3M, parent company of Top 40 supplier 3M/Promotional Markets (asi/91240), increased year-over-year total company sales 3.5% to $32.8 billion in 2018, according to financial data the Minnesota-headquartered corporation released Tuesday. GAAP earnings were up too, rising about 12% to $8.89 per share. Adjusted earnings tallied $10.46 per share, a 14% increase.

While 2018’s fourth quarter sales slipped 0.6% from 2017’s Q4 to $7.9 billion, 3M’s stock still increased about 2% immediately following the earnings announcement. That was down, in part, to the fact that adjusted Q4 earnings were $2.31 per share, beating analysts’ expectations and surpassing 2017’s fourth quarter adjusted earnings of $2.10. GAAP earnings for the quarter were $2.27 per share, up 167%.

Happy Tuesday! #WallStreet could see a rebound today after $3M earnings beat expectations. More all day on #moneyon1. @NY1 pic.twitter.com/Pbk1SqvcyQ

— Matt McClure (@mattjmcclure) January 29, 2019

The GAAP earnings differ from the adjusted earnings because they account for financial hits 3M took. For the full year, 3M’s GAAP earnings reflect a net tax expense of $0.29 per share related to the Tax Cut and Jobs Act. In addition, the company recorded an after-tax expense of $1.28 per share related to its first quarter 2018 legal settlement. The same factors chipped $0.04 off fourth quarter earnings. The drags, however, still didn’t prevent the company from registering year-over-year earnings gains.

“3M executed well in the fourth quarter, with results that were in line with our expectations,” said CEO Mike Roman. “The fourth quarter capped an important year for 3M, as we posted good results and continued to take actions to strengthen our company for the future.”

According to the corporation, worldwide sales in 3M’s safety and graphics division reached $1.6 billion in the fourth quarter, a 0.3% increase.

Michael Roman, CEO, 3M

Looking ahead, 3M expects full-year 2019 earnings to be in the range of $10.45 to $10.90 per share, which includes a possible $0.10 per share earnings headwind from a pending acquisition of M*Modal. The earnings projection is a downgrade from a prior forecast, which put the range at $10.60 to $11.05 per share. If reached, however, the new earnings range would constitute year-over-year growth despite concerns related to China’s lagging economy. Overall, 3M is upbeat about 2019. “We are positioned for a successful 2019, and are focused on delivering for our customers and shareholders.”

With estimated 2017 North American promotional product revenue of $93 million, 3M ranked 18^th on Counselor’s latest list of the largest suppliers in the industry.