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We’ve been noting that companies are reporting strong earnings this morning. Among them is 3M, the big, diversified maker of various industrial items.The company beat expectations, with EPS of $1.49 beating by $.05, and revenue of $7.3 billion nearly $400 million ahead of expectations.
The most impressive part was the diversity of the growth. “Sales increased at a double-digit rate in all geographic regions, with Asia Pacific up 21.0 per cent, Latin America/Canada up 19.5 per cent, Europe up 13.1 per cent and the United States up 10.2 per cent. All six of 3M’s business segments expanded sales in the quarter, with particular strength in Electro and Communications at 20.5 per cent, Industrial and Transportation at 20.3 per cent and Safety, Security and Protection Services at 14.4 per cent.”
That kind of growth in the US is not too shabby.
In the big industrial/transportation business, the US segment grew 14%.
So yes, a big report, and also a great reflection of the state of the economy.