3M Reports Q1 Growth

St. Paul, MN-based 3M Co., parent company of Top 40 supplier 3M/Promotional Markets (asi/91240), reported Q1 sales of $7.7 billion, a year-over-year increase of 3.7%. The company did not break out revenue for promotional products.

Organic local-currency sales were up 11.5% in electronic and energy, 5.7% in industrial, 4.8% in safety and graphics, as well as 3.1% in healthcare, but down 1.2% in consumer. Geographically, sales were led by strong growth of 10.1% in the Asia Pacific region. The first-quarter performance drove the company to boost its overall forecast of 2017 sales growth to 2% to 5%, up from previous predictions of 1% to 3%.

“The 3M team delivered a strong start to 2017,” said Inge G. Thulin, the firm’s CEO, in a statement. “We increased investments across the enterprise to further accelerate growth and improve productivity, while increasing our dividend for the 59th consecutive year. In the first quarter, we also announced the acquisition of Scott Safety, which will bolster 3M’s already strong position in the personal safety market.”

3M/Promotional Markets is ranked 15th on Counselor’s list of top 40 suppliers, with estimated 2015 North American promotional product sales of $99 million.