[April 26, 2016] |
|
3M Posts First-Quarter Sales of $7.4 Billion and GAAP EPS of $2.05
3M (NYSE: MMM) today reported first-quarter earnings of $2.05 per share,
an increase of 10.8 percent versus the first quarter of 2015. Sales
declined 2.2 percent year-on-year to $7.4 billion. Organic
local-currency sales declined 0.8 percent while acquisitions, net of
divestitures, added 1.6 percent to sales. Foreign currency translation
reduced sales by 3.0 percent year-on-year.
Operating income was $1.8 billion and operating income margins for the
quarter were 24.1 percent, up 1.3 percentage points year-on-year.
First-quarter net income was $1.3 billion and the company converted 74
percent of net income to free cash flow.
On March 30, 2016, the Financial Accounting Standards Board (FASB)
issued Accounting Standards Update (ASU) 2016-09 for the accounting of
employee share-based payments. 3M elected to adopt this new guidance
ahead of the mandatory 2017 effective date for all U.S. public
companies. The adoption of this ASU resulted in a first-quarter tax
benefit to earnings of $0.10 per share, net of tax cost related to
global cash optimization actions. Over the remainder of 2016, the
company is planning to take further such actions, and as a result its
full-year tax rate and earnings per share guidance remains unchanged.
3M paid $672 million in cash dividends to shareholders and repurchased
$1.2 billion of its own shares during the quarter.
Organic local-currency sales growth was 6.2 percent in Health Care, 2.8
percent in Consumer and 2.4 percent in Safety and Graphics, with
declines of 1.9 percent in Industrial and 11.7 percent in Electronics
and Energy. On a geographic basis, organic local-currency sales growth
was 4.2 percent in Latin America/Canada, 1.7 percent in EMEA (Europe,
Middle East and Africa) and 0.3 percent in the U.S., with a decline of
5.6 percent in Asia Pacific.
"Our team continued to execute the 3M playbook and delivered another
solid operational performance in the first quarter," said Inge G.
Thulin, 3M's chairman, president and chief executive officer. "We
expanded 3M's profitability, improved our cash flow generation, and
increased margins over a full percentage point. At the same time, we
continued to invest in the business - including opening a new,
world-class laboratory in the United States - while returning cash to
our shareholders."
For full-year 2016, 3M maintained its forecast for earnings per share in
the range of $8.10 to $8.45 with organic local-currency sales growth of
1 to 3 percent. 3M also continues to expect its tax rate to be in the
range of 29.5 to 30.5 percent and free cash flow conversion in the range
of 95 to 105 percent.
First-Quarter Business Group Discussion
Industrial
-
Sales of $2.6 billion, down 3.0 percent in U.S. dollars. Organic
local-currency sales declined 1.9 percent while foreign currency
translation reduced sales by 3.0 percent and acquisitions, net of
divestitures, increased sales by 1.9 percent.
-
On an organic local-currency basis:
-
Sales growth in automotive OEM, automotive aftermarket and 3M
Purification was offset by declines across the rest of the
portfolio.
-
Sales increased in Latin America/Canada and EMEA, and declined in
Asia Pacific and the U.S.
-
Operating income was $617 million, up 3.6 percent year-on-year;
operating margin of 23.9 percent.
Safety and Graphics
-
Sales of $1.4 billion, up 2.9 percent in U.S. dollars. Organic
local-currency sales increased 2.4 percent and acquisitions, net of
divestitures, increased sales by 4.5 percent while foreign currency
translation reduced sales by 4.0 percent.
-
On an organic local-currency basis:
-
Sales grew in roofing granules, commercial solutions and personal
safety; sales declined in traffic safety and security.
-
Sales grew across all geographic areas led by Asia Pacific and the
U.S.
-
Operating income was $345 million, an increase of 3.1 percent
year-on-year; operating margin of 24.5 percent.
Health Care
-
Sales of $1.4 billion, up 4.0 percent in U.S. dollars. Organic
local-currency sales increased 6.2 percent, acquisitions increased
sales by 0.9 percent and foreign currency translation reduced sales by
3.1 percent.
