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SEC Filings


8-K
3M CO filed this Form 8-K on 07/25/2013
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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

 

FORM 8-K

 

CURRENT REPORT PURSUANT

TO SECTION 13 OR 15(D) OF THE

SECURITIES EXCHANGE ACT OF 1934

 

Date of report (Date of earliest event reported): July 25, 2013

 

3M COMPANY

(Exact Name of Registrant as Specified in Its Charter)

 

Delaware

(State or Other Jurisdiction of Incorporation)

 

File No. 1-3285

 

41-0417775

(Commission File Number)

 

(IRS Employer Identification No.)

 

 

 

3M Center, St. Paul, Minnesota

 

55144-1000

(Address of Principal Executive Offices)

 

(Zip Code)

 

(651) 733-1110

(Registrant’s Telephone Number, Including Area Code)

 

(Former Name or Former Address, if Changed Since Last Report)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

 

o    Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

o    Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

o    Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

o    Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

 

 



 

Item 2.02.  Results of Operations and Financial Condition

 

On July 25, 2013, 3M Company issued a press release reporting second-quarter 2013 results (attached hereunder as Exhibit 99 and incorporated herein by reference).

 

Item 9.01.  Financial Statements and Exhibits

 

(d) Exhibits

 

Exhibit Number

 

Description

99

 

Press Release, dated as of July 25, 2013, of 3M Company (furnished pursuant to Item 2.02 hereof)

 

 

SIGNATURE

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

 

3M COMPANY

 

 

 

 

 

 

By:

/s/ Gregg M. Larson

 

 

 

Gregg M. Larson,

 

 

 

Deputy General Counsel and Secretary

 

Dated: July 25, 2013

 

 

2


 

 

Exhibit 99

 

FOR IMMEDIATE RELEASE

 

3M Reports Record Second-Quarter Results;
Company Posts Sales of $7.8 Billion and Earnings per Share of $1.71

 

ST. PAUL, Minn. — July 25, 2013 - 3M (NYSE: MMM) today reported second-quarter earnings of $1.71 per share, an increase of 3.0 percent versus the second quarter of 2012. Sales grew 2.9 percent year-on-year to a record $7.8 billion. Organic local-currency sales grew 2.3 percent and acquisitions added 1.9 percent to sales. Currency impacts reduced sales by 1.3 percent year-on-year.

 

Operating income was $1.7 billion and operating income margins for the quarter were 22.0 percent. Second-quarter net income was $1.2 billion and free cash flow was $1.3 billion.

 

The company paid $436 million in cash dividends to shareholders and repurchased $1.2 billion of its own shares during the quarter.

 

Organic local-currency sales growth was 5.7 percent in Health Care, 3.3 percent in Industrial, 2.9 percent in Consumer and 2.0 percent in Safety and Graphics; Electronics and Energy declined 2.1 percent year-on-year. On a geographic basis, organic local-currency sales grew 8.5 percent in Latin America/Canada, 2.2 percent in Asia Pacific, 1.9 percent in EMEA (Europe, Middle East and Africa) and 0.8 percent in the U.S.

 

“This was a good quarter for 3M, with strong performances across the portfolio,” said Inge G. Thulin, 3M’s chairman, president and chief executive officer. “Four of our five business segments achieved positive organic growth and posted operating margins above 21 percent. We converted 107 percent of net income to free cash flow in the quarter, which fueled ongoing investment in the business and allowed for significant cash returned to shareholders. Our employees executed well in the face of continued slow economic growth.”

 

3M reiterated its 2013 full-year performance expectations. The company anticipates 2013 earnings to be in the range of $6.60 to $6.85 per share with organic local-currency sales growth of 2 to 5 percent. 3M continues to expect free cash flow conversion will be in the range of 90 to 100 percent.

 

In addition, the company now expects full-year gross share repurchases will be in the range of $3.5 billion to $4.5 billion versus a previous range of $2 billion to $3 billion.

 

Second-Quarter Business Group Discussion

 

Industrial

·                  Sales of $2.7 billion, up 6.6 percent in U.S. dollars. Organic local-currency sales increased 3.3 percent, acquisitions (Ceradyne) added 4.6 percent to sales and foreign currency translation reduced sales by 1.3 percent.

·                  On an organic local-currency basis:

·                  Sales grew in most businesses led by aerospace, automotive aftermarket, liquid filtration, industrial adhesives and tapes and automotive OEM.

