ST. PAUL, Minn.--(BUSINESS WIRE)--3M (NYSE:MMM) today announced its sales and earnings results for second quarter 2003.
The company reported net income of $619 million, or $1.56 per share, versus $466 million, or $1.18 per share, in the second quarter of 2002. Excluding special items(a) in the second quarter of 2002, net income increased 14.8 percent from $539 million last year, and earnings per share increased 14.7 percent from $1.36 per share in last year's second quarter.
“Clearly, it is prudent to maintain a cautious outlook on global economic growth and to gear our plans accordingly”
"Our employees did a terrific job in the second quarter," said W. James McNerney, Jr., 3M chairman and CEO. "Sales reached an all-time high, and both net income and earnings per share were the highest of any second quarter in 3M's 100-year-plus history. Our corporate initiatives -- aimed at driving higher top-line growth, productivity and free cash flow -- are making a real difference in 2003."
Worldwide sales in the second quarter totaled $4.580 billion, 10.1 percent higher than in the year-earlier quarter. Sales volumes increased 5.6 percent, including a positive 1.8 percent impact from acquisitions. Volumes increased 21.9 percent in Display and Graphics (includes 9 percent from acquisitions), 11.0 percent in Safety, Security and Protection Services, 7.1 percent in Transportation, 5.6 percent in Health Care, 3.0 percent in Consumer and Office and 0.1 percent in Industrial. Volumes declined 6.8 percent in Electro and Communications. Currency effects increased worldwide sales by 4.6 percent while selling prices were down 0.1 percent.
Sales outside the United States totaled $2.655 billion, up 16.9 percent compared to the second quarter of 2002. Volumes increased 8.5 percent, while selling prices declined 0.1 percent. Changes in the value of the U.S. dollar increased international sales by 8.5 percent. Volumes increased almost 18 percent in Asia Pacific driven by a 7 percent increase in Japan and a 28 percent increase in the rest of the region. Volumes increased 9.7 percent in Latin America and 0.6 percent in Europe. In the United States, sales totaled $1.925 billion, up 1.9 percent from the same quarter of 2002. Volumes increased 2.1 percent, while selling prices declined 0.2 percent.
"Clearly, it is prudent to maintain a cautious outlook on global economic growth and to gear our plans accordingly," McNerney said. "At the same time, we remain confident in our ability to improve every aspect of our company. By driving higher and sustainable sales growth, extending productivity improvements and generating cash flow to fuel growth, 3M can continue to deliver high-quality results into the future."
3M also increased its earnings outlook for 2003. For the year, the company now expects reported earnings will be within a range of $5.75 to $5.90 per share. Excluding special items(a), 3M expects 2003 earnings to be between $5.90 and $6.05 per share. Third-quarter earnings are expected to be in the range of $1.56 to $1.60 per share.
Patrick D. Campbell, senior vice president and chief financial officer, will conduct an investor teleconference at 9 a.m. Eastern Time (8 a.m. Central) today. Investors can access a webcast of this conference, along with related charts and materials, at http://investor.3M.com.
(a) During the second quarter of 2002, under its previously announced restructuring plan, 3M incurred pretax charges of $148 million ($73 million after-tax) primarily related to employee separation costs and accelerated depreciation charges. The company incurred similar charges in the first quarter of 2002 that totaled $54 million pre-tax ($35 million after-tax). As previously announced by 3M on March 26, 2003, a court issued an adverse ruling associated with a lawsuit filed against 3M in 1997 by LePage's Inc. During the first quarter of 2003, 3M recorded pretax charges of $93 million ($58 million after-tax) related to this proceeding.
Forward-Looking Statements
This news release contains forward-looking statements that reflect current views and estimates of 3M's management of future economic circumstances, industry conditions, company performance and financial results. The statements are based on many assumptions and factors including: (1) worldwide economic conditions; (2) foreign currency exchange rates and fluctuations in those rates; (3) the timing and acceptance of new product offerings; (4) purchased components and materials, including shortages and increases in the costs of such components and materials; (5) 3M's ability to successfully manage acquisitions, divestitures and strategic alliances; and (6) legal proceedings. Any changes in such assumptions or factors could produce significantly different results.
