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3M Company Message Board

  • bluecheese4u bluecheese4u Oct 23, 2012 8:39 AM Flag

    3M Delivers Record Third-Quarter Earnings of $1.65 per Share;

    3M Delivers Record Third-Quarter Earnings of $1.65 per Share;
    Company Posts Sales of $7.5 Billion and 22.4 Percent Operating Income Margins

    ST. PAUL, Minn. – October 23, 2012 − 3M (NYSE: MMM) today reported record third-quarter
    earnings of $1.65 per share, an increase of 8.6 percent versus the third quarter of 2011. Operating
    income was $1.7 billion and operating income margins for the quarter were 22.4 percent.
    “The 3M team delivered another strong operating performance in the third quarter,” said Inge G.
    Thulin, 3M chairman, president and chief executive officer. “In the face of the current slow-growth
    economy, our businesses continued to grow organically and generated record profitability. All six of
    our businesses posted 21 percent-plus operating margins in the quarter, so we continue to execute
    well in 2012.”
    Sales were $7.5 billion, down 0.4 percent year-over-year. Organic local-currency sales grew 2.2
    percent and acquisitions added 0.5 percent to sales. Currency impacts reduced sales by 3.1 percent
    On a business segment basis, organic local-currency sales increased 4.3 percent in Health Care, 3.3
    percent in Industrial and Transportation, 1.4 percent in Consumer and Office, 1.3 percent in Display
    and Graphics, 0.7 percent in Safety, Security and Protection Services and 0.1 percent in Electro and
    Communications. On a geographic basis, organic local-currency sales grew 10.5 percent in Latin
    America/Canada, 2.3 percent in the United States, 0.8 percent in EMEA (Europe, Middle East and
    Africa) and were down 0.1 percent in Asia Pacific.
    Third-quarter net income was $1.2 billion and earnings were $1.65 per share. Total-company
    operating income margins were 22.4 percent for the quarter, and free cash flow was $987 million.
    Thulin continued, “Regardless of economic conditions, we will remain focused on things within our
    control. 3M’s unique combination of technology strength, manufacturing excellence and global
    capability will enable us to deliver sustainable increases in sales, earnings and cash flow.”
    3M also updated its 2012 performance expectations. Reflecting current economic realities, the
    company now expects full-year earnings to be in the range of $6.27 to $6.35 per share, including
    $0.03 per share of anticipated acquisition-related costs. 3M previously expected a range of $6.35 to
    $6.50 per share, which did not include acquisition-related costs. The company anticipates full-year
    organic local-currency sales growth of 2 to 2.5 percent and that currency translation will reduce
    sales by approximately 2.5 percent for the year. 3M expects that full-year operating income margins
    will be in the range of 21.5 to 22 percent.

    Third-Quarter Business Segment Discussion
    Industrial and Transportation
    · Sales of $2.6 billion, down 0.5 percent in U.S. dollars. Organic local-currency sales
    increased 3.3 percent and foreign currency translation reduced sales by 3.8 percent.
    · On an organic local-currency basis:



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