Despite a challenging macroeconomic environment, 3M Company (MMM – Free Report) reported relatively healthy third-quarter 2016 results with GAAP earnings of $1,329 million or $2.15 per share compared with $1,296 million or $2.05 per share in the year-earlier quarter. The year-over-year improvement in earnings per share, despite slightly lower sales, was largely due to a decline in operating expenses. The reported earnings exceeded the Zacks Consensus Estimate by a penny.

Net sales during the quarter were $7,709 million, marginally down from $7,712 million in the year-ago quarter and in line with the Zacks Consensus Estimate. Foreign currency translation impact increased sales by 0.5%, while organic local-currency sales declined 0.8% and inorganic growth added 0.3%.

On a geographic basis, organic sales increased 1.2% in Latin America/Canada, offset by a 2.2% decline in Asia Pacific, 1% decline in EMEA (Europe, Middle East and Africa) and 0.4% in the U.S. Operating income in the reported quarter was $1,904 million versus $1,876 million in the year-ago-quarter, resulting in respective operating margins of 24.7% and 24.3%.

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