About 3M
3M is a $16 billion diversified technology company with leading positions in consumer and office; display and graphics; electronics and telecommunications; health care; industrial; safety, security and protection services; transportation and other businesses. Headquartered in St. Paul, Minnesota, the company has operations in more than 60 countries and serves customers in nearly 200 countries. 3M is one of the 30 stocks that make up the Dow Jones Industrial Average and also is a component of the Standard & Poor's 500 Index. For more information about 3M, go to www.3M.com/profile/pressbox/index.jhtml.
| 3M Company and Subsidiaries |
| SALES CHANGE ANALYSIS |
| (Unaudited) |
| |
| |
|
|
Second-Quarter 2003 |
| |
|
|
Worldwide |
|
U.S. |
|
Intl. |
| Volume - core |
|
3.8 |
% |
|
0.4 |
% |
|
6.6 |
% |
| |
| Volume - acquisitions |
|
|
|
|
|
|
| and divestitures |
|
1.8 |
|
|
1.7 |
|
|
1.9 |
|
| |
| Price |
|
(0.1 |
) |
|
(0.2 |
) |
|
(0.1 |
) |
| |
| Translation |
|
4.6 |
|
|
-- |
|
|
8.5 |
|
| Total |
|
10.1 |
% |
|
1.9 |
% |
|
16.9 |
% |
| |
| |
|
|
Six-Months 2003 |
| |
|
|
Worldwide |
|
U.S. |
|
Intl. |
| Volume - core |
|
3.6 |
% |
|
0.0 |
% |
|
6.7 |
% |
| |
| Volume - acquisitions |
|
|
|
|
|
|
| and divestitures |
|
1.9 |
|
|
1.7 |
|
|
2.0 |
|
| |
| Price |
|
(0.1 |
) |
|
(0.3 |
) |
|
0.1 |
|
| |
| Translation |
|
5.1 |
|
|
-- |
|
|
9.4 |
|
| Total |
|
10.5 |
% |
|
1.4 |
% |
|
18.2 |
% |
|
|
|
|
|
|
|
|
|
|
| 3M Company and Subsidiaries |
| CONSOLIDATED STATEMENT OF INCOME |
| (Amounts in millions, except per-share amounts) |
| (Unaudited) |
| |
| |
|
|
Three- months ended |
|
Six-months ended |
|
|
June 30 |
|
June 30 |
|
|
|
|
|
|
|
|
|
|
|
2003 |
|
2002 |
|
2003 |
|
2002 |
|
|
|
|
|
|
|
|
|
| Net sales |
|
$ |
4,580 |
|
|
$ |
4,161 |
|
|
$ |
8,898 |
|
|
$ |
8,051 |
|
|
|
|
|
|
|
|
|
|
| Operating expenses |
|
|
|
|
|
|
|
|
| Cost of sales |
|
|
2,323 |
|
|
|
2,231 |
|
|
|
4,534 |
|
|
|
4,267 |
|
| Selling, general and |
|
|
|
|
|
|
|
|
| administrative expenses |
|
|
1,021 |
|
|
|
975 |
|
|
|
1,984 |
|
|
|
1,852 |
|
| Research, development and |
|
|
|
|
|
|
|
|
| related expenses |
|
|
276 |
|
|
|
269 |
|
|
|
546 |
|
|
|
533 |
|
| Other expense |
|
|
-- |
|
|
|
-- |
|
|
|
93 |
|
|
|
-- |
|
|
|
|
|
|
|
|
|
|
| Total |
|
|
3,620 |
|
|
|
3,475 |
|
|
|
7,157 |
|
|
|
6,652 |
|
|
|
|
|
|
|
|
|
|
| Operating income |
|
|
960 |
|
|
|
686 |
|
|
|
1,741 |
|
|
|
1,399 |
|
|
|
|
|
|
|
|
|
|
| Interest expense and income |
|
|
|
|
|
|
|
|
| Interest expense |
|
|
24 |
|
|
|
20 |
|
|
|
47 |
|
|
|
39 |
|
| Interest income |
|
|
(5 |
) |
|
|
(9 |
) |
|
|
(11 |
) |
|
|
(18 |
) |
|
|
|
|
|
|
|
|
|
| Total |
|
|
19 |