·                  Sales rose in all major geographies led by Latin America/Canada, the U.S. and EMEA.

·                  Operating income was $599 million, up 1.2 percent year-on-year; operating margin of 22.5 percent.

 



 

Safety and Graphics

 

·                  Sales of $1.5 billion, up 2.3 percent in U.S. dollars. Organic local-currency sales increased 2.0 percent; acquisitions (Federal Signal Technologies) added 1.9 percent to sales and foreign currency translation reduced sales by 1.6 percent.

·                  On an organic local-currency basis:

·                  Sales growth was led by commercial graphics, personal safety, architectural markets and building and commercial services; sales declined in roofing granules and traffic safety and security systems.

·                  Sales grew in Latin America/Canada, Asia Pacific and EMEA and declined in the U.S.

·                  Operating income was $333 million, down 9.7 percent year-on-year; operating margin of 22.9 percent.

 

Electronics and Energy

·                  Sales of $1.3 billion, down 3.2 percent in U.S. dollars. Organic local-currency sales decreased 2.1 percent and foreign currency translation reduced sales by 1.1 percent.

·                  On an organic local-currency basis:

·                  Electronics-related sales declined year-on-year as end-markets remained soft during the quarter.

·                  Energy-related sales also declined year-on-year; weakness in renewable energy more than offset sales gains in electrical markets.

·                  Sales increased slightly in Latin America/Canada and declined in APAC, EMEA and the U.S.

·                  Operating income was $237 million, down 16.0 percent year-on-year; operating margin of 17.7 percent.

 

Health Care

·                  Sales of $1.3 billion, up 4.6 percent in U.S. dollars. Organic local-currency sales increased 5.7 percent and foreign currency translation reduced sales by 1.1 percent.

·                  On an organic local-currency basis:

·                  Sales growth was strongest in health information systems, food safety, critical and chronic care, oral care and infection prevention; sales declined in drug delivery.

·                  Sales grew in all major geographies, with double-digit growth in Latin America/Canada and APAC.

·                  Operating income increased 1.2 percent to $417 million; operating margin of 31.2 percent.

 

Consumer

·                  Sales of $1.1 billion, up 1.4 percent in U.S. dollars. Organic local-currency sales increased 2.9 percent, divestitures reduced sales by 0.1 percent and foreign currency translation reduced sales by 1.4 percent.

·                  On an organic local-currency basis:

·                  Sales growth driven by the consumer health care, home care, stationery & office supplies and DIY businesses.

·                  Sales increased in all regions led by Latin America/Canada, Asia Pacific and the U.S.

·                  Operating income grew 3.5 percent to $235 million; operating margin of 21.4 percent.

 



 

3M will conduct an investor teleconference at 9:00 a.m. EDT (8:00 a.m. CDT) today. Investors can access this conference via the following:

·               Live webcast at http://investor.3M.com.

·               Live telephone:

Call 800-762-2596 within the U.S. or +1 212-231-2916 outside the U.S. Please join the call at least 10 minutes before the start time.

·               Webcast replay:

Go to 3M’s Investor Relations website at http://investor.3M.com and click on “Quarterly Earnings.”

·               Telephone replay:

Call 800-633-8284 (for both U.S. and outside the U.S.; access code is 21609532).

The telephone replay will be available until 10:00 a.m. CDT on July 30, 2013.

 

Forward-Looking Statements

This news release contains forward-looking information about 3M’s financial results and estimates and business prospects that involve substantial risks and uncertainties. You can identify these statements by the use of words such as “anticipate,” “estimate,” “expect,” “project,” “intend,” “plan,” “believe,” “will,” “target,” “forecast” and other words and terms of similar meaning in connection with any discussion of future operating or financial performance or business plans or prospects. Among the factors that could cause actual results to differ materially are the following: (1) worldwide economic and capital markets conditions and other factors beyond the Company’s control, including natural and other disasters affecting the operations of the Company or its customers and suppliers; (2) the Company’s credit ratings and its cost of capital; (3) competitive conditions and customer preferences; (4) foreign currency exchange rates and fluctuations in those rates; (5) the timing and market acceptance of new product offerings; (6) the availability and cost of purchased components, compounds, raw materials and energy (including oil and natural gas and their derivatives) due to shortages, increased demand or supply interruptions (including those caused by natural and other disasters and other events); (7) the impact of acquisitions, strategic alliances, divestitures, and other unusual events resulting from portfolio management actions and other evolving business strategies, and possible organizational restructuring; (8) generating fewer productivity improvements than estimated; (9) unanticipated problems or delays with the phased implementation of a global enterprise resource planning (ERP) system, or security breaches and other disruptions to the Company’s information technology infrastructure; and (10) legal proceedings, including significant developments that could occur in the legal and regulatory proceedings described in the Company’s Annual Report on Form 10-K for the year ended December 31, 2012 and its subsequent quarterly reports on Form 10-Q (the “Reports”). Changes in such assumptions or factors could produce significantly different results. A further description of these factors is located in the Reports under “Cautionary Note Concerning Factors That May Affect Future Results” and “Risk Factors” in Part I, Items 1 and 1A (Annual Report) and in Part I, Item 2 and Part II, Item 1A (Quarterly Report). The information contained in this news release is as of the date indicated. The Company assumes no obligation to update any forward-looking statements contained in this news release as a result of new information or future events or developments.

