3M 1Q Profit Higher as Sales Rise Across All Businesses
April 27 2021 - 7:16AM
Dow Jones News
By Dave Sebastian
3M Co. said its profit for the first quarter rose as sales grew
across all segments.
The St. Paul, Minn.-based manufacturer on Tuesday posted net
income attributable to 3M of $1.62 billion, compared with $1.31
billion in the same period last year. Earnings were $2.77 a share,
compared with $2.25 a share in the year-ago period.
Adjusted earnings were also $2.77 a share. Analysts polled by
FactSet were expecting $2.29 a share.
Net sales were $8.85 billion, up 9.6% from the prior year.
Analysts were looking for $8.44 billion.
Safety and industrial sales rose 14% to $3.33 billion.
Transportation and electronics sales rose 13% to $2.53 billion.
Healthcare sales rose 6.8% to $2.25 billion. Consumer-segment sales
rose 9.8% to $1.37 billion.
The company said it continues to expect 2021 earnings of $9.20 a
share to $9.70 a share and for sales to grow 5% to 8% with organic
local-currency growth between 3% and 6%. 3M said it sees 2021 free
cash flow conversion of 95% to 105%.
Write to Dave Sebastian at dave.sebastian@wsj.com
(END) Dow Jones Newswires
April 27, 2021 07:01 ET (11:01 GMT)
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