-
On an organic local-currency basis:
-
Strong sales growth across all businesses.
-
Sales grew in all geographic areas led by Asia Pacific and Latin
America/Canada.
-
Operating income was $455 million, an increase of 11.5 percent
year-on-year; operating margin of 32.9 percent.
Electronics and Energy
-
Sales of $1.1 billion, down 13.6 percent in U.S. dollars. Organic
local-currency sales declined 11.7 percent and foreign currency
translation reduced sales by 1.9 percent.
-
On an organic local-currency basis:
-
Electronics-related sales decreased 18 percent with declines in
both electronics materials solutions, and display materials and
systems; energy-related sales declined 1 percent as growth in
electrical markets was offset by declines in renewable energy and
telecom.
-
Sales declined in Asia Pacific and were flat in the other
geographic areas.
-
Operating income was $208 million, down 26.8 percent year-on-year;
operating margin of 18.2 percent.
Consumer
-
Sales of $1.0 billion, up 0.1 percent in U.S. dollars. Organic
local-currency sales increased 2.8 percent and foreign currency
translation reduced sales by 2.7 percent.
-
On an organic local-currency basis:
-
Sales grew in three of four businesses led by home improvement and
consumer health care.
-
Sales grew in Asia Pacific and the U.S. while declined in Latin
America/Canada and EMEA.
-
Operating income was $238 million, down 1.1 percent year-on-year;
operating margin of 22.7 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://investors.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://investors.3M.com
and click on "Quarterly Earnings."
-
Telephone replay:
Call 800-633-8284 within the U.S. or +1
402-977-9140 outside the U.S. (for both U.S. and outside the U.S.
access code is 21776139). The telephone replay will be available until
10:30 a.m. CDT on April 29, 2016.
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," "aim," "project," "intend," "plan,"
"believe," "will," "should," "could," "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 or climate change 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; (10) financial market risks that
may affect the Company's funding obligations under defined benefit
pension and postretirement plans; and (11) 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 Dec. 31, 2015. Changes in such assumptions or factors
could produce significantly different results. A further description of
these factors is located in the Annual Report under "Cautionary Note
Concerning Factors That May Affect Future Results" and "Risk Factors" in
Part I, Items 1 and 1A. 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
|
|
|
March 31,
|
|
|
2016
|
|
2015
|
|
|
|
|
|
|
|
Net sales
|
|
$
|
7,409
|
|
|
$
|
7,578
|
|
|
|
|
|
|
|
|
Operating expenses
|
|
|
|
|
|
|
Cost of sales
|
|
|
3,678
|
|
|
|
3,821
|
|
Selling, general and administrative expenses
|
|
|
1,493
|
|
|
|
1,564
|
|
Research, development and related expenses
|
|
|
450
|
|
|
|
463
|
|
|
|
|
|
|
|
|
Total operating expenses
|
|
|
5,621
|
|
|
|
5,848
|
|
|
|
|
|
|
|
|
Operating income
|
|
|
1,788
|
|
|
|
1,730
|
|
|
|
|
|
|
|
|
Interest expense and income
|
|
|
|
|
|
|
Interest expense
|
|
|
47
|
|
|
|
31
|
|
Interest income
|
|
|
(5
|
)
|
|
|
(4
|
)
|
|
|
|
|
|
|
|
Total interest expense - net
|
|
|
42
|
|
|
|
27
|
|
|
|
|
|
|
|
|
Income before income taxes
|
|
|