|
|
|
11 |
|
|
|
36 |
|
|
|
21 |
|
|
|
|
|
|
|
|
|
|
| Income before income taxes |
|
|
|
|
|
|
|
|
| and minority interest |
|
|
941 |
|
|
|
675 |
|
|
|
1,705 |
|
|
|
1,378 |
|
| |
| Provision for income taxes |
|
|
310 |
|
|
|
210 |
|
|
|
558 |
|
|
|
437 |
|
| |
| Minority interest |
|
|
12 |
|
|
|
(1 |
) |
|
|
26 |
|
|
|
23 |
|
|
|
|
|
|
|
|
|
|
| Net income |
|
$ |
619 |
|
|
$ |
466 |
|
|
$ |
1,121 |
|
|
$ |
918 |
|
|
|
|
|
|
|
|
|
|
| Weighted average common |
|
|
|
|
|
|
|
|
| shares outstanding - basic |
|
|
390.9 |
|
|
|
390.0 |
|
|
|
390.5 |
|
|
|
390.0 |
|
| Earnings per share - basic |
|
$ |
1.58 |
|
|
$ |
1.19 |
|
|
$ |
2.87 |
|
|
$ |
2.35 |
|
|
|
|
|
|
|
|
|
|
| Weighted average common |
|
|
|
|
|
|
|
|
| shares outstanding - diluted |
|
|
396.2 |
|
|
|
396.1 |
|
|
|
395.7 |
|
|
|
395.7 |
|
| Earnings per share - diluted |
|
$ |
1.56 |
|
|
$ |
1.18 |
|
|
$ |
2.83 |
|
|
$ |
2.32 |
|
|
|
|
|
|
|
|
|
|
| Cash dividends paid |
|
|
|
|
|
|
|
|
| per common share |
|
$ |
0.66 |
|
|
$ |
0.62 |
|
|
$ |
1.32 |
|
|
$ |
1.24 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 3M Company and Subsidiaries |
| Supplemental Unaudited Consolidated Statement of Income Information |
| (Dollars in millions, except per-share amounts) |
| |
| |
|
|
Three-months ended |
|
Three-months ended |
|
|
June 30, 2003 |
|
June 30, 2002 |
|
|
Excluding |
|
|
|
|
|
Excluding |
|
|
|
|
|
|
Special |
|
Special |
|
Reported |
|
special |
|
Special |
|
Reported |
|
|
items |
|
items |
|
total |
|
items |
|
items |
|
total |
| Net sales |
|
$ |
4,580 |
|
|
$ |
-- |
|
$ |
4,580 |
|
|
$ |
4,161 |
|
|
$ |
-- |
|
|
$ |
4,161 |
|
| Operating |
|
|
|
|
|
|
|
|
|
|
|
|
| expenses |
|
|
|
|
|
|
|
|
|
|
|
|
| Cost of sales |
|
|
2,323 |
|
|
|
-- |
|
|
2,323 |
|
|
|
2,140 |
|
|
|
91 |
|
|
|
2,231 |
|
| Selling, general |
|
|
|
|
|
|
|
|
|
|
|
|
| and |
|
|
|
|
|
|
|
|
|
|
|
|
| administrative |
|
|
|
|
|
|
|
|
|
|
|
|
| expenses |
|
|
1,021 |
|
|
|
-- |
|
|
1,021 |
|
|
|
919 |
|
|
|
56 |
|
|
|
975 |
|
| Research, |
|
|
|
|
|
|
|
|
|
|
|
|
| development and |
|
|
|
|
|
|
|
|
|
|
|
|
| related |
|
|
|
|
|
|
|
|
|
|
|
|
| expenses |
|
|
276 |
|
|
|
-- |
|
|
276 |
|
|
|
268 |
|
|
1 |
|
|
|
269 |
|
| Total |
|
|
3,620 |
|
|
|
-- |
|
|
3,620 |
|
|
|
3,327 |
|
|
|
148 |
|
|
|
3,475 |
|
| Operating |
|
|
|
|
|
|
|
|
|
|
|
|
| income (loss) |
|
|
960 |
|
|
|
-- |
|
|
960 |
|
|
|
834 |
|
|
|
(148 |
) |
|
|
686 |
|
| |
| Interest expense |
|
|
|
|
|
|
|
|
|
|
|
|
| and (income), |
|
|
|
|
|
|
|
|
|
|
|
|
| net |
|
|
19 |
|
|
|
-- |
|
|
19 |
|
|
|
11 |
|
|
|
-- |
|
|
|
11 |
|
| Income (loss) |
|
|
|
|
|
|
|
|
|
|
|
|
| before income |
|
|
|
|
|
|
|
|
|
|