 



 

3M Company and Subsidiaries

CONSOLIDATED STATEMENT OF INCOME

(Millions, except per-share amounts)

(Unaudited)

 

 

 

Three-months ended

 

Six-months ended

 

 

 

June 30,

 

June 30,

 

 

 

2013

 

2012

 

2013

 

2012

 

Net sales

 

$

7,752

 

$

7,534

 

$

15,386

 

$

15,020

 

Operating expenses

 

 

 

 

 

 

 

 

 

Cost of sales

 

4,013

 

3,870

 

7,982

 

7,759

 

Selling, general and administrative expenses

 

1,610

 

1,528

 

3,199

 

3,080

 

Research, development and related expenses

 

427

 

408

 

857

 

819

 

Total operating expenses

 

6,050

 

5,806

 

12,038

 

11,658

 

Operating income

 

1,702

 

1,728

 

3,348

 

3,362

 

Interest expense and income

 

 

 

 

 

 

 

 

 

Interest expense

 

41

 

43

 

80

 

83

 

Interest income

 

(10

)

(10

)

(20

)

(19

)

Total interest expense – net

 

31

 

33

 

60

 

64

 

Income before income taxes

 

1,671

 

1,695

 

3,288

 

3,298

 

Provision for income taxes

 

458

 

509

 

928

 

971

 

Net income including noncontrolling interest

 

$

1,213

 

$

1,186

 

$

2,360

 

$

2,327

 

Less: Net income attributable to noncontrolling interest

 

16

 

19

 

34

 

35

 

Net income attributable to 3M

 

$

1,197

 

$

1,167

 

$

2,326

 

$

2,292

 

Weighted average 3M common shares outstanding – basic

 

688.2

 

694.3

 

689.6

 

695.5

 

Earnings per share attributable to 3M common shareholders – basic

 

$

1.74

 

$

1.68

 

$

3.37

 

$

3.30

 

Weighted average 3M common shares outstanding – diluted

 

699.1

 

702.6

 

700.6

 

704.4

 

Earnings per share attributable to 3M common shareholders – diluted

 

$

1.71

 

$

1.66

 

$

3.32

 

$

3.25

 

Cash dividends paid per 3M common share

 

$

0.635

 

$

0.59

 

$

1.27

 

$

1.18

 

 


 


 

3M Company and Subsidiaries

CONDENSED CONSOLIDATED BALANCE SHEET

(Dollars in millions)

(Unaudited)

 

 

 

Jun. 30,
2013

 

Dec. 31,
2012

 

Jun. 30,
2012

 

ASSETS

 

 

 

 

 

 

 

Current assets

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

2,942

 

$

2,883

 

$

3,308

 

Marketable securities — current

 

1,310

 

1,648

 

1,595

 

Accounts receivable — net

 

4,542

 

4,061

 

4,364

 

Inventories

 

3,919

 

3,837

 

3,656

 

Other current assets

 

1,270

 

1,201

 

1,165

 

Total current assets

 

13,983

 

13,630

 

14,088

 

Marketable securities — non-current

 

1,542

 

1,162

 

1,031

 

Investments

 

154

 

163

 

152

 

Property, plant and equipment — net

 

8,329

 

8,378

 

7,706

 

Goodwill and intangible assets — net

 

9,017

 

9,310

 

8,911

 

Prepaid pension benefits

 

22

 

16

 

45

 

Other assets

 

1,083

 

1,217

 

1,406

 

