3M Grows Sales, Profits
Increased By 4.9%
Office products company 3M, parent of 3M Promotional Markets (asi/91240), announced that it increased its revenues and profits in its just-completed second quarter of 2014. The company grew its sales by 4.9% in the period to reach $8.13 billion, and exceeded analyst expectations by increasing profits 6% in the second quarter.
"Organic sales growth was again positive across all businesses and geographic regions which helped drive double-digit growth in earnings per share," said Chairman and CEO Inge Thulin. "Strong productivity fueled increased growth investments, and operating margins increased year-on-year to nearly 23%."
While the company doesn’t specifically break out the financial results of its promotional products unit, it said it increased revenues in all of its divisions. At its industrial unit, which makes auto and aircraft parts, revenue rose 4.9% to $2.8 billion. Sales rose 4.1% to $1.5 billion at 3M’s safety and graphics business, 6.2% to $1.4 billion at its electronics and energy unit, 5.9% to $1.4 billion at its health care business and increased 3.7% to $1.1 billion at its business that makes Scotch tape, Post-its, and other consumer products.
Further, 3M confirmed its full-year projections of total revenue increases for the company rising between 3% and 6%. In the ad specialty market, 3M Promotional Markets ranks as the 13th-largest supplier after Counselor estimated the company’s 2013 North American ad specialty revenue to be $100 million.