Exhibit 99

 

FOR IMMEDIATE RELEASE

 

 

3M Reports 2005 Fourth-Quarter and Calendar Year Sales and Earnings

 

ST. PAUL, Minn. - Jan. 24, 2006 - 3M (NYSE: MMM) today announced its sales and profit results for the fourth-quarter and calendar year 2005.

 

Fourth-quarter net income before a cumulative effect of accounting change related to FIN 47(a) was $796 million, or $1.04 per share, versus $720 million, or $0.91 per share, in the fourth quarter of 2004. Earnings per-share increased 14.3 percent, excluding the effect of FIN 47(a). Fourth-quarter reported net income was $761 million, or $0.99 per share.

 

“This was a great quarter for 3M with broad-based contributions from our diverse portfolio and particularly strong results in our industrial and electronics-related businesses,” said George W. Buckley, 3M chairman, president and CEO. “This quarter demonstrates the value 3M’s innovative products bring to customers and the superb capability of the 3M organization to overcome the headwinds of raw material price inflation. I would like to thank 3M employees worldwide for leveraging the combination of solid sales growth and strong operational performance into another double-digit earnings per share increase in 2005.”

 

Fourth-quarter worldwide sales totaled $5.3 billion, up 4.6 percent compared to the fourth quarter of 2004. Local-currency sales increased 7.3 percent, including 2.1 percent from the acquisition of CUNO Inc. Currency effects decreased sales by 2.7 percent. Local-currency sales increased 18.2 percent in Industrial (including 12.0 percent due to CUNO), 10.9 percent in Electro and Communications, 10.2 percent in Display and Graphics, 9.7 percent in Safety, Security and Protection Services, 3.3 percent in Transportation, 0.5 percent in Consumer and Office, and were unchanged in Health Care.

 

For the 2005 calendar year, reported net income was $3.2 billion, or $4.12 per share. Net income excluding the effects of FIN 47(a) and the American Jobs Creation Act(b), totaled $3.3 billion or $4.26 per share, up from $3.0 billion or $3.75 per share in 2004, an EPS increase of 13.6 percent.

 

Calendar year 2005 sales totaled $21.2 billion, a 5.8 percent increase over 2004. Local-currency sales increased 5.1 percent, including 0.9 percent from the acquisition of CUNO. Selling prices increased 0.6 percent, and currency effects increased sales by 0.7 percent. For the calendar year, local-currency sales growth was driven by increases of 9.3 percent in Industrial (including 5.1 percent from CUNO); 6.9 percent in Safety, Security and Protection Services; 5.0 percent in Transportation; and 4.2 percent in Electro and Communications.

 

“Looking ahead, we will focus on driving profitable growth by investing in our most promising commercialization, geographic and technology opportunities, and part of this investment will come from savings generated through continuous operational improvements,” said Buckley. “After long admiring 3M for its unique culture of innovation, decades of success, wealth of technology and outstanding people, I look forward to being part of the team that will make real the tremendous potential of 3M in 2006 and beyond.”

 

3M also provided its full-year 2006 earnings estimates. The company expects 2006 per share earnings to be in the range of $4.45 to $4.60, including an estimated $0.16 per share cost of stock

 



 

options expensing. 3M has elected to restate prior year earnings to reflect stock options expensing, the details of which will be described in the 2006 first quarter 10-Q. Restated 2005 earnings per share will be $4.12(d), including a $0.14 per share cost from expensing stock options, and excluding the one-time impacts of FIN 47(a) and the Jobs Act(b). Calendar year 2006 organic local-currency growth is expected to be between 4 and 7 percent, with an additional approximately 1.4 percent local currency growth from the CUNO acquisition.

 

For the first quarter of 2006, the company expects earnings per share to be in the range of $1.10 to $1.14, including an estimated $0.02 per share cost from stock options expensing(c). In the first quarter of 2005, 3M earned $0.97 per share adjusted to reflect stock options expensing of $0.06 per share. The company expects first-quarter, local-currency sales growth of 4 to 7 percent with an additional estimated 2.3 percent from CUNO.

 

George W. Buckley, and Patrick D. Campbell, senior vice president and chief financial officer, will conduct an investor teleconference at 10 a.m. Eastern Time (9 a.m. Central Time) today. Investors can access a webcast of this conference, along with related charts and materials, at http://investor.3M.com.

