We're in another quarterly earnings report season, with many well-known industrial distributors and manufacturers sharing their latest fiscal results.
Here's how the most recent quarter fared for 3M, Anixter International, Sandvik and Illinois Tools Works:
Manufacturing giant 3M posted Q1 2017 sales of $7.7 billion — up 37 percent year-over-year, with organic growth of 4.6 percent. Operating income of $1.8 billion, while operating margin of 23.1 percent was down one percentage point. Q1 total profit of $1.3 billion rose 3.7 percent.
3M’s Q1 Industrial sales of $2.7 billion increased 4.2 percent year-over-year, with organic sales up 5.7 percent. On an organic basis, the company said sales grew in all businesses, led by automotive and aerospace solutions, advanced materials, abrasives, industrial adhesives and tapes, and automotive aftermarket. Operating income increased 0.5 percent, with an operating margin of 23.1 percent.
3M’s Q1 Safety and Graphics sales of $1.5 billion increased 3.4 percent, with organic sales up 4.8 percent. Organic sales increased in roofing granules, personal safety, and traffic safety and security, while commercial solutions were flat. Operating income increased 11.2 percent, with an operating margin of 26.1 percent.
Electrical distributor Anixter International posted Q1 sales of $1.9 billion, which Anixter said is a Q1 company record. Sales grew 4.4 percent year-over-year, while organic sales grew 4.0 percent. Factoring in one less selling day than in Q1 2016, organic sales increased 5.6 percent. Total Q1 2017 profit of $30.9 million increased 33 percent, while adjusted total profit of $37.0 million increased 20.7 percent. Q1 operating profit of $69.0 million improved from $60.3 million a year earlier, while adjusted operating profit of $78.0 million increased 8.0 percent. Adjusted operating margin increased 10 basis points year-over-year to 4.1 percent.
By business segment:
Network & Security Solutions Q1 sales of $984.9 million increased 3.8 percent year-over-year, with organic sales up 4.2 percent (up 5.8 percent on a per-day basis).
Electrical & Electronic Solutions Q1 sales of $527.4 million increased 4.2 percent, with organic sales up 2.4 percent (up 4.0 percent on a per-day basis).
Utility Power Solutions Q1 sales of $383.5 million increased 6.2 percent, with organic sales u-p 5.8 percent (up 7.4 percent on a per-day basis).
Sweden-based manufacturer Sandvik posted Q1 sales of $2.45 billion — up 10.5 percent year-over-year in fixed currency. Profit of $260 million rose sharply from $160 million a year earlier.
Illinois Tool Works
Glenview, IL-based Illinois Tools Works posted Q1 sales of $3.47 billion — up 6 percent year-over-year, with organic sales of 3.5 percent. Total profit of 14.5 percent jumped 14.5 percent to $536 million. The company said organic sales in Automotive OEM increased 9 percent, and grew 6 percent in Text & Measurement/Electronics.