3M (NYSE: MMM), St. Paul, MN, reported first-quarter sales were $6.35 billion, an increase of 24.7 percent over first quarter 2009. Profit attributable to the diversified manufacturer improved 79.5 percent to $930 million.
Local-currency sales increased 19.8 percent.
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\”By any measure, we are off to a tremendous start in 2010,\” said George W. Buckley, president and CEO. \”First-quarter sales were boosted by improved market penetration and new product flow along with significant growth in important end-markets such as electronics, automotive OEM and respiratory protection products.\”
Total sales grew at a double-digit rate in each of the company’s six business segments, with Display and Graphics up 42.4 percent; Electro and Communications up 38.6 percent; Industrial and Transportation up 29.3 percent; Safety, Security and Protection Services up 20.4 percent; Consumer and Office up 14.7 percent; and Health Care up 12 percent.
Similarly, all geographic regions posted double-digit sales growth, led by Asia Pacific at 54.1 percent and the combined Latin America/Canada region at 25.9 percent. Sales growth was strongest in emerging economies, where sales expanded by 47 percent versus the first quarter of 2009.
