Exhibit 99

 

For Immediate Release

 

3M Delivers Second-Quarter Sales of $7.7 Billion and Earnings of $2.08 per Share

 

Second-Quarter Highlights:

·                 Operating income margins of 24.4 percent, up 0.5 percentage points year-on-year

·                 Sales declined 0.3 percent; organic local-currency sales declined 0.2 percent

·                 Continued progress on Business Transformation, including West Europe ERP deployments

·                 Returned $1.5 billion to shareholders via dividends and gross share repurchases

 

ST. PAUL, Minn. – July 26, 2016 - 3M (NYSE: MMM) today reported second-quarter earnings of $2.08 per share, an increase of 3.0 percent versus the second quarter of 2015. Sales declined 0.3 percent year-on-year to $7.7 billion. Organic local-currency sales declined 0.2 percent while acquisitions, net of divestitures, added 1.4 percent to sales. Foreign currency translation reduced sales by 1.5 percent year-on-year.

 

Operating income was $1.9 billion and operating income margins for the quarter were 24.4 percent, up 0.5 percentage points year-on-year. Second-quarter net income was $1.3 billion. The company’s operating cash flow was $1.3 billion, contributing to conversion of 75 percent of net income to free cash flow, as referenced in the “Supplemental Financial Information Non-GAAP Measures” section.

 

3M paid $672 million in cash dividends to shareholders and repurchased $828 million of its own shares during the quarter.

 

Organic local-currency sales growth was 4.9 percent in Health Care, 2.7 percent in Consumer and 2.3 percent in Safety and Graphics, with declines of 1.4 percent in Industrial and 9.1 percent in Electronics and Energy. On a geographic basis, organic local-currency sales growth was 4.8 percent in Latin America/Canada, 3.0 percent in EMEA (Europe, Middle East and Africa) and 0.4 percent in the U.S., with a decline of 5.4 percent in Asia Pacific.

 

“Building on a solid first quarter performance, our team controlled the controllable and posted another quarter of strong earnings and expanded margins,” said Inge G. Thulin, 3M’s chairman, president and chief executive officer. “Our execution of the 3M playbook is enabling us to deliver premium returns today while also building for the future, which includes making good progress on business transformation and investing approximately 10 percent of our sales into R&D and capital expenditures in the quarter.”

 

Looking ahead, 3M now expects 2016 earnings to be in the range of $8.15 to $8.30 per share — up 8 to 10 percent year-on-year — versus a prior expectation of $8.10 to $8.45.

 

To reflect the current economic environment and outlook, the company also updated its organic local-currency sales growth guidance to be in the range of 0 to 1 percent, versus a previous range of 1 to 3 percent. 3M forecasts foreign currency translation to reduce 2016 sales by 1 to 2 percent, versus a previous expected reduction of 1 to 3 percent. The company also estimates its full-year tax rate will be in the range of 29.0 to 29.5 percent, versus a prior range of 29.5 to 30.5 percent.

 

 



 

Second-Quarter Business Group Discussion

 

Industrial

·                  Sales of $2.6 billion, down 0.1 percent in U.S. dollars.

·                  Organic local-currency sales declined 1.4 percent; acquisitions, net of divestitures, increased sales by 2.6 percent; foreign currency translation reduced sales by 1.3 percent.

·                  On an organic local-currency basis:

·                  Sales growth in automotive OEM, automotive aftermarket, and abrasives 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 $615 million, up 1.2 percent year-on-year; operating margin of 23.4 percent.

 

Safety and Graphics

·                  Sales of $1.5 billion, up 4.7 percent in U.S. dollars.

·                  Organic local-currency sales increased 2.3 percent; acquisitions, net of divestitures, increased sales by 4.6 percent; foreign currency translation reduced sales by 2.2 percent.

·                  On an organic local-currency basis:

·                  Sales growth was led by roofing granules and commercial solutions.

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

·                  Operating income was $411 million, an increase of 12.8 percent year-on-year; operating margin of 27.4 percent.

 

Health Care

·                  Sales of $1.4 billion, up 3.0 percent in U.S. dollars.

·                  Organic local-currency sales increased 4.9 percent; foreign currency translation reduced sales by 1.9 percent.

·                  On an organic local-currency basis:

·                  Sales grew across all businesses.

·                  Sales grew in all geographic areas led by Latin America/Canada and Asia Pacific.

·                  Operating income was $460 million, an increase of 4.3 percent year-on-year; operating margin of 32.7 percent.

