3M‘s (MMM) third quarter sales growth accelerated to 6% year-over-year from 2% year-over-year growth in the first half, on recovery in the electronics market and continued improvement in sales from Europe. In the first half of this year, the company’s growth from developing markets was tempered by a weak electronics market and very low growth from Europe, the Middle-East and Africa (EMEA). However, in the third quarter, as the electronics market recovered especially in the Asia-Pacific region and organic sales from EMEA rose by over 4%, 3M’s double-digit organic sales growth from developing markets wasn’t tempered much. Overall, the company’s top line rose by 6% annually to $7.9 billion and its earnings rose by 8% annually to $1.78 per share, with margins remaining above 20% in the third quarter.
Looking ahead, with only a quarter remaining in the year and business performing as per expectations, 3M narrowed its guidance for 2013. The company now forecasts its 2013 organic sales. MMM.
No comments:
Post a Comment