion were down 0.8 percent in U.S. dollars during the quarter. Organic local-currency sales increased 4.5 percent. Operating income was $444 million, an increase of 2.7 percent year-on-year.

Electronics and energy sales of $1.2 billion were down 11.7 percent. Organic local-currency sales declined 7.7 percent. Operating income was $200 million, a decrease of 22.4 percent year-on-year.

Consumer sales of $1.1 billion were down 2.4 percent in U.S. dollars. Organic local-currency sales increased 2.7 percent. Operating income was $254 million, up 0.5 percent year-on-year.

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