Exhibit 99

 

FOR IMMEDIATE RELEASE

 

3M Reports Record Quarterly Sales of $8.1 Billion and Earnings of $1.91 per Share

 

Second-Quarter Highlights:

 

                              Organic local-currency sales growth of 4.8 percent

                              Earnings of $1.91 per share, up 11.7 percent

                              Operating income margins of 22.8 percent, up 0.8 percentage points year-on-year

                              Free cash flow conversion of 103 percent

                              Returned $2.0 billion to shareholders via dividends and gross share repurchases

                              Announced (July 16) acquisition of remaining 25 percent of Sumitomo 3M subsidiary for 90 billion Japanese Yen (approximately $885 million)

 

ST. PAUL, Minn. — July 24, 2014 - 3M (NYSE: MMM) today reported second-quarter earnings of $1.91 per share, an increase of 11.7 percent versus the second quarter of 2013. Sales grew 4.9 percent year-on-year to $8.1 billion. Organic local-currency sales grew 4.8 percent, acquisitions added 0.1 percent to sales and currency impacts were flat year-on-year.

 

Second-quarter operating income was $1.9 billion and operating income margins were 22.8 percent. Net income was $1.3 billion and the company converted 103 percent of net income to free cash flow in the quarter.

 

3M paid $556 million in cash dividends to shareholders and repurchased $1.4 billion of its own shares during the quarter.

 

Organic local-currency sales growth was 6.4 percent in Electronics and Energy, 5.1 percent in Health Care, 4.7 percent in Industrial, 4.7 percent in Safety and Graphics and 4.2 percent in Consumer. On a geographic basis, organic local-currency sales grew 6.6 percent in Asia Pacific, 4.8 percent in EMEA (Europe, Middle East and Africa), 4.5 percent in the U.S. and 2.7 percent in Latin America/Canada.

 

“Our businesses continued to execute very well in the second quarter,” said Inge G. Thulin, 3M’s chairman, president and chief executive officer. “Organic sales growth was again positive across all businesses and geographic regions which helped drive double-digit growth in earnings per share. Strong productivity fueled increased growth investments, and operating margins increased year-on-year to nearly 23 percent.”

 

Thulin continued, “In addition to a strong operating performance, we are also deploying capital more aggressively to both improve the business and to enhance shareholder returns. On July 16, we announced the acquisition of the remaining 25 percent of our Sumitomo 3M subsidiary in Japan for a purchase price of $885 million.  And during the second quarter we paid $2.0 billion to shareholders via a combination of cash dividends and gross share repurchases. My thanks to the 3M team for the results thus far in 2014.”

 

3M also confirmed its 2014 full-year performance expectations. The company continues to expect earnings of $7.30 to $7.55 per share and organic local-currency sales growth of 3 to 6 percent. Foreign currency impacts are expected to reduce sales by approximately 1 percent for the year. 3M also expects full-year free cash flow conversion to be in the range of 90 to 100 percent.

 



 

Second-Quarter Business Group Discussion

 

Industrial

 

·                  Sales of $2.8 billion, up 4.9 percent in U.S. dollars. Organic local-currency sales increased 4.7 percent and foreign currency translation increased sales by 0.2 percent.

·                  On an organic local-currency basis:

·                  Sales growth was led by 3M purification, automotive OEM, aerospace and commercial transportation, abrasives, and industrial adhesives and tapes.

·                  Positive sales growth in Asia Pacific, the U.S. and EMEA, while Latin America/Canada was down slightly.

·                  Operating income was $617 million, up 2.4 percent year-on-year; operating margin of 21.9 percent.

 

Safety and Graphics

 

·                  Sales of $1.5 billion, up 4.1 percent in U.S. dollars. Organic local-currency sales increased 4.7 percent and foreign currency translation reduced sales by 0.6 percent.

·                  On an organic local-currency basis:

·                  Sales growth was strongest in the personal safety and commercial solutions businesses; sales declined in roofing granules.

·                  Sales increased in all regions, with the largest increases in EMEA and the U.S.

·                  Operating income was $353 million, an increase of 7.4 percent year-on-year; operating margin of 23.6 percent.

