Exhibit 99

 

FOR IMMEDIATE RELEASE

 

3M Announces Second-Quarter Results;

Company Delivers Sales of $7.7 Billion and All-Time Record Earnings of $2.02 per Share

 

Second-Quarter Highlights:

 

                 Operating income margins of 23.9 percent, up 1.1 percentage points year-on-year

                 Organic local-currency sales growth of 1.8 percent, positive across all geographic areas

                 Returned $2.3 billion to shareholders via dividends and gross share repurchases

                 Announced acquisition of Capital Safety, a leading global provider of fall protection equipment, for a total enterprise value of $2.5 billion

 

ST. PAUL, Minn. – July 23, 2015 - 3M (NYSE: MMM) today reported second-quarter earnings of $2.02 per share, an increase of 5.8 percent versus the second quarter of 2014. Sales declined 5.5 percent year-on-year to $7.7 billion. Organic local-currency sales grew 1.8 percent and foreign currency translation reduced sales by 7.3 percent year-on-year.

 

Operating income was $1.8 billion and operating income margins for the quarter were 23.9 percent, up 1.1 percentage points year-on-year. Second-quarter net income was $1.3 billion and the company converted 74 percent of net income to free cash flow.

 

3M paid $646 million in cash dividends to shareholders and repurchased $1.7 billion of its own shares during the quarter.

 

Organic local-currency sales growth was 4.9 percent in Safety and Graphics, 3.4 percent in Health Care, 3.4 percent in Consumer and 1.4 percent in Industrial; Electronics and Energy declined 3.0 percent. On a geographic basis, organic local-currency sales grew 4.1 percent in the U.S., 0.8 percent in Latin America/Canada, 0.5 percent in Asia Pacific, and 0.4 percent in EMEA (Europe, Middle East and Africa).

 

“In the face of a mixed economic environment, the 3M team delivered positive organic growth in all geographic areas while expanding worldwide margins by over a full point,” said Inge G. Thulin, 3M’s chairman, president and chief executive officer. “We also continued to invest in our future, including strategic acquisitions. In June, we announced the acquisition of Capital Safety, which will bolster our personal safety platform and build on our fundamental strengths in technology, manufacturing, global capabilities and brand.”

 

3M also updated its guidance for the full-year 2015.

 

The company expects earnings will be in the range of $7.80 to $8.00 per share, versus a prior range of $7.80 to $8.10 per share. Organic local-currency sales growth is expected to be in the range of 2.5 to 4 percent, versus previous guidance of 3 to 6 percent.

 

3M continues to expect that foreign currency translation will reduce 2015 sales by 6 to 7 percent. The company also anticipates that full-year free cash flow conversion will be in the range of 90 to 100 percent.

 



 

“We are amending our growth outlook slightly to account for lower-than-expected global economic growth,” said Thulin. “As always, we are focused on executing our plan and improving those factors within our control. I am confident in our team’s ability to generate profitable growth and premium returns into the future.”

 

Second-Quarter Business Group Discussion

 

Industrial

·                  Sales of $2.6 billion, down 6.4 percent in U.S. dollars. Organic local-currency sales increased 1.4 percent and foreign currency translation reduced sales by 7.8 percent.

·                  On an organic local-currency basis:

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

·                  Sales grew in the U.S. and Latin America/Canada; Asia Pacific was flat; EMEA sales declined slightly.

·                  Operating income was $609 million, a decline of 1.2 percent year-on-year; operating margin of 23.1 percent.

 

Safety and Graphics

·                  Sales of $1.4 billion, down 4.1 percent in U.S. dollars. Organic local-currency sales increased 4.9 percent and foreign currency translation reduced sales by 9.0 percent.

·                  On an organic local-currency basis:

·                  Sales grew in all businesses led by roofing granules, commercial solutions and personal safety.

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

·                  Operating income was $364 million, an increase of 3.1 percent year-on-year; operating margin of 25.4 percent.

 

Health Care

·                  Sales of $1.4 billion, down 3.7 percent in U.S. dollars. Organic local-currency sales increased 3.4 percent, acquisitions increased sales by 0.7 percent and foreign currency translation reduced sales by 7.8 percent.

