3M reports 1Q net income of $988M

Excluding the impact of net gains of 57 cents per share in first-quarter 2007 from the sale of the company’s branded European pharmaceutical business, first-quarter 2008 earnings increased 7.8 percent.

Four of the company’s international business sectors – industrial and transportation; health care; safety, security and protection services; and electro and communications – posted double-digit profit growth in the first quarter, according to a news release. Those gains offset profit declines in 3M’s consumer and office and display and graphics sectors.

3M’s operating income for the quarter increased 3.6 percent to $1.5 billion, and earnings per share were up 7.8 percent to $1.38, excluding items such as the pharmaceutical share in the first quarter in 2007. Also during the quarter, 3M returned $863 million to shareholders through cash dividends and share repurchases.

On May 13, the company’s board of directors declared a dividend of 50 cents per share on its common stock, payable June 12 to shareholders of record as of May 23.

3M shares (NYSE: MMM), closed June 3 at $76.23, compared to a 52-week range of $72.05–$97.

According to www.3m.com, 3M has roughly 250 employees in Springfield. The company recently completed an expansion to the Springfield plant, with plans to add coating capacity this year.