|
|
| taxes and |
|
|
|
|
|
|
|
|
|
|
|
|
| minority |
|
|
|
|
|
|
|
|
|
|
|
|
| interest |
|
|
941 |
|
|
|
-- |
|
|
941 |
|
|
|
823 |
|
|
|
(148 |
) |
|
|
675 |
|
| |
| Provision |
|
|
|
|
|
|
|
|
|
|
|
|
| (benefit) |
|
|
|
|
|
|
|
|
|
|
|
|
| for income taxes |
|
|
310 |
|
|
|
-- |
|
|
310 |
|
|
|
267 |
|
|
|
(57 |
) |
|
|
210 |
|
| Effective tax |
|
|
|
|
|
|
|
|
|
|
|
|
| rate |
|
|
33.0 |
% |
|
|
|
|
33.0 |
% |
|
|
32.5 |
% |
|
|
|
|
31.2 |
% |
| |
| Minority interest |
|
|
12 |
|
|
|
-- |
|
|
12 |
|
|
|
17 |
|
|
|
(18 |
) |
|
|
(1 |
) |
| Net income (loss) |
|
$ |
619 |
|
|
$ |
-- |
|
$ |
619 |
|
|
$ |
539 |
|
|
$ |
(73 |
) |
|
$ |
466 |
|
| Weighted average |
|
|
|
|
|
|
|
|
|
|
|
|
| diluted shares |
|
|
396.2 |
|
|
|
-- |
|
|
396.2 |
|
|
|
396.1 |
|
|
|
396.1 |
|
|
|
396.1 |
|
| Net income per |
|
|
|
|
|
|
|
|
|
|
|
|
| diluted share |
|
$ |
1.56 |
|
|
$ |
-- |
|
$ |
1.56 |
|
|
$ |
1.36 |
|
|
$ |
(0.18 |
) |
|
$ |
1.18 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 3M Company and Subsidiaries |
| Supplemental Unaudited Consolidated Statement of Income Information |
| (Dollars in millions, except per-share amounts) |
| |
| |
|
|
Six-months ended |
|
Six-months ended |
|
|
June 30, 2003 |
|
June 30, 2002 |
|
|
Excluding |
|
|
|
|
|
Excluding |
|
|
|
|
|
|
special |
|
Special |
|
Reported |
|
special |
|
Special |
|
Reported |
|
|
items |
|
items |
|
total |
|
items |
|
items |
|
total |
| Net sales |
|
$ |
8,898 |
|
$ |
-- |
|
$ |
8,898 |
|
$ |
8,051 |
|
$ |
-- |
|
$ |
8,051 |
| Operating |
|
|
|
|
|
|
|
|
|
|
|
|
| expenses |
|
|
|
|
|
|
|
|
|
|
|
|
| Cost of sales |
|
|
4,534 |
|
|
-- |
|
|
4,534 |
|
|
4,146 |
|
|
121 |
|
|
4,267 |
| Selling, general |
|
|
|
|
|
|
|
|
|
|
|
|
| and |
|
|
|
|
|
|
|
|
|
|
|
|
| administrative |
|
|
|
|
|
|
|
|
|
|
|
|
| expenses |
|
|
1,984 |
|
|
-- |
|
|
1,984 |
|
|
1,775 |
|
|
77 |
|
|
1,852 |
| Research, |
|
|
|
|
|
|
|
|
|
|
|
|
| development and |
|
|
|
|
|
|
|
|
|
|
|
|
| related |
|
|
|
|
|
|
|
|
|
|
|
|
| expenses |
|
|
546 |
|
|
-- |
|
|
546 |
|
|
529 |
|
4 |
|
|
533 |
| Other expense |
|
|
-- |
|
|
93 |
|
|
93 |
|
|
-- |
|
|
-- |
|
|
-- |
| Total |
|
|
7,064 |
|
|
93 |
|
|
7,157 |
|
|
6,450 |
|
|
202 |
|
|
6,652 |
| Operating |
|
|
|
|
|
|
|
|
|
|
|
|
| income (loss) |
|
|
1,834 |
|
|
(93) |
|
|
1,741 |
|
|
1,601 |
|
|
(202) |
|
|
1,399 |
| |
| Interest expense |
|
|
|
|
|
|
|
|
|
|
|
|
| and (income), |
|
|
|
|
|
|
|
|
|
|
|
|
| net |
|
|
36 |
|
|
-- |
|
|
36 |
|
|
21 |
|
|
-- |
|
|
21 |
| Income (loss) |
|
|
|
|
|
|
|
|
|
|
|
|
| before income |
|
|
|
|
|
|
|
|
|
|
|
|
| taxes and |
|
|
|
|
|
|
|
|
|
|
|
|
| minority |
|
|
|
|
|
|
|
|
|
|
|
|
| interest |
