3M, DuPont Closed 2010 Strongly

Both companies released fourth-quarter 2010 results Tuesday and raised their 2011 earnings expectations, saying sales increased across their business segments last year.

  • Jan 25, 2011

Two of the largest companies serving the worldwide safety and health industry, 3M and DuPont, announced strong fourth-quarter 2010 results Tuesday and raised their 2011 earnings expectations. 3M said its full-year 2010 sales were $26.7 billion and earnings per share were $5.63, up 15.3 percent and 24.6 percent, respectively. DuPont said its 2010 sales of $31.5 billion were up 21 percent from 2009, with $3.28 of earnings per share, up 62 percent from $2.03 in 2009.

Sales in China (including Taiwan) were up more than 50 percent in 2010 to $3.3 billion, with electronics-related sales and automotive-related sales contributing, DuPont CEO Ellen J. Kullman said. She said sales in India during 2010 reached $678 million, up more than 40 percent from the prior year. Overall demand for Nomex and Kevlar "started to rebound midyear," she said.

3M CEO George W. Buckley said 3M's $1.4 billion in R&D spending during 2011 "fueled innovation and drove new product sales as a percent of total [sales] to 31 percent." 3M raised its 2011 earnings expectation to a range of $5.95 to $6.20 per share, versus its prior expectation of $5.90 to $6.10. Likewise, DuPont raised its 2011 EPS guidance to $3.45 to $3.75 per share, versus its prior expectation of $3.30 to $3.60 per share.

3M said its Industrial and Transportation unit's 2010 sales were $8.6 billion, up 17.5 percent in local currency; Health Care's 2010 full-year sales were $4.5 billion, up 5.2 percent; and Safety, Security and Protection Services' 2010 full-year sales were $3.3 billion, up 7.5 percent.

The DuPont Safety and Protection segment's full-year 2010 sales were $3.4 billion, up 20 percent from 2009, and its full-year net income was $449 million. Kullman said DuPont expects to close on its $6.3 billion acquisition of Copenhagen, Denmark-based food ingredients maker Danisco during the second quarter of 2011.

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