MMM 3M Company

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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