 

(a) In March 2005, the FASB issued Interpretation No. 47, “Accounting for Conditional Asset Retirement Obligations — an interpretation of FASB Statement No.143” (“FIN 47”). In adopting FIN 47 in the fourth quarter, 3M recorded a noncash charge of $35 million after-tax as a cumulative effect of change in accounting principle in the accompanying Consolidated Statement of Income. This charge represents conditional retirement obligations associated with 3M long-lived assets.

 

(b) During the quarter ended June 30, 2005, the company completed its evaluation of the repatriation provision of the American Jobs Creation Act of 2004 (Jobs Act) and recognized $75 million, net of available foreign tax credits, of related tax liability. The company reinvested approximately $1.8 billion of foreign earnings in the United States pursuant to the provisions of the Jobs Act in 2005.

 

(c) For calendar year 2006, 3M expects an estimated $0.16 earnings per share cost from stock options expensing, with an estimated $0.02 per share cost in the first quarter, an estimated $0.08 per share cost in the second quarter, and estimated $0.03 per share costs in each of the third and fourth quarters. 3M expects a higher expense when the company’s annual grant is made in the second quarter, due to a requirement under FAS 123R to immediately expense stock options granted to retirement-eligible employees.

 

(d) Reported 2005 earnings per share will be $3.98, including the restatement for stock options expensing and the one-time impacts of FIN 47(a) and the Jobs Act(b).

 

Forward-Looking Statements

This news release contains forward-looking information (within the meaning of the Private Securities Litigation Reform Act of 1995) about the company’s financial results and estimates, business prospects, and products under development 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,” and other words and terms of similar meaning in connection with any discussion of future operating or financial performance. Among the factors that could cause actual results to differ materially are the following: (1) worldwide economic conditions; (2) competitive conditions and customer preferences; (3) foreign currency exchange rates and fluctuations in those rates; (4) the timing and acceptance of new product offerings; (5) 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); (6) 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; (7) generating less productivity improvements than estimated; and (8) legal proceedings, including the outcome of and information derived from pending Congressional action concerning asbestos-related litigation and other significant developments that could occur in the legal proceedings described in the company’s Annual Report on Form 10-K for the year-ended Dec. 31, 2004 and the Quarterly Reports on Form 10-Q for the quarters ended March 31, 2005, June 30, 2005, and Sept. 30, 2005 (the “Reports”). Changes in such assumptions or factors could produce significantly different results. A further description of these factors is located in the Reports. 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 release as a result of new information or future events or developments.

 

About 3M - A Global, Diversified Technology Company

Every day, 3M people find new ways to make amazing things happen. Wherever they are, whatever they do, the company’s customers know they can rely on 3M to help make their lives better. 3M’s brands include Scotch, Post-it, Scotchgard, Thinsulate, Scotch-Brite, Filtrete, Command and Vikuiti. Serving customers in more than 200 countries around the world, the company’s 69,000 people use their expertise, technologies and global strength to lead in major markets including consumer and office; display and graphics; electronics and telecommunications; safety, security and protection services; health care; industrial and transportation.

 

Scotch, Post-it, Scotchgard, Thinsulate, Scotch-Brite, Filtrete, Command and Vikuiti are trademarks of 3M.

 



 

3M Company and Subsidiaries

CONSOLIDATED STATEMENT OF INCOME

(Millions, except per-share amounts)

(Unaudited)

 

 

 

Three-months ended

 

Twelve-months ended

 

 

 

December 31

 

December 31

 

 

 

2005

 

2004

 

2005

 

2004

 

 

 

 

 

 

 

 

 

 

 

Net sales

 

$

5,325

 

$

5,091

 

$

21,167

 

$

20,011

 

Operating expenses Cost of sales

 

2,618

 

2,613

 

10,381

 

9,958

 

Selling, general and administrative expenses (e)

 

1,178

 

1,084

 

4,535

 

4,281

 

Research, development and related expenses (e)

 

317

 

302

 

1,242

 

1,194

 

Total

 

4,113

 

3,999

 

16,158

 

15,433

 

Operating income

 

1,212

 

1,092

 

5,009

 

4,578

 

Interest expense and income

 

 

 

 

 

 

 

 

 

Interest expense

 

23

 

17

 

82

 

69

 

Interest income

 

(11

)

(14

)

(56

)

(46

)

Total

 