|
|
1,798 |
|
|
(93) |
|
|
1,705 |
|
|
1,580 |
|
|
(202) |
|
|
1,378 |
| |
| Provision |
|
|
|
|
|
|
|
|
|
|
|
|
| (benefit) for |
|
|
|
|
|
|
|
|
|
|
|
|
| income taxes |
|
|
593 |
|
|
(35) |
|
|
558 |
|
|
513 |
|
|
(76) |
|
|
437 |
| Effective tax |
|
|
|
|
|
|
|
|
|
|
|
|
| rate |
|
|
33.0% |
|
|
-- |
|
|
32.8% |
|
|
32.5% |
|
|
-- |
|
|
31.7% |
| |
| Minority interest |
|
|
26 |
|
|
-- |
|
|
26 |
|
|
41 |
|
|
(18) |
|
|
23 |
| Net income (loss) |
|
$ |
1,179 |
|
$ |
(58) |
|
$ |
1,121 |
|
$ |
1,026 |
|
$ |
(108) |
|
$ |
918 |
| Weighted average |
|
|
|
|
|
|
|
|
|
|
|
|
| diluted shares |
|
|
395.7 |
|
|
395.7 |
|
|
395.7 |
|
|
395.7 |
|
|
395.7 |
|
|
395.7 |
| Net income per |
|
|
|
|
|
|
|
|
|
|
|
|
| diluted share |
|
$ |
2.98 |
|
$ |
(0.15) |
|
$ |
2.83 |
|
$ |
2.59 |
|
$ |
(0.27) |
|
$ |
2.32 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 3M Company and Subsidiaries |
| CONSOLIDATED BALANCE SHEET |
| (Dollars in millions, except per-share amounts) |
| (Unaudited) |
| |
|
|
Jun. 30, |
|
Jun. 30, |
|
Dec. 31, |
| ASSETS |
|
2003 |
|
2002 |
|
2002 |
| Current assets |
|
|
|
|
|
|
|
|
|
| Cash and cash equivalents |
|
$ |
974 |
|
$ |
665 |
|
$ |
618 |
| Accounts receivable - net |
|
|
2,771 |
|
|
2,795 |
|
|
2,527 |
| Inventories |
|
|
1,990 |
|
|
1,998 |
|
|
1,931 |
| Other current assets |
|
|
1,302 |
|
|
1,165 |
|
|
983 |
| Total current assets |
|
|
7,037 |
|
|
6,623 |
|
|
6,059 |
| Investments |
|
|
233 |
|
|
250 |
|
|
238 |
| Property, plant and equipment - net |
|
|
5,555 |
|
|
5,552 |
|
|
5,621 |
| Other assets |
|
|
3,741 |
|
|
2,536 |
|
|
3,411 |
| Total assets |
|
$ |
16,566 |
|
$ |
14,961 |
|
$ |
15,329 |
| LIABILITIES AND STOCKHOLDERS' EQUITY |
|
|
|
|
|
|
| Current liabilities |
|
|
|
|
|
|
| Short-term debt |
|
$ |
1,059 |
|
$ |
806 |
|
$ |
1,237 |
| Accounts payable |
|
|
972 |
|
|
835 |
|
|
945 |
| Payroll |
|
|
438 |
|
|
476 |
|
|
411 |
| Income taxes |
|
|
813 |
|
|
678 |
|
|
518 |
| Other current liabilities |
|
|
1,545 |
|
|
1,391 |
|
|
1,346 |
| Total current liabilities |
|
|
4,827 |
|
|
4,186 |
|
|
4,457 |
| Long-term debt |
|
|
1,962 |
|
|
1,838 |
|
|
2,140 |
| Other liabilities |
|
|
2,822 |
|
|
2,557 |
|
|
2,739 |
| Total liabilities |
|
|
9,611 |
|
|
8,581 |
|
|
9,336 |
| |
| Total stockholders' equity - net |
|
|
6,955 |
|
|
6,380 |
|
|
5,993 |
| Shares outstanding |
|
|
|
|
|
|
| June 30, 2003: 391,503,430 shares |
|
|
|
|
|
|
| June 30, 2002: 390,014,808 shares |
|
|
|
|
|
|
| December 31, 2002: 390,195,681 shares |
|
|
|
|
|
|
| Total liabilities and stockholders' |
|
|
|
|
|
|
| equity |
|
$ |
16,566 |
|
$ |
14,961 |
|
$ |
15,329 |
|
|
|
|
|
|
|
|
|
|
