3M reported earnings of $1.41 per share in fourth quarter of 2012, an increase of 4.4 percent versus the fourth quarter of 2011. Operating income was $1.4 billion and operating income margins for the quarter were 19.5 percent. Fourth-quarter net income was $1.0 billion and free cash flow was $1.2 billion. Sales rose 4.2 percent year-on-year to $7.4 billion, an all-time fourth-quarter record. Organic local-currency sales grew 4.3 percent, acquisitions added 0.9 percent to sales and currency impacts reduced sales by 1.0 percent year-on-year. Organic local-currency sales growth was 8.7 percent in consumer and office, 8.3 percent in display and graphics, 5.9 percent in health care, 3.9 percent in industrial and transportation and 1.8 percent in electro and communications; safety, security and protection services declined 1.7 percent year-on-year. On a geographic basis, organic local-currency sales grew 9.7 percent in Latin America/Canada, 5.8 percent in Asia Pacific, 5.2 percent in the US and declined 1.0 percent in EMEA (Europe, Middle East and Africa). For the full year 2012, 3M posted record sales of $29.9 billion, up 1.0 percent year-on-year. Organic local-currency sales grew 2.6 percent and acquisitions added 0.8 percent to sales. – SG
