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

by Mike Robinson

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© 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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