 

Electronics and Energy

·                  Sales of $1.2 billion, down 10.0 percent in U.S. dollars.

·                  Organic local-currency sales declined 9.1 percent; foreign currency translation reduced sales by 0.9 percent.

·                  On an organic local-currency basis:

·                  Electronics-related sales decreased 14 percent, with declines in both electronics materials solutions, and display materials and systems; energy-related sales declined

 

 



 

2 percent as sales growth in telecom was offset by declines in electrical markets and renewable energy.

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

·                  Operating income was $229 million, down 18.1 percent year-on-year; operating margin of 19.3 percent.

 

Consumer

·                  Sales of $1.1 billion, up 1.7 percent in U.S. dollars.

·                  Organic local-currency sales increased 2.7 percent; foreign currency translation reduced sales by 1.0 percent.

·                  On an organic local-currency basis:

·                  Sales growth was led by home improvement and consumer health care.

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

·                  Operating income was $281 million, up 8.8 percent year-on-year; operating margin of 24.9 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 21776140). The telephone replay will be available until 10:30 a.m. CDT on July 31, 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, political, 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, 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 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 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,

 

 

 

2016

 

2015

 

2016

 

2015

 

 

 

 

 

 

 

 

 

 

 

Net sales

 

$

7,662

 

$

7,686

 

$

15,071

 

$

15,264

 

 

 

 

 

 

 

 

 

 

 

Operating expenses

 

 

 

 

 

 

 

 

 

Cost of sales

 

3,799

 

3,858

 

7,477

 

7,679

 

Selling, general and administrative expenses

 

1,560

 

1,550

 

3,053

 

3,114

 

Research, development and related expenses

 

437

 

438

 

887

 

901

 

 

 

 

 

 

 

 

 

 

 

Total operating expenses

 

5,796

 

5,846

 

11,417

 

11,694

 

 

 

 

 

 

 

 

 

 

 

Operating income

 

1,866

 

1,840

 

3,654

 

3,570

 

 

 

 

 

 

 

 

 

 

 

Interest expense and income

 

 

 

 

 

 

 

 

 

Interest expense

 

38

 

35

 

85

 

66

 

Interest income

 

(7

)

(7

)

(12

)

(11

)

 

 

 

 

 

 

 

 

 

 

Total interest expense – net

 

31

 

28

 

73

 

55

 

 

 

 

 

 

 

 

 

 

 

Income before income taxes

 

1,835

 

1,812

 

3,581

 

3,515

 

 

 

 

 

 

 

 

 

 

 

Provision for income taxes

 

542

 

509

 

1,010

 

1,011

 

 

 

 

 

 

 

 

 

 

 

Net income including noncontrolling interest

 

$

1,293

 

$

1,303

 

$

2,571

 

$

2,504

 

 

 

 

 

 

 

 

 

 

 

Less: Net income attributable to noncontrolling interest

 

2

 

3

 

5

 

5

 

 

 

 

 

 

 

 

 

 

 

Net income attributable to 3M

 

$

1,291

 

$

1,300

 

$

2,566

 

$

2,499

 

 

 

 

 

 

 

 

 

 

 

Weighted average 3M common shares outstanding – basic

 

606.9

 

631.3

 

607.2

 

633.8

 

Earnings per share attributable to 3M common shareholders – basic

 

$

2.13

 

$

2.06

 

$

4.23

 

$

3.94

 

 

 

 

 

 

 

 

 

 

 

Weighted average 3M common shares outstanding – diluted

 

620.9

 

643.0

 

621.1

 

646.1

 

Earnings per share attributable to 3M common shareholders – diluted

 

$

2.08

 

$

2.02

 

$

4.13

 

$

3.87

 

 

 

 

 

 

 

 

 

 

 

Cash dividends paid per 3M common share

 

$

1.11

 

$

1.025

 

$

2.22

 

$

2.05

 

 



 

3M Company and Subsidiaries

CONDENSED CONSOLIDATED BALANCE SHEET

(Dollars in millions)

(Unaudited)

 

 

 

June 30,

 

December 31,

 

June 30,

 

 

 

2016

 

2015

 

2015

 

ASSETS

 

 

 

 

 

 

 

Current assets

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

1,688

 

$

1,798

 

$

2,983

 

Marketable securities — current

 

177

 

118

 

502

 

Accounts receivable — net

 

4,667

 

4,154

 

4,578

 

Inventories

 

