3M has reported first-quarter net income down fractionally to US$1.2bn, with sales falling 3.2% to US$7.6bn.
Operating income was US$1.7bn and operating income margins for the quarter were 22.8%, up 0.9 percentage points year-on-year.
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“We are executing well against a more challenging economic backdrop in early 2015,” said 3M chairman, president and CEO, Inge Thulin.
“The stronger US dollar negatively impacted sales and earnings in the first quarter and global economic growth was mixed.
“Despite these near-term challenges, we grew organically in all business groups and all geographic areas, and expanded operating margins by nearly a full percentage point.”
