ST. PAUL, Minn.--(BUSINESS WIRE)--3M (NYSE: MMM) today reported first-quarter earnings of $2.16 per share, an increase of 5.4 percent versus the first quarter of 2016. Sales were $7.7 billion, up 3.7 percent year-on-year in dollar terms. Organic local-currency sales increased 4.6 percent while divestitures reduced sales by 0.4 percent. Foreign currency translation decreased sales by 0.5 percent year-on-year.
Operating income was $1.8 billion and operating income margins for the quarter were 23.1 percent, down 1.0 percentage point year-on-year. This result includes an incremental $136 million of strategic investments in growth, productivity and portfolio actions. First-quarter net income was $1.3 billion, up 3.7 percent. The company’s operating cash flow was $1.0 billion, contributing to conversion of 53 percent of net income to free cash flow, as referenced in the “Supplemental Financial Information Non-GAAP Measures” section.
