3M Reports Quarterly Sales
Record For 3-Month Period
Minnesota-based 3M, the parent company of Counselor Top 40 supplier 3M Promotional Markets (asi/91240), has announced its third-quarter sales were $7.9 billion, a record for the three-month period. 3M reported third-quarter net income of $1.2 billion and announced a Q3 operating income margin of 22%.
"The 3M team delivered another strong performance in the third quarter," said Inge G. Thulin, 3M's chairman. "All business groups generated positive organic sales growth and operating margins above 20%. At the same time, we further strengthened the company through increased investments in innovation, commercialization and manufacturing."
Sales in 3M's safety and graphics division rose 8.1% to $1.4 billion during the third quarter, while revenues in its health care segment increased 6.8%, reaching $1.3 billion. Industrial sales gained 6.2%, consumer sales jumped 4.2% and electronics improved by 3.8%. Geographically, 3M reported a 10.5% sales increase in Latin America and Canada, and a 4.5% rise in the U.S.
Updating its full-year forecast, 3M expects 2013 sales growth of between 3% and 4%, a slight upgrade from previous predictions. In its latest financial statement, 3M did not break out sales revenue for 3M Promotional Markets. According to Counselor estimates, 3M's 2012 North American ad specialty sales were $103.2 million, ranking the supplier as the 12th largest in the industry.