3M Reports Record $24.5 Billion in 2007 Sales; Safety Unit Up 11.3 Percent
3M today reported its 2007 sales were a record $24.5 billion, up 7 percent from the prior year and up 11 percent when adjusted for recently divested businesses. Net income for 2007 was a record $4.1 billion ($5.60 per share) against $3.9 billion ($5.06) in 2006. Fourth quarter 2007 sales were a record $6.2 billion, up 7 percent, with $851 million in net income for the quarter.
Chairman, President, and CEO George W. Buckley thanked the employees for achieving record sales and earnings. "We made good progress on our growth plan in 2007 and we will continue this effort in 2008," he said in the company's news release. "By investing in our many enduring franchises, strategic acquisitions, and new plants to streamline our supply chain, we are securing 3M's future as a faster-growng and more efficient enterprise." The company reiterated it expects 2008 earnings to be at least 10 percent higher than its 2007 earnings per share.
The Safety, Security and Protection Services unit ranked fifth among the six segments in terms of fourth quarter 2007 sales, with this Safety unit racking up $747 million, up 11.3 percent from 2006. The company cited "broad-based sales growth led by respiratory protection and corrosion protection products." For the full year of 2007, the unit recorded $3.07 billion in net sales and $611 milloin in operating income.