ST. PAUL, Minn. -- 3M has reported first quarter earnings of $1.29 per share on sales of $6.3 billion. Sales and per-share earnings increased 24.7 percent and 74.3 percent, respectively, versus the first quarter of 2009.

Each of the company’s six business segments posted double-digit sales growth and 20 percent-plus operating income margins. Sales growth was strongest in emerging economies, where sales expanded by 47 percent versus the first quarter of 2009.

First quarter net income was $1.014 billion, or $1.40 per share, versus $563 million, or $0.81 per share, in the first quarter of 2009, excluding special items.

Included in first quarter 2010 earnings was a one-time, non-cash income tax charge of $84 million, or 11 cents per share, resulting from Medicare Part D changes imbedded in the recently enacted Patient Protection and Affordable Care Act. Excluding this charge, first quarter 2010 earnings were $1.40 per share, also a record for any first quarter in 3M’s history. First quarter 2009 earnings included restructuring-related charges of $45 million after tax, or 7 cents per share.

“By any measure, we are off to a tremendous start in 2010,” said George Buckley, 3M chairman, president and chief executive officer. “First quarter sales were boosted by improved market penetration and new product flow along with significant growth in important end-markets such as electronics, automotive OEM and respiratory protection products. I thank the many 3M business teams around the world for an outstanding first quarter effort.”

Buckley continued, “This quarter’s results clearly demonstrate the benefits of our long-term strategy of accelerating investment in higher-growth programs. In addition, we are successfully driving growth in adjacent market spaces, while continuing to maintain exceptional operating returns and free cash flow. These efforts, combined with an improving economic backdrop, make me even more confident in 3M’s future.”

For the second consecutive quarter, 3M increased its full year 2010 performance expectations. The company now expects organic sales volumes to grow 10 to 12 percent versus a prior expected range of 5 to 7 percent. Operating income margins, previously anticipated to be in the range of 21 to 22 percent, are now expected to exceed 22 percent for the year. Finally, the company expects that per-share earnings will be in the range of $5.40 to $5.60, excluding the Medicare Part D-related charge, versus a prior expected range of $4.90 to $5.10.