Diversified manufacturer 3M on Tuesday reported fourth-quarter sales of $7.7 billion, an increase of 2.0 percent year-over-year. Operating income was $1.66 billion, with net income at $1.2 billion.
Full-year 2014 sales increased 3.1 percent to a record $31.8 billion, while operating income increased 7 percent to $6.67 billion and net income increased 6.4 percent to $4.96 billion.
“3M delivered strong results in the fourth quarter, which culminated a solid 2014 performance,” said Inge G. Thulin, 3M’s chairman, president and chief executive officer. “Organic growth was positive across all business groups and geographic areas, and operating margins rose by nearly a full point. We once again generated substantial free cash flow, which allowed for continued investment in our businesses and significant return of cash to our shareholders.”
In 3M's Industrial segment, Q4 sales increased 1.4 percent to $2.6 billion. Operating income was down 2.9 percent YOY to $538 million. Sales growth were led by advanced materials, aerospace and commercial transportation, industrial adhesives and tapes, and automotive aftermarket. Sales grew in all major geographies, led by the U.S., Latin America/Canada and Asia Pacific. For the year, the Industrial segment's net sales increased 3.1 percent to $10.99 billion.
