3M Net Income Falls in Quarter

St. Paul, MN, April 25, 2008--3M Co. reported a 28 percent drop in first-quarter net income to $988 million, or $1.38 per share, from $1.37 billion, or $1.85 per share a year ago.

Results in 2007 included a gain from the sale of its European drug business. In addition, international growth helped offset weakness in several U.S. segments.

Net revenue in the latest quarter rose 8.9 percent, with the weaker dollar contributing six points to the growth.

CEO George W. Buckley noted that two-thirds of the quarter's sales came from the company's international subsidiaries.