1,746
|
|
|
|
1,703
|
|
|
|
|
|
|
|
|
Provision for income taxes
|
|
|
468
|
|
|
|
502
|
|
|
|
|
|
|
|
|
Net income including noncontrolling interest
|
|
$
|
1,278
|
|
|
$
|
1,201
|
|
|
|
|
|
|
|
|
Less: Net income attributable to noncontrolling interest
|
|
|
3
|
|
|
|
2
|
|
|
|
|
|
|
|
|
Net income attributable to 3M
|
|
$
|
1,275
|
|
|
$
|
1,199
|
|
|
|
|
|
|
|
|
Weighted average 3M common shares outstanding - basic
|
|
|
607.4
|
|
|
|
636.2
|
|
Earnings per share attributable to 3M common shareholders - basic
|
|
$
|
2.10
|
|
|
$
|
1.88
|
|
|
|
|
|
|
|
|
Weighted average 3M common shares outstanding - diluted
|
|
|
621.3
|
|
|
|
649.2
|
|
Earnings per share attributable to 3M common shareholders - diluted
|
|
$
|
2.05
|
|
|
$
|
1.85
|
|
|
|
|
|
|
|
|
Cash dividends paid per 3M common share
|
|
$
|
1.11
|
|
|
$
|
1.025
|
|
|
|
|
|
|
|
|
|
|
3M Company and Subsidiaries
|
CONDENSED CONSOLIDATED BALANCE SHEET
|
(Dollars in millions)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
March 31,
|
|
December 31,
|
|
March 31,
|
|
|
2016
|
|
2015
|
|
2015
|
ASSETS
|
|
|
|
|
|
|
|
|
|
Current assets
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
$
|
1,337
|
|
$
|
1,798
|
|
$
|
1,791
|
Marketable securities - current
|
|
|
176
|
|
|
118
|
|
|
1,018
|
Accounts receivable - net
|
|
|
4,485
|
|
|
4,154
|
|
|
4,408
|
Inventories
|
|
|
3,627
|
|
|
3,518
|
|
|
3,704
|
Other current assets
|
|
|
1,249
|
|
|
1,398
|
|
|
1,395
|
Total current assets
|
|
|
10,874
|
|
|
10,986
|
|
|
12,316
|
Marketable securities - non-current
|
|
|
15
|
|
|
9
|
|
|
13
|
Investments
|
|
|
115
|
|
|
117
|
|
|
102
|
Property, plant and equipment - net
|
|
|
8,614
|
|
|
8,515
|
|
|
8,286
|
Goodwill and intangible assets - net (a)
|
|
|
11,926
|
|
|
11,850
|
|
|
8,330
|
Prepaid pension benefits
|
|
|
226
|
|
|
188
|
|
|
56
|
Other assets
|
|
|
1,212
|
|
|
1,053
|
|
|
1,466
|
Total assets
|
|
$
|
32,982
|
|
$
|
32,718
|
|
$
|
30,569
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND EQUITY
|
|
|
|
|
|
|
|
|
|
Current liabilities
|
|
|
|
|
|
|
|
|
|
Short-term borrowings and
|
|
|
|
|
|
|
|
|
|
current portion of long-term debt
|
|
$
|
2,212
|
|
$
|
2,044
|
|
$
|
132
|
Accounts payable
|
|
|
1,581
|
|
|
1,694
|
|
|
1,801
|
Accrued payroll
|
|
|
468
|
|
|
644
|
|
|
446
|
Accrued income taxes
|
|
|
590
|
|
|
332
|
|
|
464
|
Other current liabilities
|
|
|
2,327
|
|
|
2,404
|
|
|
2,186
|
Total current liabilities
|
|
|
7,178
|
|
|
7,118
|
|
|
5,029
|
Long-term debt
|
|
|
8,927
|
|
|
8,753
|
|
|
6,434
|
Pension and postretirement benefits
|
|
|
3,454
|
|
|
3,520
|
|
|
3,764
|
Other liabilities
|
|
|
1,649
|
|
|
1,580
|
|
|
1,390
|
Total liabilities
|
|
$
|
21,208
|
|
$
|
20,971
|
|
$
|
16,617
|
|
|
|
|
|
|
|
|
|
|
Total equity
|
|
$
|
11,774
|
|
$
|
11,747
|
|
$
|
13,952
|
Shares outstanding
|
|
|
|
|
|
|
|
|
|
March 31, 2016: 606,514,530 shares
|
|
|
|
|
|
|
|
|
|
December 31, 2015: 609,330,124 shares
|
|
|
|
|
|
|
|
|
|
March 31, 2015: 634,340,975 shares
|
|
|
|
|
|
|
|
|
|
Total liabilities and equity
|
|
$
|
32,982
|
|
$
|
32,718
|
|
$
|
30,569
|
|
|
|
|
|
|
|
|
|
|
(a)
|
|
In August 2015, 3M completed the acquisitions of Capital Safety
and Polypore's Separations Media (Membrana) business. The
combination of these acquisitions increased goodwill and
intangible assets - net by approximately $3.8 billion when
compared to March 31, 2015, balances.
