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3M posts 4.7% fall in fourth-quarter profit -Breaking

© Reuters. FILE PHOTO. The Down Jones Industrial Average stock index company listed 3M in Irvine, California on April 13, 2016 is shown. REUTERS/Mike Blake/File Photograph GLOBAL BENEFIT WEEK-AHEAD PACKAGE — SEARCH ‘BUSINESSWEEK’ 24 OCT

(Reuters) – 3M Co., the industrial giant, posted a 4.7% decline in quarterly profit Tuesday. The company’s sales segments in transportation and electronics were affected by supply chain bottlenecks worldwide, increasing raw material costs, and a shortage in semiconductors.

From $1.41 trillion, or 2.41 per share a year prior, 3M’s net income fell to $1.34billion or $2.31 per shares in the fourth quarter that ended December 31.

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Mike Robinson
Mike covers the financial, utilities and biotechnology sectors for Street Register. He has been writing about investment and personal finance topics for almost 12 years. Mike has an MBA in Finance from Wake Forest University.