ST. PAUL, Minn. -- 3M has reported fourth-quarter sales of $6.7 billion, up 9.6 percent year-on-year, including an 8.6 percent increase in organic volumes. Net income was $928 million, or $1.28 per share, versus $935 million, or $1.30 per share in the corresponding period last year.

Quarterly organic sales volumes increased in all six of 3M’s businesses, led by a 19.8 percent increase in the Electro and Communications business and a 14.7 percent increase in Display and Graphics. On a geographic basis, organic volume growth was strongest in Asia Pacific at 18.1 percent and Latin America at 12.2 percent, the company reported.

3M posted full-year 2010 sales of $26.7 billion and earnings per share of $5.63, up 15.3 percent and 24.6 percent, respectively. The company said all businesses posted positive organic volume growth, led by Electro and Communications at 26.9 percent, Display and Graphics at 26.5 percent and Industrial & Transportation at 16.9 percent.

“3M made great progress in 2010 as we achieved record sales and earnings per share for the year, and made significant investments to improve long-term growth,” said George Buckley, 3M chairman, president and CEO. “For example, our research and development investments of $1.4 billion fueled innovation and drove new product sales as a percent of total to 31 percent. We also accelerated sales and marketing investments in high-growth markets to help secure future growth. Overall, I could not be more proud of the 3M team for their effort in 2010.”

The company also noted good sales momentum entering 2011. Fourth-quarter sales grew nearly 10 percent to a record $6.7 billion and said sales growth was broad-based, with organic volumes expanding in all businesses and geographies during the quarter.

3M increased its 2011 earnings expectation to a range of $5.95 to $6.20 per share versus a prior expectation of $5.90 to $6.10. Included in this estimated range is a $0.22 per share year-on-year increase in pension and postretirement benefit expense. Excluding the pension and postretirement expense increase, 2011 earnings would be in the range of $6.17 to $6.42 per share, an increase of 10 to 14 percent year over year. The company also expects double-digit sales growth in 2011, with organic sales volume growing 5.5 to 7.5 percent, currency effects adding 1 to 2 percent and acquisitions adding 4 to 6 percent to sales for the year.