·                  On an organic local-currency basis:

·                  Sales growth was positive in food safety, health information systems, oral care, critical and chronic care, and infection prevention; drug delivery systems declined year-on-year.

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

·                  Operating income was $440 million, an increase of 1.3 percent year-on-year; operating margin of 32.3 percent.

 

Electronics and Energy

·                  Sales of $1.3 billion, down 7.9 percent in U.S. dollars. Organic local-currency sales declined 3.0 percent, divestitures reduced sales by 0.7 percent and foreign currency translation reduced sales by 4.2 percent.

·                  On an organic local-currency basis:

·                  Electronics-related sales declined 2 percent, as growth in electronics materials solutions was offset by a decline in display materials and systems; energy-related

 



 

sales declined 3 percent, as electrical markets, telecom and renewable energy declined.

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

·                  Operating income was $277 million, a decline of 5.2 percent year-on-year; operating margin of 21.2 percent.

 

Consumer

·                  Sales of $1.1 billion, down 2.5 percent in U.S. dollars. Organic local-currency sales increased 3.4 percent and foreign currency translation reduced sales by 5.9 percent.

·                  On an organic local-currency basis:

·                  Sales increased across the portfolio, led by DIY, stationery and office supplies, and home care.

·                  Sales grew in the U.S. and Asia Pacific; Latin America/Canada was flat; EMEA sales declined.

·                  Operating income was $259 million, up 7.4 percent year-on-year; operating margin of 23.3 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 21735068). The telephone replay will be available until 10:30 a.m. CDT on July 28, 2015.

 

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 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, 2014, 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,

 

 

 

2015

 

2014

 

2015

 

2014

 

 

 

 

 

 

 

 

 

 

 

Net sales

 

$

7,686

 

$

8,134

 

$

15,264

 

$

15,965

 

 

 

 

 

 

 

 

 

 

 

Operating expenses

 

 

 

 

 

 

 

 

 

Cost of sales

 

3,858

 

4,184

 

7,679

 

8,215

 

Selling, general and administrative expenses

 

1,550

 

1,646

 

3,114

 

3,278

 

Research, development and related expenses

 

438

 

448

 

901

 

900

 

 

 

 

 

 

 

 

 

 

 

Total operating expenses

 

5,846

 

6,278

 

11,694

 

12,393

 

 

 

 

 

 

 

 

 

 

 

Operating income

 

1,840

 

1,856

 

3,570

 

3,572

 

 

 

 

 

 

 

 

 

 

 

Interest expense and income

 

 

 

 

 

 

 

 

 

Interest expense

 

35

 

45

 

66

 

82

 

Interest income

 

(7

)

(9

)

(11

)

(18

)

 

 

 

 

 

 

 

 

 

 

Total interest expense – net

 

28

 

36

 

55

 

64

 

 

 

 

 

 

 

 

 

 

 

Income before income taxes

 

1,812

 

1,820

 

3,515

 

3,508

 

 

 

 

 

 

 

 

 

 

 

Provision for income taxes

 

509

 

537

 

1,011

 

1,000

 

 

 

 

 

 

 

 

 

 

 

Net income including noncontrolling interest

 

$

1,303

 

$

1,283

 

$

2,504

 

$

2,508

 

 

 

 

 

 

 

 

 

 

 

Less: Net income attributable to noncontrolling interest

 

3

 

16

 

5

 

34

 

 

 

 

 

 

 

 

 

 

 

Net income attributable to 3M

 

$

1,300

 

$

1,267

 

$

2,499

 

$

2,474

 

 

 

 

 

 

 

 

 

 

 

Weighted average 3M common shares outstanding – basic

 

631.3

 

652.0

 

633.8

 

656.7

 

Earnings per share attributable to 3M common shareholders – basic

 

$

2.06

 

$

1.94

 

$

3.94

 

$

3.77

 

 

 

 

 

 

 

 

 

 

 

Weighted average 3M common shares outstanding – diluted

 

643.0

 

664.6

 

646.1

 

669.6

 

Earnings per share attributable to 3M common shareholders – diluted

 

$

2.02

 

$

1.91

 

$

3.87

 

$

3.70

 

 

 

 

 

 

 

 

 

 

 

Cash dividends paid per 3M common share

 

$

1.025

 