 

Electronics and Energy

 

·                  Sales of $1.4 billion, up 6.2 percent in U.S. dollars. Organic local-currency sales increased 6.4 percent and foreign currency translation reduced sales by 0.2 percent.

·                  On an organic local-currency basis:

·                  Sales in electronics-related businesses rose 11 percent year-on-year, while energy-related businesses grew 1 percent.

·                  Positive sales growth in Latin America/Canada, Asia Pacific and EMEA, while the U.S. was flat.

·                  Operating income was $293 million, up 23.4 percent year-on-year; operating margin of 20.6 percent.

 

Health Care

 

·                  Sales of $1.4 billion, up 5.9 percent in U.S. dollars. Organic local-currency sales increased 5.1 percent, acquisitions (Treo Solutions) added 0.4 percent to sales and foreign currency translation increased sales by 0.4 percent.

·                  On an organic local-currency basis:

·                  Sales grew across the portfolio, with the strongest growth in health information systems, critical and chronic care, and infection prevention.

·                  Sales rose in all geographies, with the largest growth in Latin America/Canada, Asia Pacific and the U.S.

·                  Operating income was $434 million, an increase of 4.1 percent; operating margin of 30.7 percent.

 



 

Consumer

 

·                  Sales of $1.1 billion, up 3.7 percent in U.S. dollars. Organic local-currency sales increased 4.2 percent, divestitures reduced sales by 0.2 percent and foreign currency translation reduced sales by 0.3 percent.

·                  On an organic local-currency basis:

·                  Sales growth led by DIY, consumer health care and home care.

·                  Positive sales growth in Asia Pacific, the U.S. and EMEA, while Latin America/Canada was down slightly.

·                  Operating income was $241 million, up 2.3 percent year-on-year; operating margin of 21.1 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 21682153).

The telephone replay will be available until 10:30 a.m. CDT on July 29, 2014.

 

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 3M’s control, including natural and other disasters affecting the operations of 3M or its customers and suppliers; (2) 3M’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 3M’s information technology infrastructure; and (10) legal proceedings, including significant developments that could occur in the legal and regulatory proceedings described in 3M’s Annual Report on Form 10-K for the year ended December 31, 2013, 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. 3M 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,

 

 

 

2014

 

2013

 

2014

 

2013

 

 

 

 

 

 

 

 

 

 

 

Net sales

 

$

8,134

 

$

7,752

 

$

15,965

 

$

15,386

 

 

 

 

 

 

 

 

 

 

 

Operating expenses

 

 

 

 

 

 

 

 

 

Cost of sales

 

4,184

 

4,013

 

8,215

 

7,982

 

Selling, general and administrative expenses

 

1,646

 

1,610

 

3,278

 

3,199

 

Research, development and related expenses

 

448

 

427

 

900

 

857

 

 

 

 

 

 

 

 

 

 

 

Total operating expenses

 

6,278

 

6,050

 

12,393

 

12,038

 

 

 

 

 

 

 

 

 

 

 

Operating income

 

1,856

 

1,702

 

3,572

 

3,348

 

 

 

 

 

 

 

 

 

 

 

Interest expense and income

 

 

 

 

 

 

 

 

 

Interest expense

 

45

 

41

 

82

 

80

 

Interest income

 

(9

)

(10

)

(18

)

(20

)

 

 

 

 

 

 

 

 

 

 

Total interest expense — net

 

36

 

31

 

64

 

60

 

 

 

 

 

 

 

 

 

 

 

Income before income taxes

 

1,820

 

1,671

 

3,508

 

3,288

 

 

 

 

 

 

 

 

 

 

 

Provision for income taxes

 

537

 

458

 

1,000

 

928

 

 

 

 

 

 

 

 

 

 

 

Net income including noncontrolling interest

 

$

1,283

 

$

1,213

 

$

2,508

 

$

2,360

 

 

 

 

 

 

 

 

 

 

 

Less: Net income attributable to noncontrolling interest

 

16

 

16

 

34

 

34

 

 

 

 

 

 

 

 

 

 

 

Net income attributable to 3M

 

$

1,267

 

$

1,197

 

