The 2020 Mid-Year Economic Update_long

3M Sales Increase to $26.7B in 2010

All businesses for the diversified manufacturer posted positive organic growth.

St. Paul, MN-based 3M (NYSE: MMM) reported full-year 2010 sales of $26.7 billion, up 15.3 percent over full-year 2009 sales. Profit for the diversified manufacturer increased 28.1 percent to $4.1 billion.

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Organic volume increased 13.7 percent. All businesses posted positive organic volume growth, led by Electro and Communications at 26.9 percent, Display and Graphics at 26.5 percent and Industrial & Transportation at 16.9 percent.

For the fourth quarter, sales were $6.7 billion, up 9.6 percent in a year-over-year comparison. Organic volume increased 8.6 percent. Profit fell slightly to $928 million compared to $935 million a year ago.

Quarterly organic sales volumes increased in all six of 3Ms businesses, led by a 19.8 percent increase in the Electro and Communications business and a 14.7 percent increase in Display and Graphics. On a geographic basis, organic volume growth was strongest in Asia Pacific at 18.1 percent and Latin America at 12.2 percent.

Industrial and Transportation business sales increased 10.4 percent in the fourth quarter and 17.5 percent for the full year (in local currencies).

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