3,613

 

3,518

 

3,847

 

Other current assets

 

1,291

 

1,398

 

1,278

 

Total current assets

 

11,436

 

10,986

 

13,188

 

Marketable securities — non-current

 

14

 

9

 

13

 

Investments

 

121

 

117

 

106

 

Property, plant and equipment — net

 

8,604

 

8,515

 

8,389

 

Goodwill and intangible assets — net (a)

 

11,833

 

11,850

 

8,340

 

Prepaid pension benefits

 

242

 

188

 

54

 

Other assets

 

985

 

1,053

 

1,221

 

Total assets

 

$

33,235

 

$

32,718

 

$

31,311

 

 

 

 

 

 

 

 

 

LIABILITIES AND EQUITY

 

 

 

 

 

 

 

Current liabilities

 

 

 

 

 

 

 

Short-term borrowings and

 

 

 

 

 

 

 

current portion of long-term debt

 

$

2,450

 

$

2,044

 

$

86

 

Accounts payable

 

1,650

 

1,694

 

1,714

 

Accrued payroll

 

580

 

644

 

582

 

Accrued income taxes

 

169

 

332

 

327

 

Other current liabilities

 

2,405

 

2,404

 

2,339

 

Total current liabilities

 

7,254

 

7,118

 

5,048

 

Long-term debt

 

9,299

 

8,753

 

8,398

 

Pension and postretirement benefits

 

3,418

 

3,520

 

3,683

 

Other liabilities

 

1,327

 

1,580

 

1,052

 

Total liabilities

 

$

21,298

 

$

20,971

 

$

18,181

 

 

 

 

 

 

 

 

 

Total equity

 

$

11,937

 

$

11,747

 

$

13,130

 

Shares outstanding

 

 

 

 

 

 

 

June 30, 2016: 604,400,291 shares

 

 

 

 

 

 

 

December 31, 2015: 609,330,124 shares

 

 

 

 

 

 

 

June 30, 2015: 624,745,409 shares

 

 

 

 

 

 

 

Total liabilities and equity

 

$

33,235

 

$

32,718

 

$

31,311

 

 


(a)                                 In August 2015, 3M completed the acquisitions of Capital Safety and Membrana (which refers to the former Separations Media business acquired by 3M from Polypore). The combination of these acquisitions increased goodwill and intangible assets — net by approximately $3.8 billion when compared to June 30, 2015, balances.

 



 

3M Company and Subsidiaries

CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS

(Dollars in millions)

(Unaudited)

 

 

 

Six months ended 

 

 

 

June 30,

 

 

 

2016

 

2015

 

NET CASH PROVIDED BY OPERATING ACTIVITIES

 

$

2,545

 

$

2,418

 

 

 

 

 

 

 

Cash flows from investing activities:

 

 

 

 

 

Purchases of property, plant and equipment

 

(637

)

(661

)

Acquisitions, net of cash acquired

 

(4

)

(153

)

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

 

(61

)

928

 

Other investing activities

 

72

 

52

 

 

 

 

 

 

 

NET CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES

 

(630

)

166

 

 

 

 

 

 

 

Cash flows from financing activities:

 

 

 

 

 

Change in debt

 

775

 

1,876

 

Purchases of treasury stock

 

(2,055

)

(2,581

)

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

 

612

 

450

 

Dividends paid to shareholders

 

(1,344

)

(1,298

)

Other financing activities

 

(16

)

79

 

 

 

 

 

 

 

NET CASH USED IN FINANCING ACTIVITIES

 

(2,028

)

(1,474

)

 

 

 

 

 

 

Effect of exchange rate changes on cash and cash equivalents

 

3

 

(24

)

 

 

 

 

 

 

Net increase (decrease) in cash and cash equivalents

 

(110

)

1,086

 

Cash and cash equivalents at beginning of year

 

1,798

 

1,897

 

 

 

 

 

 

 

Cash and cash equivalents at end of period

 

$

1,688

 

$

2,983

 

 



 

3M Company and Subsidiaries

SUPPLEMENTAL FINANCIAL INFORMATION

NON-GAAP MEASURES

(Dollars in millions)

(Unaudited)

 

 

 

Three months ended 

 

Six months ended 

 

 

 

June 30,

 

June 30,

 

Major GAAP Cash Flow Categories

 

2016 

 

2015

 

2016

 

2015

 

 

 

 

 

 

 

 

 

 

 

Net cash provided by operating activities

 