$

0.855

 

$

2.05

 

$

1.71

 

 



 

3M Company and Subsidiaries

CONDENSED CONSOLIDATED BALANCE SHEET

(Dollars in millions)

(Unaudited)

 

 

 

Jun. 30,

 

Dec. 31,

 

Jun. 30,

 

 

 

2015

 

2014

 

2014

 

ASSETS

 

 

 

 

 

 

 

Current assets

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

2,983

 

$

1,897

 

$

2,125

 

Marketable securities – current

 

502

 

626

 

884

 

Accounts receivable – net

 

4,578

 

4,238

 

4,759

 

Inventories

 

3,847

 

3,706

 

4,093

 

Other current assets

 

1,521

 

1,298

 

1,332

 

Total current assets

 

13,431

 

11,765

 

13,193

 

Marketable securities – non-current

 

13

 

828

 

1,204

 

Investments

 

106

 

102

 

113

 

Property, plant and equipment – net

 

8,389

 

8,489

 

8,685

 

Goodwill and intangible assets – net

 

8,340

 

8,485

 

9,025

 

Prepaid pension benefits (b)

 

54

 

46

 

672

 

Other assets (b)

 

1,055

 

1,554

 

1,078

 

Total assets

 

$

31,388

 

$

31,269

 

$

33,970

 

 

 

 

 

 

 

 

 

LIABILITIES AND EQUITY

 

 

 

 

 

 

 

Current liabilities

 

 

 

 

 

 

 

Short-term borrowings and

 

 

 

 

 

 

 

current portion of long-term debt

 

$

86

 

$

106

 

$

1,650

 

Accounts payable

 

1,714

 

1,807

 

1,844

 

Accrued payroll

 

582

 

732

 

656

 

Accrued income taxes

 

327

 

435

 

478

 

Other current liabilities (a)

 

2,386

 

2,918

 

2,412

 

Total current liabilities

 

5,095

 

5,998

 

7,040

 

Long-term debt

 

8,431

 

6,731

 

5,323

 

Pension and postretirement benefits (b)

 

3,683

 

3,843

 

1,829

 

Other liabilities

 

1,049

 

1,555

 

1,932

 

Total liabilities

 

$

18,258

 

$

18,127

 

$

16,124

 

 

 

 

 

 

 

 

 

Total equity (a)(b)

 

$

13,130

 

$

13,142

 

$

17,846

 

Shares outstanding

 

 

 

 

 

 

 

June 30, 2015: 624,745,409 shares

 

 

 

 

 

 

 

December 31, 2014: 635,134,594 shares

 

 

 

 

 

 

 

June 30, 2014: 647,969,147 shares

 

 

 

 

 

 

 

Total liabilities and equity

 

$

31,388

 

$

31,269

 

$

33,970

 

 


(a)         In December 2014, 3M’s Board of Directors declared a first-quarter 2015 dividend of $1.025 per share (paid in March 2015). This reduced 3M’s stockholders equity and increased other current liabilities as of December 31, 2014, 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 2014, these required annual measurements decreased prepaid pension benefits by $0.7 billion, increased deferred taxes within other assets by $0.8 billion, increased pension and postretirement benefits’ long-term liabilities by $1.9 billion, and decreased stockholders’ equity by $1.8 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,

 

 

 

2015

 

2014

 

NET CASH PROVIDED BY OPERATING ACTIVITIES

 

$

2,418

 

$

2,732

 

 

 

 

 

 

 

Cash flows from investing activities:

 

 

 

 

 

Purchases of property, plant and equipment

 

(661

)

(634

)

Acquisitions, net of cash acquired

 

(153

)

(94

)

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

 

928

 

133

 

Other investing activities

 

52

 

16

 

 

 

 

 

 

 

NET CASH PROVIDED BY/(USED IN) INVESTING ACTIVITIES

 

166

 

(579

)

 

 

 

 

 

 

Cash flows from financing activities:

 

 

 

 

 

Change in debt

 

1,876

 

1,021

 

Purchases of treasury stock

 

(2,581

)

(3,134

)

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

 

450

 

585

 

Dividends paid to shareholders

 

(1,298

)

(1,122

)

Other financing activities

 

79

 

66

 

 

 

 

 