12

 

3

 

26

 

23

 

Income before income taxes, minority interest and cumulative effect of accounting change

 

1,200

 

1,089

 

4,983

 

4,555

 

Provision for income taxes

 

389

 

359

 

1,694

 

1,503

 

Minority interest

 

15

 

10

 

55

 

62

 

Income before cumulative effect of accounting change

 

796

 

720

 

3,234

 

2,990

 

Cumulative effect of accounting change

 

(35

)

 

(35

)

 

Net income

 

$

761

 

$

720

 

$

3,199

 

$

2,990

 

Weighted average common shares outstanding — basic

 

757.6

 

776.2

 

764.9

 

780.5

 

Earnings per share — basic

 

 

 

 

 

 

 

 

 

 

 

 

 

Income before cumulative effect of accounting change

 

$

1.05

 

$

0.93

 

$

4.23

 

$

3.83

 

Cumulative effect of accounting change

 

(0.05

)

 

(0.05

)

 

Net Income

 

$

1.00

 

$

0.93

 

$

4.18

 

$

3.83

 

Weighted average common shares outstanding — diluted

 

768.2

 

790.4

 

776.9

 

796.5

 

Earnings per share — diluted

 

 

 

 

 

 

 

 

 

Income before cumulative effect of accounting change

 

$

1.04

 

$

0.91

 

$

4.16

 

$

3.75

 

Cumulative effect of accounting change

 

(0.05

)

 

(0.04

)

 

Net income

 

$

0.99

 

$

0.91

 

$

4.12

 

$

3.75

 

Cash dividends paid per common share

 

$

0.42

 

$

0.36

 

$

1.68

 

$

1.44

 


(e) Certain amounts in the prior periods’ consolidated financial statements have been reclassified to conform to the current period presentation. Internally developed patent costs have been reclassified to “Research, development and related expenses” from “Selling, general and administrative expenses”. Costs of internally developed patents include costs and fees incurred to prepare, file, secure and maintain patents.

 



 

3M Company and Subsidiaries

SUPPLEMENTAL CONSOLIDATED STATEMENT OF INCOME INFORMATION

(Millions, except per-share amounts)

(Unaudited)

 

 

 

Twelve-months ended

 

 

 

December 31, 2005

 

 

 

Excluding

 

 

 

 

 

 

 

special

 

Special

 

Reported

 

 

 

items (f)

 

items (f)

 

total

 

 

 

 

 

 

 

 

 

Net sales

 

$

21,167

 

$

 

$

21,167

 

Operating expenses

 

 

 

 

 

 

 

Cost of sales

 

10,381

 

 

10,381

 

Selling, general and administrative expenses

 

4,535

 

 

4,535

 

Research, development and related expenses

 

1,242

 

 

1,242

 

Total

 

16,158

 

 

16,158

 

Operating income

 

5,009

 

 

5,009

 

 

 

 

 

 

 

 

 

Interest expense and (income), net

 

26

 

 

26

 

 

 

 

 

 

 

 

 

Income before income taxes, minority interest and cumulative effect of accounting change

 

4,983

 

 

4,983

 

 

 

 

 

 

 

 

 

Provision for income taxes

 

1,619

 

75

 

1,694

 

Effective tax rate

 

32.5

%

 

34.0

%

 

 

 

 

 

 

 

 

Minority interest

 

55

 

 

55

 

Income before cumulative effect of accounting change

 

3,309

 

(75

)

3,234

 

Cumulative effect of accounting change

 

 

(35

)

(35

)

Net income (loss)

 

3,309

 

(110

)

3,199

 

 

 

 

 

 

 

 

 

Weighted average diluted shares

 

776.9

 

776.9

 

776.9

 

Income before cumulative effect of accounting change

 

$

4.26

 

$

(0.10

)

$

4.16

 

Cumulative effect of accounting change

 

 

(0.04

)

(0.04

)

Net income (loss) per diluted shares

 

$

4.26

 

$

(0.14

)

$

4.12

 