Total assets

 

$

34,130

 

$

33,876

 

$

33,339

 

 

 

 

 

 

 

 

 

LIABILITIES AND EQUITY

 

 

 

 

 

 

 

Current liabilities

 

 

 

 

 

 

 

Short-term borrowings and current portion of long-term debt

 

$

1,062

 

$

1,085

 

$

650

 

Accounts payable

 

1,920

 

1,762

 

1,792

 

Accrued payroll

 

589

 

701

 

593

 

Accrued income taxes

 

460

 

371

 

440

 

Other current liabilities

 

2,304

 

2,281

 

2,232

 

Total current liabilities

 

6,335

 

6,200

 

5,707

 

Long-term debt

 

4,884

 

4,916

 

5,657

 

Pension and postretirement benefits

 

2,909

 

3,086

 

3,355

 

Other liabilities

 

1,683

 

1,634

 

1,747

 

Total liabilities

 

$

15,811

 

$

15,836

 

$

16,466

 

 

 

 

 

 

 

 

 

Total equity

 

$

18,319

 

$

18,040

 

$

16,873

 

Shares outstanding

 

 

 

 

 

 

 

June 30, 2013: 683,468,043 shares

 

 

 

 

 

 

 

December 31, 2012: 687,091,650 shares

 

 

 

 

 

 

 

June 30, 2012: 691,319,463 shares

 

 

 

 

 

 

 

Total liabilities and equity

 

$

34,130

 

$

33,876

 

$

33,339

 

 



 

3M Company and Subsidiaries

CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS

(Dollars in millions)

(Unaudited)

 

 

 

Six-months ended
June 30,

 

 

 

2013

 

2012

 

NET CASH PROVIDED BY OPERATING ACTIVITIES

 

$

2,673

 

$

2,217

 

 

 

 

 

 

 

Cash flows from investing activities:

 

 

 

 

 

Purchases of property, plant and equipment

 

(718

)

(619

)

Acquisitions, net of cash acquired

 

 

(144

)

Purchases and proceeds from sale or maturities of marketable securities and investments — net

 

(52

)

(103

)

Other investing activities

 

30

 

12

 

NET CASH USED IN INVESTING ACTIVITIES

 

(740

)

(854

)

Cash flows from financing activities:

 

 

 

 

 

Change in debt

 

(13

)

1,192

 

Purchases of treasury stock

 

(1,995

)

(1,163

)

Proceeds from issuances of treasury stock pursuant to stock option and benefit plans

 

1,103

 

479

 

Dividends paid to shareholders

 

(876

)

(820

)

Other financing activities

 

54

 

41

 

NET CASH USED IN FINANCING ACTIVITIES

 

(1,727

)

(271

)

 

 

 

 

 

 

Effect of exchange rate changes on cash and cash equivalents

 

(147

)

(3

)

 

 

 

 

 

 

Net increase (decrease) in cash and cash equivalents

 

59

 

1,089

 

Cash and cash equivalents at beginning of year

 

2,883

 

2,219

 

Cash and cash equivalents at end of period

 

$

2,942

 

$

3,308

 

 



 

3M Company and Subsidiaries

SUPPLEMENTAL CASH FLOW AND

OTHER SUPPLEMENTAL FINANCIAL INFORMATION

(Dollars in millions)

(Unaudited)

 

 

 

Three-months ended
June 30,

 

Six-months ended
June 30,

 

 

 

2013

 

2012

 

2013

 

2012

 

NON-GAAP MEASURES

 

 

 

 

 

 

 

 

 

Free Cash Flow:

 

 

 

 

 

 

 

 

 

Net cash provided by operating activities

 

$

1,679

 

$

1,389

 

$

2,673

 

$

2,217

 

Purchases of property, plant and equipment

 

(394

)

(358

)

(718

)

(619

)

Free Cash Flow (a)

 

$

1,285

 

$

1,031

 

$

1,955

 

$

1,598

 


(a)         Free cash flow is not defined under U.S. GAAP. Therefore, it should not be considered a substitute for income or cash flow data prepared in accordance with GAAP and may not be comparable to similarly titled measures used by other companies. The company defines free cash flow as net cash provided by operating activities less purchases of property, plant and equipment. It should not be inferred that the entire free cash flow amount is available for discretionary expenditures. The company believes free cash flow is a useful measure of performance and uses this measure as an indication of the strength of the company and its ability to generate cash.

