3M reports OP growth

The Consumer business group of 3M posted organic sales growth of 4.6% for Q2 2018.
Sales for the division were $1.2 billion which included low single-digit growth for stationery and office products. Speaking on the earnings call, 3M CEO Mike Roman said it was already experiencing a strong back-to-school season, and sales for Q3 are expected to improve further.
The Consumer Group’s sales rose 7% in the US due to strong demand in the e-commerce channel and grew 4% in Latin America/Canada. Asia Pacific remained flat, while sales in EMEA declines 3%.
Operating profit increased 32.3% to $261 million compared to the same period last year.
Total sales for the company increased 5.5% on an organic local-currency basis to $8.4 billion, with an operating income of $2.4 billion, including a benefit of $389 million from the communication markets business divestiture.


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