(f) In addition to disclosing results that are determined in accordance with U.S. generally accepted accounting principles (GAAP), the company also discloses non-GAAP results that exclude special items. Special items represent significant charges or credits that are important to an understanding of the company’s ongoing operations. The company provides reconciliations of its non-GAAP financial reporting to the most comparable GAAP reporting. The company believes that discussion of results excluding special items provides a useful analysis of ongoing operating trends. Earnings per share and other amounts before special items are not measures recognized under GAAP. The determination of special items may not be comparable to similarly titled measures used by other companies.  During the quarter ended June 30, 2005, the Company completed its evaluation of the repatriation provision of the American Jobs Creation Act of 2004 (Jobs Act) and recognized $75 million, net of available foreign tax credits, of related tax liability. The Company reinvested approximately $1.8 billion of foreign earnings in the United States pursuant to the provisions of the Jobs Act in 2005.  In March 2005, the FASB issued Interpretation No. 47, “Accounting for Conditional Asset Retirement Obligations—an interpretation of FASB Statement No.143” (“FIN 47”).  In adopting FIN 47 in the fourth quarter of 2005, 3M recorded a non-cash charge of $35 million after-tax as a cumulative effect of change in accounting principle. This charge represents conditional retirement obligations associated with 3M long-lived assets.



 

3M Company and Subsidiaries

CONDENSED CONSOLIDATED BALANCE SHEET

(Dollars in millions)

(Unaudited)

 

 

 

Dec. 31,

 

Dec. 31,

 

 

 

2005

 

2004

 

ASSETS

 

 

 

 

 

Current assets

 

 

 

 

 

Cash and cash equivalents

 

$

1,072

 

$

2,757

 

Accounts receivable — net

 

2,838

 

2,792

 

Inventories

 

2,162

 

1,897

 

Other current assets

 

1,043

 

1,274

 

Total current assets

 

7,115

 

8,720

 

Investments

 

272

 

227

 

Property, plant and equipment — net

 

5,593

 

5,711

 

Prepaid pension and postretirement benefits

 

2,951

 

2,591

 

Goodwill, intangible assets and other assets (g)

 

4,582

 

3,459

 

Total assets

 

$

20,513

 

$

20,708

 

LIABILITIES AND STOCKHOLDERS’ EQUITY

 

 

 

 

 

Current liabilities

 

 

 

 

 

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

 

$

1,072

 

$

2,094

 

Accounts payable

 

1,256

 

1,168

 

Accrued payroll

 

469

 

487

 

Accrued income taxes

 

989

 

867

 

Other current liabilities

 

1,452

 

1,455

 

Total current liabilities

 

5,238

 

6,071

 

Long-term debt

 

1,309

 

727

 

Other liabilities

 

3,866

 

3,532

 

Total liabilities

 

10,413

 

10,330

 

Total stockholders’ equity — net

 

10,100

 

10,378

 

Shares outstanding

 

 

 

 

 

December 31, 2005: 754,538,387 shares

 

 

 

 

 

December 31, 2004: 773,518,281 shares

 

 

 

 

 

Total liabilities and stockholders’ equity

 

$

20,513

 

$

20,708

 


(g) The acquisition of CUNO in the third quarter of 2005 increased the “Goodwill, intangible assets and other assets” balance by approximately $1.3 billion.

 



 

3M Company and Subsidiaries

CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS

(Dollars in millions)

(Unaudited)

 

 

 

Twelve-months ended

 

 

 

December 31

 

 

 

2005

 

2004

 

SUMMARY OF CASH FLOW:

 

 

 

 

 

 

 

 

 

 

 

NET CASH PROVIDED BY OPERATING ACTIVITIES

 

$

4,258

 

$

4,282

 

Cash flows from investing activities:

 

 

 

 

 

Purchases of property, plant and equipment

 

(943

)

(937

)

Acquisitions, net of cash acquired

 

(1,293

)

(73

)

Other investing activities

 

(5

)

72

 

NET CASH USED IN INVESTING ACTIVITIES

 

(2,241

)

(938

)

Cash flows from financing activities:

 

 

 

 

 

Change in debt

 

(485

)

(111

)

Purchases of treasury stock

 

(2,377

)

(1,791

)

Reissuances of treasury stock

 

545

 

508

 

Dividends paid to stockholders

 

(1,286

)

(1,125

)

Other financing activities

 

(76

)

(15

)

NET CASH USED IN FINANCING ACTIVITIES

 

(3,679

)

(2,534

)

Effect of exchange rate changes on cash

 

(23

)

111

 

Net increase (decrease) in cash and cash equivalents

 

(1,685

)

921

 

Cash and cash equivalents at beginning of period

 

2,757

 