| 3M Company and Subsidiaries |
|
|
|
|
|
|
|
|
| BUSINESS SEGMENTS (Unaudited) |
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
| BUSINESS |
|
|
|
|
|
|
|
|
| SEGMENT |
|
Three-months ended
|
|
Six-months ended
|
| INFORMATION |
|
June 30 |
|
June 30 |
| (Millions) |
|
2003 |
|
2002 |
|
2003 |
|
2002 |
| |
| NET SALES |
|
|
|
|
|
|
|
|
| Health Care |
|
$ |
1,017 |
|
|
$ |
896 |
|
|
$ |
1,963 |
|
|
$ |
1,741 |
|
| Industrial |
|
|
838 |
|
|
|
804 |
|
|
|
1,659 |
|
|
|
1,557 |
|
| Consumer and Office |
|
|
637 |
|
|
|
602 |
|
|
|
1,249 |
|
|
|
1,171 |
|
| Display and Graphics |
|
|
719 |
|
|
|
582 |
|
|
|
1,380 |
|
|
|
1,087 |
|
| Electro and Communications |
|
|
458 |
|
|
|
479 |
|
|
|
892 |
|
|
|
923 |
|
| Safety, Security and Protection |
|
|
|
|
|
|
|
|
| Services |
|
|
518 |
|
|
|
445 |
|
|
|
976 |
|
|
|
858 |
|
| Transportation |
|
|
383 |
|
|
|
339 |
|
|
|
764 |
|
|
|
688 |
|
| Corporate and Unallocated |
|
|
10 |
|
|
|
14 |
|
|
|
15 |
|
|
|
26 |
|
| |
| Total Company |
|
$ |
4,580 |
|
|
$ |
4,161 |
|
|
$ |
8,898 |
|
|
$ |
8,051 |
|
| |
| |
| OPERATING INCOME |
|
|
|
|
|
|
|
|
| Health Care |
|
$ |
263 |
|
|
$ |
213 |
|
|
$ |
501 |
|
|
$ |
433 |
|
| Industrial |
|
|
102 |
|
|
|
131 |
|
|
|
234 |
|
|
|
242 |
|
| Consumer and Office |
|
|
108 |
|
|
|
108 |
|
|
|
218 |
|
|
|
213 |
|
| Display and Graphics |
|
|
209 |
|
|
|
146 |
|
|
|
391 |
|
|
|
263 |
|
| Electro and Communications |
|
|
71 |
|
|
|
79 |
|
|
|
118 |
|
|
|
131 |
|
| Safety, Security and Protection |
|
|
|
|
|
|
|
|
| Services |
|
|
131 |
|
|
|
92 |
|
|
|
236 |
|
|
|
178 |
|
| Transportation |
|
|
95 |
|
|
|
80 |
|
|
|
195 |
|
|
|
165 |
|
| Corporate and Unallocated |
|
|
(19 |
) |
|
|
(163 |
) |
|
|
(152 |
) |
|
|
(226 |
) |
| |
| Total Company |
|
$ |
960 |
|
|
$ |
686 |
|
|
$ |
1,741 |
|
|
$ |
1,399 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As previously announced by 3M on March 26, 2003, a court issued an adverse ruling associated with a lawsuit filed against 3M in 1997 by LePage's Inc. During the first quarter of 2003, 3M recorded pretax charges of $93 million related to this proceeding (recorded in Corporate and Unallocated). During the second quarter of 2002, under its previously announced restructuring plan, 3M incurred pretax charges of $148 million primarily related to employee separation costs and accelerated depreciation charges. The company incurred similar charges in the first quarter of 2002 that totaled $54 million pre-tax. These 2002 charges were recorded in Corporate and Unallocated.
Contact:
3M, St. Paul
Investor Contacts:
Matt Ginter, 651-733-8206
or
Dan Colvin, 651-736-2637
or
Media Contact:
John Cornwell, 651-733-7698