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3M income rises 7% in first quarter

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Minnesota Fortune 500 company 3M saw its net income rise 7 percent in the first quarter of the year, to $1.2 billion.

The company's health care business, which includes inhalers used to dispense medicine, led the sales growth, 3M said in a statement Thursday releasing the quarterly results

Currency depreciation in some foreign markets held back revenue. As 3M receives a considerable amount of revenue from other countries, it is susceptible to currency swings.  

Bad weather in the United States during the first three months of the year also dampened sales, particularly of products tied to road construction and safety, Chief Executive Inge Thulin said. However, the effects of weather were limited.

"But we don't talk much about weather, to be honest," Thulin said. "We're a global company. The sun is always shining somewhere. That's what we need to capitalize on."

3M's stock price fell as much as 2 percent in early trading.