Appliance industry supplier 3M reported fourth-quarter sales of $6.7 billion, up 9.6% year-on-year including an 8.6% increase in organic volumes. Net income was $928 million, or $1.28 per share, versus $935 million, or $1.30 per share in the corresponding period last year.
Quarterly organic sales volumes increased in all six of 3M’s businesses, led by a 19.8% increase in the Electro and Communications business and a 14.7% increase in Display and Graphics. On a geographic basis, organic volume growth was strongest in Asia Pacific at 18.1% and Latin America at 12.2%.
The company posted full-year 2010 sales of $26.7 billion and earnings per share of $5.63, up 15.3% and 24.6%, respectively. All businesses posted positive organic volume growth, led by Electro and Communications at 26.9%, Display and Graphics at 26.5%, and Industrial & Transportation at 16.9%.
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