3M Safety Sales Shine

3M's announcement yesterday of its 2008 financial results was encouraging, and the company's common stock gained 2 percent by the end of the day as a result. The 3M Safety, Security and Protection Services unit's 2008 sales increased by 2.9 percent in the fourth quarter and totaled $3.6 billion for the year, up from $3.1 billion in 2007, while 3M as a whole saw its sales rise 3.3 percent in 2008 to a record $25.3 billion. Fourth quarter 2008 sales for the full company were down by 11.2 percent to $5.5 billion.

3M reported 2008 net income of $3.5 billion ($4.89 per share) versus $4.1 billion ($5.60 per share) in 2007. Excluding special items, 2008 earnings were $5.17 per share versus $4.98 per share in 2007, a 3.8 percent increase.

"3M drove record sales in 2008 despite a dramatic fourth-quarter economic downturn,” said George W. Buckley, the company's chairman, president, and CEO. "And we are responding to lower demand with aggressive cost management and operational discipline. 3M employees are doing an outstanding job managing through worldwide market challenges and are positioning our company to seize the upside when growth resumes."

He said the company plans to reduce capital expenditures by about 30 percent and expects organic sales volumes to decline between 5 percent and 9 percent in 2009.

Download Center

HTML - No Current Item Deck
  • Get the Ultimate Guide to OSHA Recordkeeping

    OSHA’s Form 300A posting deadline is February 1! Are you prepared? To help answer your key recordkeeping questions, IndustrySafe put together this guide with critical compliance information.

  • Steps to Conduct a JSA

    We've put together a comprehensive step-by-step guide to help you perform a job safety analysis (JSA), which includes a pre-built, JSA checklist and template, steps of a JSA, list of potential job hazards, and an overview of hazard control hierarchy.

  • Levels of a Risk Matrix

    Risk matrices come in many different shapes and sizes. Understanding the components of a risk matrix will allow you and your organization to manage risk effectively.

  • Free Safety Management Software Demo

    IndustrySafe Safety Management Software helps organizations to improve safety by providing a comprehensive toolset of software modules to help businesses identify trouble spots; reduce claims, lost days, OSHA fines; and more.

  • Industry Safe
TenCate FR Technology

OH&S Digital Edition

  • OHS Magazine Digital Edition - October 2020

    October 2020

    Featuring:

    • FACILITY SECURITY
      EHS Compliance: Make it Personal
    • FOOT PROTECTION
      Choosing the Right Safety Shoe for Your Industry
    • HAND PROTECTION
      A Requirements Checklists for Work Safety Gloves
    • COVID-19 MANAGEMENT
      Contemporary Issues in HSE Management
    View This Issue