 

 

 

June 30,

 

 

 

2013

 

2012

 

OTHER NON-GAAP MEASURES:

 

 

 

 

 

Net Working Capital Turns (b)

 

4.7

 

4.8

 


(b)         The company uses various working capital measures that place emphasis and focus on certain working capital assets and liabilities. 3M’s net working capital index is defined as quarterly net sales multiplied by four, divided by ending net accounts receivable plus inventory less accounts payable. This measure is not recognized under U.S. GAAP and may not be comparable to similarly titled measures used by other companies.

 


 


 

3M Company and Subsidiaries

SALES CHANGE ANALYSIS

(Unaudited)

 

During the first quarter of 2013, 3M completed a realignment of its business segments, as discussed in the following “Business Segments” section, and realigned its geographic area reporting to include Puerto Rico in the United States, rather than in the Latin America/Canada region.  The financial information presented herein reflects, for all periods presented, the impact of these realignments.

 

Sales Change Analysis

By Geographic Area

 

 

 

Three-months ended June 30, 2013

 

 

 

United
States

 

Asia-
Pacific

 

Europe,
Middle East
and Africa

 

Latin
America/
Canada

 

World-
Wide

 

Volume — organic

 

0.7

%

3.1

%

1.4

%

2.4

%

1.7

%

Price

 

0.1

 

(0.9

)

0.5

 

6.1

 

0.6

 

Organic local-currency sales

 

0.8

 

2.2

 

1.9

 

8.5

 

2.3

 

Acquisitions

 

3.4

 

0.4

 

2.1

 

0.7

 

1.9

 

Translation

 

 

(3.9

)

0.9

 

(3.2

)

(1.3

)

Total sales change

 

4.2

%

(1.3

)%

4.9

%

6.0

%

2.9

%

 

Worldwide

Sales Change Analysis

By Business Segment

 

 

 

Three-months ended June 30, 2013

 

 

 

Organic
local-
currency
sales

 

Acqui-
sitions

 

Divest-
itures

 

Trans-
lation

 

Total
sales
change

 

 

 

 

 

 

 

 

 

 

 

 

 

Industrial

 

3.3

%

4.6

%

%

(1.3

)%

6.6

%

Safety and Graphics

 

2.0

%

1.9

%

%

(1.6

)%

2.3

%

Electronics and Energy

 

(2.1

)%

%

%

(1.1

)%

(3.2

)%

Health Care

 

5.7

%

%

%

(1.1

)%

4.6

%

Consumer

 

2.9

%

%

(0.1

)%

(1.4

)%

1.4

%

 



 

 

Sales Change Analysis

By Geographic Area

 

 

 

Six-months ended June 30, 2013

 

 

 

United
States

 

Asia-
Pacific

 

Europe,
Middle East
and Africa

 

Latin
America/
Canada

 

World-
Wide

 

Volume — organic

 

1.2

%

3.2

%

0.1

%

2.7

%

1.6

%

Price

 

0.4

 

(1.1

)

0.4

 

5.2

 

0.5

 

Organic local-currency sales

 

1.6

 

2.1

 

0.5

 

7.9

 

2.1

 

Acquisitions

 

3.2

 

0.3

 

2.2

 

0.5

 

1.8

 

Translation

 

 

(3.3

)

(0.3

)

(4.1

)

(1.5

)

Total sales change

 

4.8

%

(0.9

)%

2.4

%

4.3

%

2.4

%

 

Worldwide

Sales Change Analysis

By Business Segment

 

 

 

Six-months ended June 30, 2013

 

 

 

Organic
local-
currency
sales

 

Acqui-
sitions

 

Divest-
itures

 

Trans-
lation

 

Total
sales
change

 

Industrial

 

3.1

%

4.1

%

%

(1.6

)%

5.6

%

Safety and Graphics

 

2.1

%

2.0

%

%

(1.9

)%

2.2

%

Electronics and Energy

 

(2.1

)%

%

%

(1.1

)%

(3.2

)%

Health Care

 

4.8

%

0.2

%

%

(1.3

)%

3.7

%

Consumer

 

3.2

%

%

%

(1.5

)%

1.7

%

 



 

3M Company and Subsidiaries

BUSINESS SEGMENTS

(Dollars in millions)

(Unaudited)

 

Effective in the first quarter of 2013, 3M completed a realignment of its business groups (segments) to better serve global markets and customers. This realignment included:

 

·                  The alignment of divisions into five business groups (segments) as further described below.