|
|
|
|
3M Company and Subsidiaries
|
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
|
(Dollars in millions)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
Three months ended
|
|
|
March 31,
|
|
|
2016
|
|
2015
|
NET CASH PROVIDED BY OPERATING ACTIVITIES
|
|
$
|
1,260
|
|
|
$
|
1,080
|
|
|
|
|
|
|
|
|
Cash flows from investing activities:
|
|
|
|
|
|
|
Purchases of property, plant and equipment
|
|
|
(314
|
)
|
|
|
(291
|
)
|
Acquisitions, net of cash acquired
|
|
|
(4
|
)
|
|
|
(150
|
)
|
Purchases and proceeds from sale or maturities of marketable
securities and investments - net
|
|
|
(61
|
)
|
|
|
414
|
|
Other investing activities
|
|
|
99
|
|
|
|
27
|
|
|
|
|
|
|
|
|
NET CASH USED IN INVESTING ACTIVITIES
|
|
|
(280
|
)
|
|
|
-
|
|
|
|
|
|
|
|
|
Cash flows from financing activities:
|
|
|
|
|
|
|
Change in debt
|
|
|
138
|
|
|
|
(4
|
)
|
Purchases of treasury stock
|
|
|
(1,227
|
)
|
|
|
(886
|
)
|
Proceeds from issuances of treasury stock pursuant to stock option
and benefit plans
|
|
|
357
|
|
|
|
309
|
|
Dividends paid to shareholders
|
|
|
(672
|
)
|
|
|
(652
|
)
|
Other financing activities
|
|
|
(22
|
)
|
|
|
79
|
|
|
|
|
|
|
|
|
NET CASH USED IN FINANCING ACTIVITIES
|
|
|
(1,426
|
)
|
|
|
(1,154
|
)
|
|
|
|
|
|
|
|
Effect of exchange rate changes on cash and cash equivalents
|
|
|
(15
|
)
|
|
|
(32
|
)
|
|
|
|
|
|
|
|
Net increase (decrease) in cash and cash equivalents
|
|
|
(461
|
)
|
|
|
(106
|
)
|
Cash and cash equivalents at beginning of year
|
|
|
1,798
|
|
|
|
1,897
|
|
|
|
|
|
|
|
|
Cash and cash equivalents at end of period
|
|
$
|
1,337
|
|
|
$
|
1,791
|
|
|
|
|
|
|
|
|
3M Company and Subsidiaries
|
SUPPLEMENTAL FINANCIAL INFORMATION
|
NON-GAAP MEASURES
|
(Dollars in millions)
|
(Unaudited)
|
|
|
|
|
|
|
Three months ended
|
|
|
|
March 31,
|
|
Free Cash Flow
|
|
2016
|
|
2015
|
|
|
|
|
|
|
|
|
|
Net cash provided by operating activities
|
|
$
|
1,260
|
|
|
$
|
1,080
|
|
|
Purchases of property, plant and
equipment
|
|
|
(314
|
)
|
|
|
(291
|
)
|
|
|
|
|
|
|
|
|
|
Free Cash Flow (b)
|
|
$
|
946
|
|
|
$
|
789
|
|
|
|
|
|
|
|
|
|
|
Free Cash Flow Conversion (b)
|
|
|
74
|
|
%
|
|
66
|
|
%
|
|
|
|
|
|
|
|
|
(b)
|
|
Free cash flow and free cash flow conversion are not defined under
U.S. generally accepted accounting principles (GAAP). Therefore,
they should not be considered a substitute for income or cash flow
data prepared in accordance with U.S. 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 defines free cash flow
conversion as free cash flow divided by net income attributable to
3M. The Company believes free cash flow and free cash flow
conversion are useful measures of performance and uses these
measures as an indication of the strength of the company and its
ability to generate cash.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March 31,
|
|
December 31,
|
|
March 31,
|
Net Debt
|
|
2016
|
|
2015
|
|
2015
|
|
|
|
|
|
|
|
|
|
|
Total Debt
|
|
$
|
11,139
|
|
$
|
10,797
|
|
$
|
6,566
|
