St. Paul, MN-based 3M (NYSE: MMM) reported sales for 2014 of $31.8 billion, up 3.1 percent over the previous year. Organic local-currency sales grew 4.9 percent, and foreign currency translation reduced sales by 1.9 percent. Profit increased 6.4 percent to $5 billion.
During the fourth quarter, sales were $7.7 billion, up 2 percent year-over-year. Profit grew 6.9 percent to $1.2 billion. Organic local-currency sales grew 6.3 percent with acquisitions adding 0.1 percent to sales. Foreign currency translation reduced sales by 4.4 percent year-over-year.
“3M delivered strong results in the fourth quarter, which culminated a solid 2014 performance,” said Inge G. Thulin, 3M’s president and CEO.
For the fourth quarter, industrial sales were $2.6 billion, up 1.4 percent. Organic local-currency sales increased 5.9 percent and foreign currency translation reduced sales by 4.5 percent. On an organic local-currency basis, sales growth was led by advanced materials, aerospace and commercial transportation, industrial adhesives and tapes, and automotive aftermarket. Sales grew in all major geographies, led by the U.S., Latin America/Canada and Asia Pacific.
Electronics and energy sales were $1.4 billion, up 3.3 percent. Organic local-currency sales increased 6.2 percent and foreign currency translation reduced sales by 2.9 percent. On an organic local-currency basis, electronics-related sales increased 9 percent with strong growth in both electronics materials solutions and display materials and systems; energy-related sales increased 2 percent year-over-year with solid growth in electrical markets partially offset by declines in telecom and renewable energy businesses.
Safety and graphics sales were $1.4 billion, up 3.4 percent. Organic local-currency sales increased 9.2 percent and foreign currency translation reduced sales by 5.8 percent. On an organic local-currency basis, sales growth was led by the personal safety and commercial solutions businesses; sales in traffic safety and security systems were down slightly year-over-year.
Health care sales were $1.4 billion, up 2.4 percent. Organic local-currency sales increased 6.4 percent, acquisitions increased sales by 0.6 percent and foreign currency translation reduced sales by 4.6 percent. On an organic local-currency basis, sales growth was led by health information systems, food safety, infection prevention, and critical and chronic care.
Consumer sales were $1.1 billion, up 2.2 percent. Organic local-currency sales increased 5.8 percent and foreign currency translation reduced sales by 3.6 percent. On an organic local-currency basis, sales growth was led by DIY, consumer health care, and home care. Sales increased in Latin America/Canada, the U.S. and Asia Pacific; EMEA sales declined year-over-year.
