3M announced its first quarter results for 2018 with revenues of $8.3 billion, up by 7.7%, compared to $7.7 billion in Q1 2017. Net income for the quarter was $602 million, a decrease of 55%, compared to $1.3 billion in Q1 2017. GAAP EPS was $0.98 in Q1 2018, a decrease of 55% compared to Q1 2017.
The company said that it has made significant growth across all business groups. The safety and graphics segment recorded total sales of $1.8 billion, an increase of 15%. Industrial sales grew to $3.1 billion, up 7.1%. Health care division reported sales of $1.5 billion, up 7.1%. The consumer and electronics & energy segments recorded sales of $1.1 billion (up 5%) and $1.4 billion (up 4.6%) respectively.
3M updated its 2018 GAAP earnings expectations to be in the range of $8.68 to $9.03 per share. The company also updated its guidance for full 2018 and forecasts organic local-currency sales growth to be in the range of 3%-4%, versus a prior range of 3% to 5%.