$

1,285

 

$

1,338

 

$

2,545

 

$

2,418

 

Net cash provided by (used in) investing activities

 

(350

)

166

 

(630

)

166

 

Net cash used in financing activities

 

(602

)

(320

)

(2,028

)

(1,474

)

 

 

 

 

 

 

 

 

 

 

Free Cash Flow (non-GAAP measure)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net cash provided by operating activities

 

$

1,285

 

$

1,338

 

$

2,545

 

$

2,418

 

Purchases of property, plant and equipment

 

(323

)

(370

)

(637

)

(661

)

Free cash flow (b)

 

962

 

968

 

1,908

 

1,757

 

 

 

 

 

 

 

 

 

 

 

Net income attributable to 3M

 

$

1,291

 

$

1,300

 

$

2,566

 

$

2,499

 

Free cash flow conversion (b)

 

75

%

74

%

74

%

70

%

 


(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 meaningful to investors as they function as useful measures of performance and the Company 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 (non-GAAP measure)

 

2016

 

2015

 

2015

 

 

 

 

 

 

 

 

 

Total debt

 

$

11,749

 

$

10,797

 

$

8,484

 

Less: Cash and cash equivalents and marketable securities

 

1,879

 

1,925

 

3,498

 

 

 

 

 

 

 

 

 

Net debt (c)

 

$

9,870

 

$

8,872

 

$

4,986

 

 


(c)                                  Net debt is not defined under U.S. GAAP and may not be computed the same as similarly titled measures used by other companies. The Company defines net debt as total debt less the total of cash, cash equivalents and current and long-term marketable securities. 3M believes net debt is meaningful to investors as 3M considers net debt and its components to be an important indicator of liquidity and a guiding measure of capital structure strategy.

 



 

3M Company and Subsidiaries

SALES CHANGE ANALYSIS (d)

(Unaudited)

 

 

 

Three months ended June 30, 2016

 

 

 

 

 

 

 

Europe,

 

 

 

 

 

 

 

 

 

 

 

Middle

 

Latin

 

 

 

Sales Change Analysis

 

United

 

Asia-

 

East and

 

America/

 

World-

 

By Geographic Area

 

States

 

Pacific

 

Africa

 

Canada

 

Wide

 

 

 

 

 

 

 

 

 

 

 

 

 

Volume – organic

 

0.1

%

(5.3

)%

1.5

%

(2.4

)%

(1.3

)%

Price

 

0.3

 

(0.1

)

1.5

 

7.2

 

1.1

 

Organic local-currency sales

 

0.4

 

(5.4

)

3.0

 

4.8

 

(0.2

)

Acquisitions

 

2.1

 

1.0

 

2.7

 

2.3

 

1.9

 

Divestitures

 

(0.6

)

(0.2

)

(0.7

)

(0.3

)

(0.5

)

Translation

 

 

(0.2

)

(1.7

)

(10.5

)

(1.5

)

Total sales change

 

1.9

%

(4.8

)%

3.3

%

(3.7

)%

(0.3

)%

 

 

 

Three months ended June 30, 2016

 

 

 

Organic

 

 

 

 

 

 

 

Worldwide

 

local-

 

 

 

 

 

Total

 

Sales Change Analysis

 

currency

 

 

 

 

 

sales

 

By Business Segment

 

sales

 

Acquisitions

Divestitures

Translation

 

change

 

 

 

 

 

 

 

 

 

 

 

Industrial

 

(1.4

)%

2.8 %

(0.2

)%

(1.3

)%

(0.1

)%

Safety and Graphics

 

2.3

%

6.9 %

(2.3

)%

(2.2

)%

4.7

%

Health Care

 

4.9

%

%

%

(1.9

)%

3.0

%

Electronics and Energy

 

(9.1

)%

%

%

(0.9

)%

(10.0

)%

Consumer

 

2.7

%

%

%

(1.0

)%

1.7

%

Total Company

 

(0.2

)%

1.9 %

(0.5

)%

(1.5

)%

(0.3

)%

 

 

 

Six months ended June 30, 2016

 

 

 

 

 

 

 

Europe,

 

 

 

 

 

 

 

 

 

 

 

Middle

 

Latin

 

 

 

Sales Change Analysis

 

United

 

Asia-

 

East and

 

America/

 

World-

 

By Geographic Area

 

States

 

Pacific

 

Africa

 

Canada

 

Wide

 

 

 

 

 

 

