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Free Post Earnings Research Report: 3M’s Sales Soared 7.4%; EPS Jumped 19.0%

Stock Monitor: IDEX Corp. Post Earnings Reporting

LONDON, UK / ACCESSWIRE / July 31, 2018 / If you want access to our free earnings report on 3M Co. (NYSE: MMM), all you need to do is sign up now by clicking the following link www.active-investors.com/registration-sg/?symbol=MMM. The Company reported its financial results on July 24, 2018, for the second quarter of the fiscal year 2018 (Q2 FY18). The diversified technology Company worldwide surpassed analysts' estimates for revenues in Q2 FY18. Additionally, the Company raised its guidance for the full fiscal year 2018. Register today and get access to over 1,000 Free Research Reports by joining our site below:


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Earnings Highlights and Summary

For Q2 FY18, 3M's sales advanced 7.4% to $8.39 billion compared to $7.81 billion in Q2 FY17. The growth in sales included a benefit from organic local-currency of 5.6%; acquisitions, net of divestitures, sales growth of 0.8 %; and a benefit from foreign currency translation of 1.0%. The Company's revenue numbers exceeded analysts' estimates of $8.32 billion.

For the reported quarter, 3M incurred total operating expenses of $5.99 billion versus $5.66 billion in the year ago comparable period, increasing 5.9% on a y-o-y basis. The Company posted an operating income of $2.40 billion in Q2 FY18, up by 11.5% from $2.15 billion in Q2 FY17.

During Q2 FY18, 3M posted a net income of $1.86 billion compared to $1.58 billion in Q2 FY17, increasing 17.3% on a y-o-y basis. The Company reported diluted earnings per share (EPS) of $3.07 in the reported quarter compared to $2.58 in the year ago corresponding period, reflecting a growth of 19.0% on a y-o-y basis. The Company's EPS for Q2 FY18 included a benefit from divestiture gain of $0.48 per share, net of related restructuring actions, whereas its EPS for Q2 FY17 included a benefit from divestiture gain of $0.33 per share, partially offset by portfolio and footprint investments. The Company's reported adjusted EPS were in-line with analysts' estimates of $2.59.

Segment Details

3M manages its operations in five business segments, namely: (i) Industrial; (ii) Safety and Graphics; (iii) Health Care; (iv) Electronics and Energy; (v) and Consumer.

For Q2 FY18, the Industrial segment's sales grew 6.9% to $3.15 billion compared to $2.95 billion in Q2 FY17. The segment's operating income was $724.0 million in the reported quarter, up by 27.5% from $568.0 million in the prior year's same period.

The Safety and Graphics segment's sales increased 15.7% to $1.82 billion in Q2 FY18 compared to $1.57 billion in Q2 FY17. The segment's operating income declined 43.6% to $480.0 million in Q2 FY18 compared to $851.0 million in Q2 FY17.

During Q2 FY18, the Health Care segment's sales surged 4.9% to $1.52 billion compared to $1.45 billion in Q2 FY17. The segment's operating income was $435.0 million in the reported quarter versus $408.0 million in the comparable quarter, increasing 6.6% on a y-o-y basis.

For the reported quarter, the Electronics and Energy segment's sales increased 3.6% to $1.34 billion compared to $1.29 billion in the corresponding quarter of last year. The segment's operating income zoomed 166.2% to $865.0 million in Q2 FY18 compared to $325.0 million in Q2 FY17.

The Consumer segment generated sales of $1.22 billion in the reported quarter, up by 4.6% from $1.17 billion in year earlier same quarter. The segment's operating income jumped 31.8% to $261.0 million in Q2 FY18 compared to $198.0 million in Q2 FY17.

Cash Matters

As of June 30, 2018, 3M's cash and cash equivalents stood at $2.80 billion compared to $2.65 billion as of June 30, 2017. The Company had a long-term debt of $11.29 billion as of June 30, 2018, versus $12.10 billion as of December 31, 2017. For the six months ended June 30, 2018, the Company generated a cash inflow from operating activities of $2.04 billion compared to $2.63 billion in the six months ended June 30, 2017. For the reported quarter, the Company had a free cash flow of $1.53 billion versus $1.34 billion in the comparable quarter of last year.


For the full fiscal year 2018, 3M expects EPS to be in the band of $9.08 to $9.38 compared to its prior range of $8.68 to $9.03; and net income to be in the range of $5.5 billion to $5.7 billion. The Company anticipates adjusted EPS to be in the band of $10.20 to $10.45 for FY18 compared to its previous guidance of $10.20 to $10.55. The Company projects organic local-currency sales growth to be in the range of 3% to 4%, and free cash flow conversion to be between 90% and 100% for FY18.

Stock Performance Snapshot

July 30, 2018 - At Monday's closing bell, 3M's stock declined 1.11%, ending the trading session at $205.12.

Volume traded for the day: 2.04 million shares.

Stock performance in the last month – up 4.67%; previous three-month period – up 5.52%; and past twelve-month period – up 2.70%

After yesterday's close, 3M's market cap was at $121.31 billion.

Price to Earnings (P/E) ratio was at 23.21.

The stock has a dividend yield of 2.65%.

The stock is part of the Industrial Goods sector, categorized under the Diversified Machinery industry.


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