1,836

 

Cash and cash equivalents at end of period

 

$

1,072

 

$

2,757

 

 



 

3M Company and Subsidiaries

SUPPLEMENTAL CASH FLOW AND

OTHER SUPPLEMENTAL FINANCIAL INFORMATION

(Dollars in millions)

(Unaudited)

 

 

 

Twelve-months ended

 

 

 

December 31

 

 

 

2005

 

2004

 

NON-GAAP MEASURES

 

 

 

 

 

 

 

 

 

 

 

Free Cash Flow:

 

 

 

 

 

Net cash provided by operating activities

 

$

4,258

 

$

4,282

 

Purchases of property, plant and equipment

 

(943

)

(937

)

Free Cash Flow (h)

 

$

3,315

 

$

3,345

 

 

 

 

 

 

 

OTHER NON-GAAP MEASURES:

 

 

 

 

 

Net Working Capital Turns (i)

 

5.7

 

5.8

 

 

 

 

 

 

 

Reported (before cumulative effect of accounting change):

 

 

 

 

 

Economic Profit (j)

 

$

1,882

 

$

1,758

 

Return on Invested Capital (j)

 

23.2

%

23.4

%

 

 

 

 

 

 

Excluding Special Items in 2005:

 

 

 

 

 

Economic Profit (j)

 

$

1,957

 

$

1,758

 

Return on Invested Capital (j)

 

23.7

%

23.4

%


(h) Free cash flow is not defined under U.S. generally accepted accounting principles (GAAP). Therefore, it 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 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.

 

(i) 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. generally accepted accounting principles and may not be comparable to similarly titled measures used by other companies.

 

(j) The company uses non-GAAP measures to focus on shareholder value creation.  3M’s Economic Profit is defined as after-tax operating income less a charge for operating capital. 3M also uses Return on Invested Capital, defined as after-tax operating income divided by average operating capital. This measure is presented as reported and also excluding 2005 special items.  3M’s reported economic profit calculation also excludes the impact of the adoption of FIN 47.  Special items were previously defined within the Supplemental Consolidated Statement of Income Information section of this document. These measures are not recognized under U.S. generally accepted accounting principles and may not be comparable to similarly titled measures used by other companies.

 



 

3M Company and Subsidiaries

SALES CHANGE ANALYSIS

(Unaudited)

 

 

 

Three-Months Ended Dec. 31, 2005

 

Sales Change Analysis

 

United

 

Inter-

 

 

 

By Geographic Area

 

States

 

national

 

Worldwide

 

Volume — organic

 

(1.4

)%

9.4

%

5.1

%

 

 

 

 

 

 

 

 

Volume — acquisitions

 

3.2

 

1.3

 

2.1

 

Volume — total

 

1.8

 

10.7

 

7.2

 

 

 

 

 

 

 

 

 

Price

 

3.2

 

(1.9

)

0.1

 

Total local-currency sales

 

5.0

 

8.8

 

7.3

 

 

 

 

 

 

 

 

 

Translation

 

 

(4.5

)

(2.7

)

Total sales change

 

5.0

%

4.3

%

4.6

%

 

 

Worldwide

 

Local-

 

 

 

Total

 

Sales Change Analysis

 

currency

 

Trans-

 

Sales

 

By Business Segment

 

Sales

 

lation

 

Change

 

Health Care

 

0.0

%

(3.6

)%

(3.6

)%

 

 

 

 

 

 

 

 

Industrial (k)

 

18.2

 

(2.6

)

15.6

 

 

 

 

 

 

 

 

 

Display and Graphics

 

10.2

 

(2.1

)

8.1

 

 

 

 

 

 

 

 

 

Consumer and Office

 

0.5

 

(1.7

)

(1.2

)

 

 

 

 

 

 

 

 

Electro and Communications

 

10.9

 

(3.3

)

7.6

 

 

 

 

 

 

 

 

 

Safety, Security and Protection Services

 

9.7

 

(2.6

)

7.1

 

 

 

 

 

 

 

 

 

Transportation

 

3.3

 

(3.7

)

(0.4

)


(k) Industrial includes a 12.0% benefit due to the CUNO acquisition.