$

2,474

 

$

2,326

 

 

 

 

 

 

 

 

 

 

 

Weighted average 3M common shares outstanding — basic

 

652.0

 

688.2

 

656.7

 

689.6

 

Earnings per share attributable to 3M common shareholders — basic

 

$

1.94

 

$

1.74

 

$

3.77

 

$

3.37

 

 

 

 

 

 

 

 

 

 

 

Weighted average 3M common shares outstanding — diluted

 

664.6

 

699.1

 

669.6

 

700.6

 

Earnings per share attributable to 3M common shareholders — diluted

 

$

1.91

 

$

1.71

 

$

3.70

 

$

3.32

 

 

 

 

 

 

 

 

 

 

 

Cash dividends paid per 3M common share

 

$

0.855

 

$

0.635

 

$

1.71

 

$

1.27

 

 



 

3M Company and Subsidiaries

CONDENSED CONSOLIDATED BALANCE SHEET

(Dollars in millions)

(Unaudited)

 

 

 

Jun. 30,

 

Dec. 31,

 

Jun. 30,

 

 

 

2014

 

2013

 

2013

 

ASSETS

 

 

 

 

 

 

 

Current assets

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

2,125

 

$

2,581

 

$

2,942

 

Marketable securities — current

 

884

 

756

 

1,310

 

Accounts receivable — net

 

4,759

 

4,253

 

4,542

 

Inventories

 

4,093

 

3,864

 

3,919

 

Other current assets

 

1,332

 

1,279

 

1,270

 

Total current assets

 

13,193

 

12,733

 

13,983

 

Marketable securities — non-current

 

1,204

 

1,453

 

1,542

 

Investments

 

113

 

122

 

154

 

Property, plant and equipment — net

 

8,685

 

8,652

 

8,329

 

Goodwill and intangible assets — net

 

9,025

 

9,033

 

9,017

 

Prepaid pension benefits (b)

 

672

 

577

 

22

 

Other assets (b)

 

1,078

 

980

 

1,083

 

Total assets

 

$

33,970

 

$

33,550

 

$

34,130

 

 

 

 

 

 

 

 

 

LIABILITIES AND EQUITY

 

 

 

 

 

 

 

Current liabilities

 

 

 

 

 

 

 

Short-term borrowings and

 

 

 

 

 

 

 

current portion of long-term debt

 

$

1,650

 

$

1,683

 

$

1,062

 

Accounts payable

 

1,844

 

1,799

 

1,920

 

Accrued payroll

 

656

 

708

 

589

 

Accrued income taxes

 

478

 

417

 

460

 

Other current liabilities (a)

 

2,412

 

2,891

 

2,304

 

Total current liabilities

 

7,040

 

7,498

 

6,335

 

Long-term debt

 

5,323

 

4,326

 

4,884

 

Pension and postretirement benefits (b)

 

1,829

 

1,794

 

2,909

 

Other liabilities

 

1,932

 

1,984

 

1,683

 

Total liabilities

 

$

16,124

 

$

15,602

 

$

15,811

 

 

 

 

 

 

 

 

 

Total equity (a)(b)

 

$

17,846

 

$

17,948

 

$

18,319

 

Shares outstanding

 

 

 

 

 

 

 

June 30, 2014: 647,969,147 shares

 

 

 

 

 

 

 

December 31, 2013: 663,296,239 shares

 

 

 

 

 

 

 

June 30, 2013: 683,468,043 shares

 

 

 

 

 

 

 

Total liabilities and equity

 

$

33,970

 

$

33,550

 

$

34,130

 


(a)         3M has historically declared and paid dividends in the same quarter. In December 2013, 3M’s Board of Directors declared a first-quarter 2014 dividend of $0.855 per share (payable in March 2014). This reduced 3M’s stockholders equity and increased other current liabilities as of December 31, 2013, by approximately $0.6 billion.