 

 

 

 

 

 

 

Volume — organic

 

0.2

%

(5.3

)%

1.1

%

(2.5

)%

(1.6

)%

Price

 

0.1

 

(0.2

)

1.3

 

7.0

 

1.0

 

Organic local-currency sales

 

0.3

 

(5.5

)

2.4

 

4.5

 

(0.6

)

Acquisitions

 

2.4

 

1.0

 

2.7

 

2.3

 

2.0

 

Divestitures

 

(0.6

)

(0.2

)

(0.7

)

(0.3

)

(0.5

)

Translation

 

 

(1.4

)

(2.3

)

(13.1

)

(2.2

)

Total sales change

 

2.1

%

(6.1

)%

2.1

%

(6.6

)%

(1.3

)%

 

 

 

Six months ended June 30, 2016

 

 

 

Organic

 

 

 

 

 

 

 

 

 

Worldwide

 

local-

 

Total

 

 

 

 

 

 

 

Sales Change Analysis

 

currency

 

sales

 

 

 

 

 

 

 

By Business Segment

 

sales

 

Acquisitions

 

Divestitures

 

Translation

 

change

 

 

 

 

 

 

 

 

 

 

 

 

 

Industrial

 

(1.6

)%

2.4

%

(0.2

)%

(2.1

)%

(1.5

)%

Safety and Graphics

 

2.4

%

6.9

%

(2.4

)%

(3.1

)%

3.8

%

Health Care

 

5.6

%

0.4

%

%

(2.5

)%

3.5

%

Electronics and Energy

 

(10.4

)%

%

%

(1.4

)%

(11.8

)%

Consumer

 

2.7

%

%

%

(1.8

)%

0.9

%

Total Company

 

(0.6

)%

2.0

%

(0.5

)%

(2.2

)%

(1.3

)%

 


(d)                                 Total sales change is calculated based on reported sales results. The components of sales change include organic local-currency sales, acquisitions, divestitures, and translation. Organic local-currency sales includes both organic volume impacts (which excludes acquisition and divestiture impacts), plus selling price changes.  Acquisition and divestiture impacts are measured separately for the first twelve months post-transaction.

 



 

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 and operating income for total year 2015 of $33 million and $7 million, respectively, 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. In addition, these business segment changes were reflected in 3M’s Current Report on Form 8-K dated May 17, 2016, (which updated 3M’s 2015 Annual Report on Form 10-K) and 3M’s Quarterly Report on Form 10-Q for the period ended March 31, 2016.

 

BUSINESS SEGMENT INFORMATION

 

Three months ended 

 

Six months ended 

 

NET SALES

 

June 30,

 

June 30,

 

(Millions)

 

2016

 

2015

 

2016

 

2015

 

Industrial

 

$

2,631

 

$

2,632

 

$

5,207

 

$

5,288

 

Safety and Graphics

 

1,499

 

1,432

 

2,911

 

2,804

 

Health Care

 

1,404

 

1,364

 

2,787

 

2,693

 

Electronics and Energy

 

1,181

 

1,312

 

2,325

 

2,636

 

Consumer

 

1,130

 

1,111

 

2,179

 

2,159

 

Corporate and Unallocated

 

4

 

(4

)

5

 

(2

)

Elimination of Dual Credit

 

(187

)

(161

)

(343

)

(314

)

 

 

 

 

 

 

 

 

 

 

Total Company

 

$

7,662

 

$

7,686

 

$

15,071

 

$

15,264

 

 

BUSINESS SEGMENT INFORMATION

 

Three months ended 

 

Six months ended 

 

OPERATING INCOME

 

June 30,

 

June 30,

 

(Millions)

 

2016

 

2015

 

2016

 

2015

 

 

 

 

 

 

 

 

 

 

 

Industrial

 

$

615

 

$

608

 

$

1,232

 

$

1,204

 

Safety and Graphics

 

411

 

364

 

756

 

699

 

Health Care

 

460

 

440

 

915

 

848

 

Electronics and Energy

 

229

 

278

 

437

 

563

 

Consumer

 

281

 

259

 

519

 

499

 

Corporate and Unallocated

 

(88

)

(74

)

(129

)

(174

)

Elimination of Dual Credit

 

(42

)

(35

)

(76

)

(69

)

 

 

 

 

 

 

 

 

 

 

Total Company

 

$

1,866

 

$

1,840

 

$

3,654

 

$

3,570

 

 



 

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.

 

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