3M has reported 2.6% growth in net sales to US$7.8bn in the first quarter of 2014 compared with $7.6bn in the same quarter previous year.
Organic local-currency sales grew 4.6% while currency impacts reduced sales by 2% year on year.
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Operating income increased to $1.7bn compared with $1.6bn for 4.3% growth. Income before tax grew 4.39% to $1.68bn compared with $1.62bn in 2013. Net income was $1.2bn compared with $1.13bn in 2013, an increase of 6.9%.
Inge Thulin, 3M’s chairman, president and chief executive officer said: “This was a solid quarter for 3M. Our teams delivered positive organic growth in all business groups and geographic areas, we posted strong margins across the portfolio and we returned a record amount of cash to shareholders. At the same time we increased investments in R&D and commercialisation to help secure future growth in the business. 3M is well-positioned to generate sustainable, profitable growth far into the future.”
