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3M FIRST-QUARTER EARNINGS SLIGHTLY LOWER

 3M FIRST-QUARTER EARNINGS SLIGHTLY LOWER
 ST. PAUL, Minn., April 21 /PRNewswire/ -- 3M (NYSE: MMM) today


reported first-quarter net income of $288 million, or $1.32 a share, a decline of 3.9 percent from $300 million, or $1.37 a share, in the first quarter last year. Sales totaled $3.406 billion, up 0.5 percent from $3.389 billion in the year-earlier quarter.
 L.D. DeSimone, chairman and chief executive officer, said that "results were in line with what we expected." He noted that the value of the U.S. dollar reduced sales by about 2 percent and net income by about $15 million, or 7 cents a share.
 DeSimone said that 3M's international business, which accounts for about half of total 3M sales, remained firm in the first quarter. International unit volume increased 6 percent, matching the growth average for all of last year. Steady growth in Europe, coupled with strong gains in Latin America, made up for slowing in Japan.
 In the United States, 3M's unit sales were basically the same as in the first quarter last year. However, unit sales strengthened as the quarter progressed. The company's Industrial and Consumer Sector led this improvement.
 Looking ahead, DeSimone said that 3M's international business continued to post good volume gains in the early part of its second quarter. "In the United States, it's still early, but we're hopeful that the recent trend in our business will continue.
 "At this point, we expect higher second-quarter earnings, even though currency effects will continue to be negative in the quarter," he said. In the second quarter last year, 3M earned $299 million, or $1.36 a share, on sales of $3.349 billion.
 DeSimone reiterated that 3M looks for higher full-year earnings. "We expect to benefit from a strong flow of new products, efforts to improve productivity and from our expectation that the U.S. economy will continue to show moderate improvement."
 3M FINANCIAL HIGHLIGHTS
 First Quarter Ended March 31
 1992 1991
 Net sales $3.406 billion $3.389 billion
 Income before income taxes
 and minority interest $463 million $491 million
 Provision for income taxes $167 million $182 million
 Tax rate 36.0 pct. 37.0 pct.
 Net income $288 million $300 million
 Average common shares 219.2 million 219.8 million
 Earnings per share $1.32 $1.37
 -0- 4/21/92
 /CONTACT: Jon Greer of 3M, 612-736-1915/
 (MMM) CO: 3M ST: Minnesota IN: SU: ERN


DS -- MN004 -- 0363 04/21/92 08:09 EDT
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Publication:PR Newswire
Date:Apr 21, 1992
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