 



 

3M Company and Subsidiaries

SALES CHANGE ANALYSIS

(Unaudited)

 

 

 

Twelve-Months Ended Dec. 31, 2005

 

 

 

 

 

 

 

 

 

Sales Change Analysis

 

United

 

Inter-

 

 

 

By Geographic Area

 

States

 

national

 

Worldwide

 

Volume — organic

 

1.0

%

5.1

%

3.5

%

 

 

 

 

 

 

 

 

Volume — acquisitions

 

1.4

 

0.7

 

1.0

 

Volume — total

 

2.4

 

5.8

 

4.5

 

 

 

 

 

 

 

 

 

Price

 

2.5

 

(0.7

)

0.6

 

Total local-currency sales

 

4.9

 

5.1

 

5.1

 

 

 

 

 

 

 

 

 

Translation

 

 

1.2

 

0.7

 

Total sales change

 

4.9

%

6.3

%

5.8

%

 

 

Sales Change Analysis

 

Local-

 

 

 

Total

 

By International

 

currency

 

Trans-

 

Sales

 

Geographic Area

 

Sales

 

lation

 

Change

 

Europe, Middle East and Africa

 

0.9

%

(0.2

)%

0.7

%

 

 

 

 

 

 

 

 

Asia Pacific

 

10.6

 

0.5

 

11.1

 

 

 

 

 

 

 

 

 

Latin America and Canada

 

1.3

 

7.4

 

8.7

 

 

 

Worldwide

 

Local-

 

 

 

Total

 

Sales Change Analysis

 

currency

 

Trans-

 

Sales

 

By Business Segment

 

Sales

 

lation

 

Change

 

Health Care

 

2.9

%

0.5

%

3.4

%

 

 

 

 

 

 

 

 

Industrial (l)

 

9.3

 

1.2

 

10.5

 

 

 

 

 

 

 

 

 

Display and Graphics

 

4.0

 

0.2

 

4.2

 

 

 

 

 

 

 

 

 

Consumer and Office

 

3.4

 

1.0

 

4.4

 

 

 

 

 

 

 

 

 

Electro and Communications

 

4.2

 

0.7

 

4.9

 

 

 

 

 

 

 

 

 

Safety, Security and Protection

 

 

 

 

 

 

 

Services

 

6.9

 

1.0

 

7.9

 

 

 

 

 

 

 

 

 

Transportation

 

5.0

 

0.8

 

5.8

 


(l) Industrial includes a 5.1% benefit due to the CUNO acquisition.

 



 

3M Company and Subsidiaries

BUSINESS SEGMENTS

(Dollars in millions)

(Unaudited)

 

BUSINESS

 

 

 

 

 

 

 

 

 

SEGMENT

 

Three-months ended

 

Twelve-months ended

 

INFORMATION

 

Dec. 31

 

Dec. 31

 

(Millions)

 

2005

 

2004

 

2005

 

2004

 

NET SALES

 

 

 

 

 

 

 

 

 

Health Care

 

$

1,074

 

$

1,115

 

$

4,373

 

$

4,230

 

Industrial

 

1,004

 

869

 

3,806

 

3,444

 

Display and Graphics

 

912

 

844

 

3,558

 

3,416

 

Consumer and Office

 

754

 

763

 

2,986

 

2,861

 

Electro and Communications

 

585

 

544

 

2,333

 

2,224

 

Safety, Security and Protection Services

 

563

 

526

 

2,292

 

2,125

 

Transportation

 

420

 

421

 

1,772

 

1,674

 

Corporate and Unallocated

 

13

 

9

 

47

 

37

 

Total Company

 

$

5,325

 

$

5,091

 

$

21,167

 

$

20,011

 

 

 

 

 

 

 

 

 

 

 

OPERATING INCOME

 

 

 

 

 

 

 

 

 

Health Care

 

$

304

 

$

310

 

$

1,215

 

$

1,123

 

Industrial

 

188

 

141

 

735

 

610

 

Display and Graphics

 

281

 

240

 

1,159

 

1,133

 

Consumer and Office

 

143

 

147

 

576

 

542

 

Electro and Communications

 

115

 

84

 

463

 

342

 

Safety, Security and Protection Services

 

130

 

107

 

553

 

491

 

Transportation

 

100

 

98

 

461

 

426

 

Corporate and Unallocated

 

(49

)

(35

)

(153

)

(89

)

Total Company

 

$

1,212

 

$

1,092

 

$

5,009

 

$

4,578

 

 

Investor Contacts:

 

Mark Colin

 

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