 

(b)         The changes in 3M’s defined benefit pension and postretirement plans’ funded status, which is required to be measured as of each year-end, significantly impacted several balance sheet amounts. In the fourth quarter of 2013, these required annual measurements increased stockholders’ equity by $0.9 billion, decreased pension and postretirement benefits’ long-term liabilities by $0.8 billion, increased prepaid pension benefits’ assets by $0.5 billion, and decreased deferred taxes within other assets by $0.4 billion. Other pension and postretirement changes during the year, such as contributions and amortization, also impacted these balance sheet amounts.

 



 

3M Company and Subsidiaries

CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS

(Dollars in millions)

(Unaudited)

 

 

 

Six-months ended

 

 

 

June 30,

 

 

 

2014

 

2013

 

NET CASH PROVIDED BY OPERATING ACTIVITIES

 

$

2,732

 

$

2,673

 

 

 

 

 

 

 

Cash flows from investing activities:

 

 

 

 

 

Purchases of property, plant and equipment

 

(634

)

(718

)

Acquisitions, net of cash acquired

 

(94

)

 

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

 

133

 

(52

)

Other investing activities

 

16

 

30

 

 

 

 

 

 

 

NET CASH USED IN INVESTING ACTIVITIES

 

(579

)

(740

)

 

 

 

 

 

 

Cash flows from financing activities:

 

 

 

 

 

Change in debt

 

1,021

 

(13

)

Purchases of treasury stock

 

(3,134

)

(1,995

)

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

 

585

 

1,103

 

Dividends paid to shareholders

 

(1,122

)

(876

)

Other financing activities

 

66

 

54

 

 

 

 

 

 

 

NET CASH USED IN FINANCING ACTIVITIES

 

(2,584

)

(1,727

)

 

 

 

 

 

 

Effect of exchange rate changes on cash and cash equivalents

 

(25

)

(147

)

 

 

 

 

 

 

Net increase (decrease) in cash and cash equivalents

 

(456

)

59

 

Cash and cash equivalents at beginning of year

 

2,581

 

2,883

 

 

 

 

 

 

 

Cash and cash equivalents at end of period

 

$

2,125

 

$

2,942

 

 



 

3M Company and Subsidiaries

SUPPLEMENTAL FINANCIAL INFORMATION

NON-GAAP MEASURES

(Dollars in millions)

(Unaudited)

 

 

 

Three-months ended

 

Six-months ended

 

 

 

June 30,

 

June 30,

 

Free Cash Flow:

 

2014

 

2013

 

2014

 

2013

 

 

 

 

 

 

 

 

 

 

 

Net cash provided by operating activities

 

$

1,640

 

$

1,679

 

$

2,732

 

$

2,673

 

Purchases of property, plant and equipment

 

(341

)

(394

)

(634

)

(718

)

 

 

 

 

 

 

 

 

 

 

Free Cash Flow (c)

 

$

1,299

 

$

1,285

 

$

2,098

 

$

1,955

 


(c)          Free cash flow and free cash flow conversion are not defined under U.S. GAAP. Therefore, they 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 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.

 

 

 

June 30,

 

December 31,

 

June 30,

 

Net Debt:

 

2014

 

2013

 

2013

 

 

 

 

 

 

 

 

 

Total Debt

 

$

6,973

 

$

6,009

 

$

5,946

 

Less: Cash and Cash Equivalents and Marketable Securities

 

4,213

 

4,790

 

5,794

 

 

 

 

 

 

 

 

 

Net Debt (d)

 

$

2,760

 

$

1,219

 

$

152

 


(d)         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 to be an important measure of liquidity and of its ability to meet ongoing obligations. This measure is not defined under U.S. generally accepted accounting principles and may not be computed the same as similarly titled measures used by other companies.

 

 

 

June 30,

 

Working Capital Index:

 

2014

 

2013

 

 

 

 

 

 

 

Net Working Capital Turns (e)

 

4.6

 

4.7

 


(e)          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)

 

Sales Change Analysis

By Geographic Area

 

 

 

Three-months ended June 30, 2014

 

 

 

 

 

 

 

Europe,

 

 

 

 

 

 

 

 

 

 

 

Middle

 

Latin

 

 

 

 

 

United

 

Asia-

 

East and

 

America/

 

World-

 

 

 

States

 

Pacific

 

Africa

 

Canada

 

Wide

 

Volume — organic

 