Less: Cash and Cash Equivalents and Marketable Securities
|
|
|
1,528
|
|
|
1,925
|
|
|
2,822
|
|
|
|
|
|
|
|
|
|
|
Net Debt (c)
|
|
$
|
9,611
|
|
$
|
8,872
|
|
$
|
3,744
|
|
|
|
|
|
|
|
|
|
|
(c)
|
|
The Company defines net debt as total debt less the total of cash,
cash equivalents and current and long-term marketable securities. 3M
considers net debt and its components to be an important indicator
of liquidity and a guiding measure of capital structure strategy.
Net debt is not defined under U.S. GAAP and may not be computed the
same as similarly titled measures used by other companies.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March 31,
|
|
December 31,
|
|
March 31,
|
Working Capital Index
|
|
2016
|
|
2015
|
|
2015
|
|
|
|
|
|
|
|
Net Working Capital Turns
(d)
|
|
4.5
|
|
4.9
|
|
4.8
|
|
|
|
|
|
|
|
(d)
|
|
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)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended March 31, 2016
|
|
|
|
|
|
|
|
|
|
Europe,
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Middle
|
|
|
Latin
|
|
|
|
|
Sales Change Analysis
|
|
United
|
|
|
Asia-
|
|
|
East and
|
|
|
America/
|
|
|
World-
|
|
By Geographic Area
|
|
States
|
|
|
Pacific
|
|
|
Africa
|
|
|
Canada
|
|
|
Wide
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Volume - organic
|
|
0.3
|
%
|
|
(5.4)
|
%
|
|
0.5
|
%
|
|
(2.6)
|
%
|
|
(1.7)
|
%
|
Price
|
|
-
|
|
|
(0.2)
|
|
|
1.2
|
|
|
6.8
|
|
|
0.9
|
|
Organic local-currency sales
|
|
0.3
|
|
|
(5.6)
|
|
|
1.7
|
|
|
4.2
|
|
|
(0.8)
|
|
Acquisitions
|
|
2.6
|
|
|
1.0
|
|
|
2.8
|
|
|
2.2
|
|
|
2.1
|
|
Divestitures
|
|
(0.6)
|
|
|
(0.2)
|
|
|
(0.7)
|
|
|
(0.3)
|
|
|
(0.5)
|
|
Translation
|
|
-
|
|
|
(2.6)
|
|
|
(2.9)
|
|
|
(15.7)
|
|
|
(3.0)
|
|
Total sales change
|
|
2.3
|
%
|
|
(7.4)
|
%
|
|
0.9
|
%
|
|
(9.6)
|
%
|
|
(2.2)
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended March 31, 2016
|
|
|
|
Organic
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Worldwide
|
|
local-
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
Sales Change Analysis
|
|
currency
|
|
|
|
|
|
|
|
|
|
|
|
sales
|
|
By Business Segment
|
|
sales
|
|
|
Acquisitions
|
|
|
Divestitures
|
|
|
Translation
|
|
|
change
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Industrial
|
|
(1.9)
|
%
|
|
2.0
|
%
|
|
(0.1)
|
%
|
|
(3.0)
|
%
|
|
(3.0)
|
%
|
Safety and Graphics
|
|
2.4
|
%
|
|
6.9
|
%
|
|
(2.4)
|
%
|
|
(4.0)
|
%
|
|
2.9
|
%
|
Health Care
|
|
6.2
|
%
|
|
0.9
|
%
|
|
-
|
%
|
|
(3.1)
|
%
|
|
4.0
|
%
|
Electronics and Energy
|
|
(11.7)
|
%
|
|
-
|
%
|
|
-
|
%
|
|
(1.9)
|
%
|
|
(13.6)
|
%
|
Consumer
|
|
2.8
|
%
|
|
-
|
%
|
|
-
|
%
|
|
(2.7)
|
%
|
|
0.1
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3M Company and Subsidiaries BUSINESS SEGMENTS (Dollars
in millions) (Unaudited)
Effective in the first quarter of 2016, 3M made a product line reporting
change involving two of its business segments in its continuing effort
to improve the alignment of its businesses around markets and customers.
