3M reports record-breaking performance in Q3 2013

3M has announced its financial results for the third quarter of 2013, during which it was able to exceed its best-ever performance levels once again.

The company's quarterly sales total for the three-month period came to $7.9 billion (4.9 billion pounds), an all-time record for 3M, while its earnings per share figure of $1.78 represented a third-quarter record.

All of its business groups generated positive organic sales growth and operating margins above 20 percent, with its healthcare division contributing to this success with a sales total of $1.3 billion.

Based on these results, the company narrowed its full-year performance expectations, with full-year organic local-currency sales growth of three to four percent now being forecast, versus a previous expectation of two to five percent.

Inge Thulin, 3M's chairman, president and chief executive officer, said: "We returned $2 billion of cash to our shareholders during the quarter via dividends and gross share repurchases, or $4.8 billion through nine months of the year."

This builds on the $7.8 billion sales total recorded by 3M during the second quarter of 2013 and keeps the company on course for its best ever year.