3.6

%

6.4

%

3.6

%

(2.2

)%

3.5

%

Price

 

0.9

 

0.2

 

1.2

 

4.9

 

1.3

 

Organic local-currency sales

 

4.5

 

6.6

 

4.8

 

2.7

 

4.8

 

Acquisitions

 

0.2

 

 

 

 

0.1

 

Divestitures

 

(0.1

)

 

 

 

 

Translation

 

 

(0.7

)

3.7

 

(5.8

)

 

Total sales change

 

4.6

%

5.9

%

8.5

%

(3.1

)%

4.9

%

 

Worldwide

Sales Change Analysis

By Business Segment

 

 

 

Three-months ended June 30, 2014

 

 

 

Organic

 

 

 

 

 

 

 

 

 

 

 

local-

 

 

 

 

 

 

 

Total

 

 

 

currency

 

Acqui-

 

Divest-

 

Trans-

 

sales

 

 

 

sales

 

sitions

 

itures

 

lation

 

change

 

 

 

 

 

 

 

 

 

 

 

 

 

Industrial

 

4.7

%

%

%

0.2

%

4.9

%

Safety and Graphics

 

4.7

%

%

%

(0.6

)%

4.1

%

Electronics and Energy

 

6.4

%

%

%

(0.2

)%

6.2

%

Health Care

 

5.1

%

0.4

%

%

0.4

%

5.9

%

Consumer

 

4.2

%

%

(0.2

)%

(0.3

)%

3.7

%

 



 

Sales Change Analysis

By Geographic Area

 

 

 

Six-months ended June 30, 2014

 

 

 

 

 

 

 

Europe,

 

 

 

 

 

 

 

 

 

 

 

Middle

 

Latin

 

 

 

 

 

United

 

Asia-

 

East and

 

America/

 

World-

 

 

 

States

 

Pacific

 

Africa

 

Canada

 

Wide

 

 

 

 

 

 

 

 

 

 

 

 

 

Volume — organic

 

2.8

%

6.4

%

3.2

%

(1.0

)%

3.6

%

Price

 

0.7

 

0.4

 

1.0

 

5.6

 

1.2

 

Organic local-currency sales

 

3.5

 

6.8

 

4.2

 

4.6

 

4.8

 

Acquisitions

 

0.1

 

 

 

 

 

Divestitures

 

(0.1

)

 

 

 

 

Translation

 

 

(2.2

)

2.8

 

(8.5

)

(1.0

)

Total sales change

 

3.5

%

4.6

%

7.0

%

(3.9

)%

3.8

%

 

Worldwide

Sales Change Analysis

By Business Segment

 

 

 

Six-months ended June 30, 2014

 

 

 

Organic

 

 

 

 

 

 

 

 

 

 

 

local-

 

 

 

 

 

 

 

Total

 

 

 

currency

 

Acqui-

 

Divest-

 

Trans-

 

sales

 

 

 

sales

 

sitions

 

itures

 

lation

 

change

 

 

 

 

 

 

 

 

 

 

 

 

 

Industrial

 

4.8

%

%

%

(0.8

)%

4.0

%

Safety and Graphics

 

4.7

%

%

%

(1.7

)%

3.0

%

Electronics and Energy

 

5.3

%

%

%

(0.8

)%

4.5

%

Health Care

 

5.7

%

0.2

%

%

(0.5

)%

5.4

%

Consumer

 

3.4

%

%

(0.2

)%

(1.4

)%

1.8

%

 



 

3M Company and Subsidiaries

BUSINESS SEGMENTS

(Dollars in millions)

(Unaudited)

 

Effective in the first quarter of 2014, 3M transferred a product line between divisions within different business segments and made other changes within business segments in its continuing effort to improve the alignment of its businesses around markets and customers.

 

The product move between business segments was as follows:

 

·                  The movement of the Fire Protection product line from the Building and Commercial Services Division (Safety and Graphics business segment) to the Industrial Adhesives and Tapes Division (Industrial business segment). This product move resulted in an increase in net sales for total year 2013 of $73 million in the Industrial business segment offset by a corresponding decrease in the Safety and Graphics business segment.