The change between business segments was as follows:
-
Elements of the electronic bonding product lines were previously
separately reflected in the Electronics Materials Solutions Division
(Electronics and Energy business segment) and the Industrial Adhesives
and Tapes Division (Industrial business segment). Effective in the
first quarter of 2016, certain sales and operating income results for
these electronic bonding product lines in aggregate were equally
divided between the Electronics and Energy business segment and
Industrial business segment. This change resulted in a decrease in net
sales for total year 2015 of $33 million in the Industrial business
segment offset by a corresponding increase in the Electronics and
Energy business segment.
The financial information presented herein reflects the impact of the
preceding product line reporting change between business segments for
all periods presented. Refer to 3M's Current Report on Form 8-K
furnished on March 15, 2016, for additional supplemental unaudited
historical business segment net sales and operating income information.
|
|
|
|
|
|
|
BUSINESS SEGMENT INFORMATION
|
|
Three months ended
|
NET SALES
|
|
March 31,
|
(Millions)
|
|
2016
|
|
2015
|
|
|
|
|
|
|
|
Industrial
|
|
$
|
2,576
|
|
|
$
|
2,656
|
|
Safety and Graphics
|
|
|
1,412
|
|
|
|
1,372
|
|
Health Care
|
|
|
1,383
|
|
|
|
1,329
|
|
Electronics and Energy
|
|
|
1,144
|
|
|
|
1,324
|
|
Consumer
|
|
|
1,049
|
|
|
|
1,048
|
|
Corporate and Unallocated
|
|
|
1
|
|
|
|
2
|
|
Elimination of Dual Credit
|
|
|
(156
|
)
|
|
|
(153
|
)
|
|
|
|
|
|
|
|
Total Company
|
|
$
|
7,409
|
|
|
$
|
7,578
|
|
|
|
|
|
|
|
|
BUSINESS SEGMENT INFORMATION
|
|
Three months ended
|
OPERATING INCOME
|
|
March 31,
|
(Millions)
|
|
2016
|
|
2015
|
|
|
|
|
|
|
|
Industrial
|
|
$
|
617
|
|
|
$
|
596
|
|
Safety and Graphics
|
|
|
345
|
|
|
|
335
|
|
Health Care
|
|
|
455
|
|
|
|
408
|
|
Electronics and Energy
|
|
|
208
|
|
|
|
285
|
|
Consumer
|
|
|
238
|
|
|
|
240
|
|
Corporate and Unallocated
|
|
|
(41
|
)
|
|
|
(100
|
)
|
Elimination of Dual Credit
|
|
|
(34
|
)
|
|
|
(34
|
)
|
|
|
|
|
|
|
|
Total Company
|
|
$
|
1,788
|
|
|
$
|
1,730
|
|
|
|
|
|
|
|
|
About 3M At 3M, we apply science in collaborative ways to
improve lives daily. With $30 billion in sales, our 90,000 employees
connect with customers all around the world. Learn more about 3M's
creative solutions to the world's problems at www.3M.com
or on Twitter @3M or @3MNewsroom.
View source version on businesswire.com: http://www.businesswire.com/news/home/20160426005922/en/
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