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3M posts Q3 income decline

BY HBSDealer Staff

St. Paul, Minn.-based 3M has reported third-quarter net income of $1.09 billion, down 1.8% from $1.11 billion in the third quarter of 2010. Sales in the third quarter ended Sept. 30 totaled $7.53 billion, up 9.6% from $6.87 billion in the year-ago period. 

Net income for the first nine months totaled $3.33 billion, up 5.4% from $3.16 billion in the prior-year period. Net sales were $22.52 billion, up 12.9% from $19.95 billion in the first nine months of 2010.

Third-quarter worldwide sales grew 9.6% — 3.7% came from acquisitions, 3.1% from foreign exchange impacts, 1.9% from organic volume growth and 0.9% from higher year-on-year selling prices.

Five of 3M’s six business segments expanded sales in the quarter, with Industrial and Transportation up 15.1%; Safety, Security and Protection Services up 14.1%; Health Care up 10.9%; Consumer and Office up 4.6%; and Electro and Communications up 1%. Local-currency sales in Display and Graphics declined 14.1%.

3M posted year-on-year sales increases in all geographic regions. Sales in local currencies grew 11.2% in Latin America/Canada, 9.2% in the United States, 5.9% in Europe and 2.1% in Asia Pacific. Excluding optical, Asia Pacific sales increased 11.3% in local currencies.

"The business environment remains challenging, as the economic softening that we experienced late in the second quarter continued into the third," said George Buckley, 3M chairman, president and CEO. "While growth rates were good across much of our portfolio, LCD TV remained weak and momentum slowed in other parts of electronics following several quarters of very good growth. In addition, ongoing policy uncertainty and austerity are affecting growth in Western Europe, which reduced sales in the quarter. As is typical, we are seeing the impact of these changes earlier than most as our customers decrease production in order to lower their inventories. Conversely, we should benefit more quickly when those markets recover." 

The company expects earnings to be in the range of $5.85 to $5.95 per share versus a prior expected range of $6.10 to $6.25. 

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Battle over green building shapes up in Seattle

BY Brae Canlen

A running shoe company that wants to build a “deep green” store — but needs a major exemption to zoning regulations to do it — has created a controversy in Seattle. According to an article in the Seattle Times, developer Skanska USA has signed Brooks Sports as the anchor tenant in a mixed-used building it wants to build. But the five-story retail building, which is already allowed an extra 10 ft. as part of the city’s "Living Building" pilot program, needs another 10 ft., according to Skanska. Its structure would be 65 ft. tall on a site where the height limit now is 45 ft.

The building, which may also house a restaurant and other uses, would comply with some tough green building standards as part of the Living Building program. However, local residents say its height is out of character with the neighborhood. They also oppose bending the rules even further for Living Building projects, which already enjoy zoning exemptions as an incentive for their water- and energy-saving designs.

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s.anderson says:
May-08-2012 11:22 am

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Really your post is really very good and I appreciate it. It’s hard to sort the good from the bad sometimes, but I think you’ve nailed it. You write very well which is amazing. I really impressed by your post. Flowers

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May-08-2012 10:04 am

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s.kr says:
May-03-2012 06:12 am

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Nice blog having nice information. some times we ignore this sort of things & also suffer a lot as well.Alappuzha

s.kumar says:
Apr-26-2012 07:28 am

useful and informative
useful and informative article for those who are searching for such contents.Thanks a lot!! directory submission service || social bookmarking service

k.lol says:
Apr-09-2012 04:11 pm

I wonder what are the
I wonder what are the consequences in creating a large height disproportion. People are talking here about tall building being located in an averagely small building area. Is it the construction process dangerous itself? Though I tend to doubt that, given the finest contractors, the junk removal worcester ma, and the nowadays building standards thoroughly implemented. Is it the landscape then? Too much to add to a rather small area? I guess an architect could give us the right answer.

D.Heritage says:
Apr-05-2012 03:32 am

This is certainly quite a
This is certainly quite a complicated issue. It is not so easy as having a rooftop garden which needs to be extended up a few feet. Is it better to bend the rules for this green company that may bring in some new jobs and income to the city, or should they be strict and stick to the rules?

p.420 says:
Mar-18-2012 02:49 pm

I like the way you described
I like the way you described the topic with such clarity. This is something I have been thinking about for a long time and you really captured the essence of the subject. Balance Bike

m.mahboobb says:
Mar-17-2012 07:31 am

Your article has a lot of
Your article has a lot of great information and it has really helped me with my paper for a class I am taking. Do you have any other posts about this topic? Health and Wellness

k.kii says:
Jan-31-2012 10:15 am

"Living Building" pilot
"Living Building" pilot program, needs another 10 ft., Its structure would be 65 ft. tall on a Ios On Android Phone site where the height limit now is 45 ft.What a time and money it needs.

C.Ciantar says:
Jan-30-2012 07:04 pm

I hate it when things like
Sorry, double post.

C.Ciantar says:
Jan-30-2012 07:04 pm

I hate it when things like
I hate it when things like this happen. Why should a company be allowed to bend the rules just because it has the cash? The citizens are right to oppose such a thing, and I hope it doesn't get approved. TheGateKeeper (Muay Thai practitioner)

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Sherwin-Williams reports strong third quarter

BY HBSDealer Staff

Sherwin-Williams posted third quarter net income of $179.88 million, up 2.6% from $175.26 million in the year-ago period. Net sales for the quarter ended Sept. 30 totaled $2.48 billion, up 14.3% from $2.17 billion in the third quarter of 2010.

Net income for the nine months ended Sept. 30 totaled $427.31 million, up 9.7% from $389.57 million. Net sales for the period were $6.7 billion, up 13.9% from $5.88 billion.

Net sales in the Paint Stores Group increased 10.2% to $1.42 billion in the quarter and 7.8% to $3.65 billion in nine months. The increase was due primarily to selling price increases and improving domestic architectural paint sales volume across most segments.

Net sales of the Consumer Group increased 3.3% to $351.6 million in the quarter. Net sales decreased 2% to $1.02 billion in nine months.

The Global Finishes Group’s net sales increased 31.2% to $714.4 million in the quarter and increased 39.3% to $2.02 billion in nine months.

“We are encouraged by our improving sales results across most domestic architectural segments generated by our Paint Stores Group in the quarter,” said Christopher Connor, chairman and CEO. “We are pleased with the continued sales development in the Global Finishes Group and the corresponding improvement in core operating results. Our operating segments continue to control costs and implement price increases in an effort to keep pace with rising raw material costs.

“We continue to invest in our business. In the first nine months, Paint Stores Group opened 31 net new locations. In July, we completed the acquisition of Leighs Paints, a leading UK protective and marine and fire protection coatings innovator.

“For the fourth quarter, we anticipate our consolidated net sales will increase 6% tp 10% compared with last year’s fourth quarter. For the full year 2011, we expect consolidated net sales to increase above 2010 levels by a low teen percentage,” Connor added. 

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