 

In addition, other changes within business segments were as follows:

 

·                  The combination of certain existing divisions/departments into new divisions. Within the Electronics and Energy business segment, the new divisions include the Electrical Markets Division (which includes the former Infrastructure Protection Division), and the Electronic Solutions Division (which includes the former 3M Touch Systems, Inc.). Within the Safety and Graphics business segment, the new Commercial Solutions Division was created from the combination of the former Architectural Markets Department, the former Building and Commercial Services Division and the former Commercial Graphics Division.  None of these combinations crossed business segments.

·                  The renaming of the former Aerospace and Aircraft Maintenance Division within the Industrial business segment to the Aerospace and Commercial Transportation Division.

·                  The movement of certain product lines between various divisions within the same business segment.

 

Effective in the second quarter of 2014, within the Electronics and Energy business segment, 3M combined three existing divisions into two new divisions. A large portion of both the Electronics Markets Materials Division and the Electronic Solutions Division were combined to form the Electronics Materials Solutions Division, which focuses on semiconductor and electronics materials and assembly solutions. The Optical Systems Division, the remaining portion of the Electronic Solutions Division and a portion of the Electronics Markets Materials Division were combined to form the Display Materials and Systems Division, which focuses on delivering light, color and user interface solutions.

 

The financial information presented herein reflects, for all periods presented, the impact of these realignments. Refer to 3M’s Current Report on Form 8-K furnished on March 5, 2014, and 3M’s Current Report on Form 8-K filed on May 15, 2014, for additional information concerning the business segment realignments effective in the first quarter of 2014.

 



 

BUSINESS SEGMENT INFORMATION

NET SALES

(Millions)

 

 

 

Three-months ended

 

Six-months ended

 

 

 

June 30,

 

June 30,

 

 

 

2014

 

2013

 

2014

 

2013

 

 

 

 

 

 

 

 

 

 

 

Industrial

 

$

2,815

 

$

2,683

 

$

5,591

 

$

5,376

 

Safety and Graphics

 

1,494

 

1,434

 

2,917

 

2,833

 

Electronics and Energy

 

1,422

 

1,340

 

2,733

 

2,617

 

Health Care

 

1,416

 

1,336

 

2,790

 

2,647

 

Consumer

 

1,139

 

1,098

 

2,218

 

2,179

 

Corporate and Unallocated

 

(1

)

1

 

2

 

3

 

Elimination of Dual Credit

 

(151

)

(140

)

(286

)

(269

)

 

 

 

 

 

 

 

 

 

 

Total Company

 

$

8,134

 

$

7,752

 

$

15,965

 

$

15,386

 

 

BUSINESS SEGMENT INFORMATION

OPERATING INCOME

(Millions)

 

 

 

Three-months ended

 

Six-months ended

 

 

 

June 30,

 

June 30,

 

 

 

2014

 

2013

 

2014

 

2013

 

 

 

 

 

 

 

 

 

 

 

Industrial

 

$

617

 

$

603

 

$

1,235

 

$

1,182

 

Safety and Graphics

 

353

 

328

 

671

 

660

 

Electronics and Energy

 

293

 

237

 

520

 

433

 

Health Care

 

434

 

417

 

861

 

821

 

Consumer

 

241

 

235

 

469

 

472

 

Corporate and Unallocated

 

(49

)

(87

)

(121

)

(161

)

Elimination of Dual Credit

 

(33

)

(31

)

(63

)

(59

)

 

 

 

 

 

 

 

 

 

 

Total Company

 

$

1,856

 

$

1,702

 

$

3,572

 

$

3,348

 

 



 

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 $31 billion in sales, 3M employs 89,000 people worldwide and has operations in more than 70 countries.

 

Investor Contacts:

Matt Ginter

 

Media Contact:

Donna Fleming Runyon

 

3M

 

 

3M

 

(651) 733-8206

 

 

(651) 736-7646

 

 

 

 

 

 

Bruce Jermeland

 

 

 

 

3M

 

 

 

 

(651) 733-1807

 

 

 

 

From:

3M Public Relations and Corporate Communications

3M Center, Building 225-1S-15

St. Paul, MN 55144-1000