·                  The combination of certain existing divisions into new divisions. These included the Traffic Safety and Security Division (reflecting the combination of the former Traffic Safety Systems Division and Security Systems Division) and the Optical Systems Division (reflecting the combination of the former Optical Systems Division and Mobile Interactive Solutions Division).

·                  The movement of certain product lines between various divisions.

 

In addition to the above, there were also adjustments for dual credit reporting to reflect the realigned structure. The new structure is comprised of five business segments: Industrial, Safety and Graphics, Electronics and Energy, Health Care, and Consumer.

 

Industrial: This business segment, previously referred to as Industrial and Transportation, is largely unchanged, except for the transfer of the Renewable Energy Division to the Electronics and Energy business segment.

 

Safety and Graphics: This business segment includes Architectural Markets, Building and Commercial Services, Commercial Graphics, Industrial Mineral Products, Personal Safety, and Traffic Safety and Security. This new business segment also reflects the movement of certain product lines between various divisions.

 

Electronics and Energy: This business segment includes Communication Markets, Electrical Markets, Electronics Markets Materials, Electronic Solutions, Infrastructure Protection, Optical Systems, Renewable Energy, and 3M Touch Systems. This new business segment also reflects the movement of certain product lines between various divisions.

 

Health Care: This business segment is largely unchanged, except for the movement of certain product lines between various divisions.

 

Consumer: This business segment, previously referred to as Consumer and Office, is largely unchanged, except for the movement of certain product lines between various divisions.

 

The financial information presented herein reflects, for all periods presented, the impact of this realignment. Refer to 3M’s Current Report on Form 8-K furnished on March 1, 2013 and 3M’s Current Report on Form 8-K filed on May 16, 2013 for additional information concerning the business segment and geographic area realignments effective in the first quarter of 2013.

 



 

BUSINESS

SEGMENT

INFORMATION

(Millions)

 

 

 

Three-months ended
June 30,

 

Six-months ended
June 30,

 

 

 

2013

 

2012

 

2013

 

2012

 

NET SALES

 

 

 

 

 

 

 

 

 

Industrial

 

$

2,663

 

$

2,499

 

$

5,338

 

$

5,057

 

Safety and Graphics

 

1,453

 

1,421

 

2,870

 

2,808

 

Electronics and Energy

 

1,340

 

1,384

 

2,617

 

2,704

 

Health Care

 

1,336

 

1,277

 

2,647

 

2,552

 

Consumer

 

1,098

 

1,083

 

2,179

 

2,143

 

Corporate and Unallocated

 

2

 

1

 

4

 

3

 

Elimination of Dual Credit

 

(140

)

(131

)

(269

)

(247

)

Total Company

 

$

7,752

 

$

7,534

 

$

15,386

 

$

15,020

 

 

 

 

 

 

 

 

 

 

 

OPERATING INCOME

 

 

 

 

 

 

 

 

 

Industrial

 

$

599

 

$

592

 

$

1,175

 

$

1,183

 

Safety and Graphics

 

333

 

368

 

668

 

702

 

Electronics and Energy

 

237

 

282

 

433

 

516

 

Health Care

 

417

 

412

 

821

 

813

 

Consumer

 

235

 

227

 

472

 

464

 

Corporate and Unallocated

 

(88

)

(124

)

(162

)

(262

)

Elimination of Dual Credit

 

(31

)

(29

)

(59

)

(54

)

Total Company

 

$

1,702

 

$

1,728

 

$

3,348

 

$

3,362

 

 



 

About 3M

 

3M captures the spark of new ideas and transforms them into thousands of ingenious products. Our culture of creative collaboration inspires a never-ending stream of powerful technologies that make life better. 3M is the innovation company that never stops inventing. With $30 billion in sales, 3M employs 88,000 people worldwide and has operations in more than 70 countries.

 

Investor Contacts:

 

Matt Ginter

 

Media Contact:

 

Jacqueline Berry

 

 

3M

 

 

 

3M

 

 

(651) 733-8206

 

 

 

(651) 733-3611

 

 

 

 

 

 

 

 

 

Bruce Jermeland

 

 

 

 

 

 

3M

 

 

 

 

 

 

(651) 733-1807

 

 

 

 

 

From:

3M Public Relations and Corporate Communications

3M Center, Building 225-1S-15

St. Paul, MN 55144-1000

 


 

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