 

 

NET CASH USED IN FINANCING ACTIVITIES

 

(1,474

)

(2,584

)

 

 

 

 

 

 

Effect of exchange rate changes on cash and cash equivalents

 

(24

)

(25

)

 

 

 

 

 

 

Net increase (decrease) in cash and cash equivalents

 

1,086

 

(456

)

Cash and cash equivalents at beginning of year

 

1,897

 

2,581

 

 

 

 

 

 

 

Cash and cash equivalents at end of period

 

$

2,983

 

$

2,125

 

 



 

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

 

2015

 

2014

 

2015

 

2014

 

 

 

 

 

 

 

 

 

 

 

Net cash provided by operating activities

 

$

1,338

 

$

1,640

 

$

2,418

 

$

2,732

 

Purchases of property, plant and equipment

 

(370

)

(341

)

(661

)

(634

)

 

 

 

 

 

 

 

 

 

 

Free Cash Flow (c)

 

$

968

 

$

1,299

 

$

1,757

 

$

2,098

 

 

 

 

 

 

 

 

 

 

 

Free Cash Flow Conversion (c)

 

74

%

103

%

70

%

85

%

 


(c)               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.

 

 

 

June 30,

 

December 31,

 

June 30,

 

Net Debt

 

2015

 

2014

 

2014

 

 

 

 

 

 

 

 

 

Total Debt

 

$

8,517

 

$

6,837

 

$

6,973

 

Less: Cash and Cash Equivalents and Marketable Securities

 

3,498

 

3,351

 

4,213

 

 

 

 

 

 

 

 

 

Net Debt (d)

 

$

5,019

 

$

3,486

 

$

2,760

 

 


(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 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.

 

 

 

June 30,

 

December 31,

 

June 30,

 

Working Capital Index

 

2015

 

2014

 

2014

 

 

 

 

 

 

 

 

 

Net Working Capital Turns (e)

 

4.6

 

5.0

 

4.6

 

 


(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)

 

 

 

Three-months ended June 30, 2015

 

Sales Change Analysis

 

United

 

Asia-

 

Europe,
Middle
East and

 

Latin
America/

 

World-

 

By Geographic Area

 

States

 

Pacific

 

Africa

 

Canada

 

Wide

 

 

 

 

 

 

 

 

 

 

 

 

 

Volume – organic

 

3.9

%

0.5

%

(1.3

)%

(3.4

)%

0.8

%

Price

 

0.2

 

 

1.7

 

4.2

 

1.0

 

Organic local-currency sales

 

4.1

 

0.5

 

0.4

 

0.8

 

1.8

 

Acquisitions

 

0.3

 

 

 

 

0.1

 

Divestitures

 

(0.3

)

(0.1

)

 

(0.1

)

(0.1

)

Translation

 

 

(5.4

)

(16.8

)

(15.5

)

(7.3

)

Total sales change

 

4.1

%

(5.0

)%

(16.4

)%

(14.8

)%

(5.5

)%

 

 

 

Three-months ended June 30, 2015

 

 

 

Organic

 

 

 

 

 

 

 

 

 

Worldwide

 

local-

 

 

 

 

 

 

 

Total

 

Sales Change Analysis

 

currency

 

 

 

 

 

 

 

sales

 

By Business Segment

 

sales

 

Acquisitions

 

Divestitures

 

Translation

 

change

 

 

 

 

 

 

 

 

 

 

 

 

 

Industrial

 

1.4

%

%

%

(7.8

)%

(6.4

)%

Safety and Graphics

 

4.9

%

%

%

(9.0

)%

(4.1

)%

Electronics and Energy

 

(3.0

)%

%

(0.7

)%

(4.2

)%

(7.9

)%

Health Care

 

3.4

%

0.7

%

%

(7.8

)%

(3.7

)%

Consumer

 

3.4

%

%

%

(5.9

)%

(2.5

)%

 



 

 

 

Six-months ended June 30, 2015

 

Sales Change Analysis

 

United

 

Asia-

 

Europe,
Middle
East and

 

Latin
America/

 

World-

 

By Geographic Area

 

States

 

Pacific

 

Africa

 

Canada

 

Wide

 

 

 

 

 

 

 

 

 

 

 

