3M net income rises 3.1%, matches estimates

3M today reported fourth-quarter net income up 3.1% year-on-year (YOY) $1 billion, or $1.41/share, matching analysts’ consensus as reported by Thomson Reuters (New York). Sales increased 4.2%, to $7.4 billion. Organic local currency sales were up 4.3%, while acquisitions added 0.9% to sales and currency translations had a 1% negative impact.   Industrial and transportation segment sales, which include 3M’s chemicals business, were up 3.8% YOY, to $2.5 billion. Organic sales were up 3.9% on a local-currency basis, while the Ceradyne acquisition...

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