3M announces record results for first-quarter 2011

US manufacturer 3M has reported record first-quarter sales of $7.3bn, up 15.2 per cent year-over-year, including an 8.9 per cent increase in organic sales volumes.

Earnings rose 15.5 per cent to $1.49 per share and operating margins for the quarter were 21.6 per cent.

All six of the company’s business segments posted operating margins of more than 21 per cent in the quarter.

The company estimates that combined direct and indirect business disruption resulting from events in Japan reduced first-quarter sales growth by 70 basis points, operating margins by 40 basis points and earnings by $0.03 per share.