 

 

Volume – organic

 

3.1

%

3.0

%

(1.3

)%

(1.8

)%

1.5

%

Price

 

0.4

 

0.1

 

1.6

 

4.0

 

1.0

 

Organic local-currency sales

 

3.5

 

3.1

 

0.3

 

2.2

 

2.5

 

Acquisitions

 

0.4

 

 

 

 

0.1

 

Divestitures

 

(0.3

)

(0.1

)

 

(0.1

)

(0.1

)

Translation

 

 

(4.9

)

(16.5

)

(14.0

)

(6.9

)

Total sales change

 

3.6

%

(1.9

)%

(16.2

)%

(11.9

)%

(4.4

)%

 

 

 

Six-months ended June 30, 2015

 

 

 

Organic

 

 

 

 

 

 

 

 

 

Worldwide

 

local-

 

 

 

 

 

 

 

Total

 

Sales Change Analysis

 

currency

 

 

 

 

 

 

 

sales

 

By Business Segment

 

sales

 

Acquisitions

 

Divestitures

 

Translation

 

change

 

 

 

 

 

 

 

 

 

 

 

 

 

Industrial

 

2.1

%

%

%

(7.4

)%

(5.3

)%

Safety and Graphics

 

4.4

%

%

%

(8.3

)%

(3.9

)%

Electronics and Energy

 

1.3

%

%

(0.8

)%

(4.2

)%

(3.7

)%

Health Care

 

3.2

%

0.7

%

%

(7.4

)%

(3.5

)%

Consumer

 

2.8

%

%

%

(5.5

)%

(2.7

)%

 



 

3M Company and Subsidiaries

BUSINESS SEGMENTS

(Dollars in millions)

(Unaudited)

 

BUSINESS SEGMENT INFORMATION

 

Three-months ended

 

Six-months ended

 

NET SALES

 

June 30,

 

June 30,

 

(Millions)

 

2015

 

2014

 

2015

 

2014

 

 

 

 

 

 

 

 

 

 

 

Industrial

 

$

2,634

 

$

2,815

 

$

5,292

 

$

5,591

 

Safety and Graphics

 

1,432

 

1,494

 

2,804

 

2,917

 

Electronics and Energy

 

1,310

 

1,422

 

2,632

 

2,733

 

Health Care

 

1,364

 

1,416

 

2,693

 

2,790

 

Consumer

 

1,111

 

1,139

 

2,159

 

2,218

 

Corporate and Unallocated

 

(4

)

(1

)

(2

)

2

 

Elimination of Dual Credit

 

(161

)

(151

)

(314

)

(286

)

 

 

 

 

 

 

 

 

 

 

Total Company

 

$

7,686

 

$

8,134

 

$

15,264

 

$

15,965

 

 

BUSINESS SEGMENT INFORMATION

 

Three-months ended

 

Six-months ended

 

OPERATING INCOME

 

June 30,

 

June 30,

 

(Millions)

 

2015

 

2014

 

2015

 

2014

 

 

 

 

 

 

 

 

 

 

 

Industrial

 

$

609

 

$

617

 

$

1,207

 

$

1,235

 

Safety and Graphics

 

364

 

353

 

699

 

671

 

Electronics and Energy

 

277

 

293

 

560

 

520

 

Health Care

 

440

 

434

 

848

 

861

 

Consumer

 

259

 

241

 

499

 

469

 

Corporate and Unallocated

 

(74

)

(49

)

(174

)

(121

)

Elimination of Dual Credit

 

(35

)

(33

)

(69

)

(63

)

 

 

 

 

 

 

 

 

 

 

Total Company

 

$

1,840

 

$

1,856

 

$

3,570

 

$

3,572

 

 



 

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About 3M

 

At 3M, we apply science in collaborative ways to improve lives daily. With $32 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.

 

Investor Contacts:

Bruce Jermeland

Media Contact:

Lori Anderson

 

3M

 

3M

 

(651) 733-1807

 

(651) 733-0831

 

 

 

 

 

Mike Kronebusch

 

 

 

3M

 

 

 

(651) 733-1141

 

 

 

From:

3M Public Relations and Corporate Communications

3M Center, Building 225-1S-15

St. Paul, MN 55144-1000