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3M reported record third-quarter earnings of $1.53 per share on sales of $6.9 billion. 3M is a supplier of graphic technology, adhesives, specialty materials, and other components/materials to the global appliance industry.
3M sales and per-share earnings increased 11% and 13.3%, respectively, versus the third quarter of 2009. Operating income was a third quarter record $1.576 billion and operating margins were 22.9%. Operating margins exceeded 20% in all six of the company’s business segments for the third consecutive quarter.
During the third quarter, the company drove double-digit sales increases in four of its six business segments, led by Electro and Communications at 25% and Display and Graphics at 19%. Asia Pacific led all geographic regions with a 28% sales increase.
Sales in emerging markets grew by 25% in the third quarter and now comprise 34% of 3M’s worldwide sales. Sales grew by 48% in Korea, 39% in India, 32% in Russia, 31% in the China/Hong Kong region, and 25% in Brazil.
For the first nine months of 2010, sales increased 17.4% to $20 billion, driven primarily by a 16% increase in organic volumes.
3M commented on its full-year 2010 performance expectations, and said it expects that full-year organic sales volume growth will be in the range of 13.5% to 14% and that operating margins will equal approximately 22.5% for the year.
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