3M on Tuesday posted a strong first quarter, handily beating Wall Street’s profit forecasts with solid performances across all of its main businesses.
The Maplewood-based manufacturing giant, maker of everything from Post-it Notes to respiratory masks, recorded profits of $586.3 million, or $2.77 per share, a 23% per-share increase over 2020’s first quarter.
The consensus stock analyst estimate was $2.29 per share.
3M’s first quarter sales clocked in at $8.9 billion, up 9.6% and ahead of forecasts of $8.47 billion.
“The first quarter was highlighted by broad-based organic growth, robust cash flow and a double-digit increase in earnings per share,” Mike Roman, 3M CEO said in a statement. “Our four industry-leading businesses are delivering strong results.”
3M’s industrial and safety business posted organic sales growth of 10.3% and total revenue of $3.3 billion. The segment’s operating income grew 17% over a year ago.
The transportation and electronics business, with $2.5 billion in total revenue, continued its recovery during the first quarter, its organic sales rising 9.8 % and operating income increasing 27 % over a year ago.
3M’s health care division recorded sales of $2.2 billion, a 9.3 % increase when adjusted for currency swings and divestitures. Its operating profit rose 13 % year-on-year.
The company’s consumer segment tallied revenue of $1.4 billion, with a 7.8% increase in organic sales and operating profit growth of 9%.
3M got a boost around the globe during the first quarter. Its organic local-currency sales grew 12.8% in Asia Pacific, 6.3% in the Americas, and 5.5 % in EMEA (Europe, Middle East and Africa).
3M said Tuesday its full-year 2021 guidance remains unchanged with earnings expected to be in the range of $9.20 to $9.70 per share.
Mike Hughlett • 612-673-7003