Exhibit 99.1

 

For Immediate Release

 

3M Reports Fourth-Quarter and Full-Year 2019 Results;

Implements New Global Operating Model and Streamlined Structure;

Provides Full-Year 2020 Guidance

 

Fourth-Quarter Highlights:

Sales of $8.1 billion, up 2.1 percent year-on-year
Organic local-currency sales declined 2.6 percent year-on-year
GAAP EPS of $1.66, includes charges of $0.49 per share from items not in prior guidance:
oNew operating model and streamlined structure resulted in restructuring charge of $0.20 per share
oSignificant litigation-related charge of $0.29 per share
Operating cash flow of $2.3 billion; free cash flow of $1.8 billion, with free cash flow conversion of 186 percent
Returned $1.0 billion to shareholders via dividends and gross share repurchases

 

Full-Year Highlights:

Sales of $32.1 billion, down 1.9 percent year-on-year
Organic local-currency sales declined 1.5 percent
GAAP EPS of $7.81 includes:
oSignificant litigation-related charges of $1.01 per share
oVenezuela deconsolidation non-cash charge of $0.28 per share
oDivestiture gain of $0.21 per share
Adjusted EPS of $9.10 excludes significant litigation-related charges and Venezuela deconsolidation non-cash charge
Operating cash flow of $7.1 billion; free cash flow of $5.4 billion (all-time record), up 10 percent year-on-year, with free cash flow conversion of 118 percent
Returned $4.7 billion to shareholders via dividends and gross share repurchases

 

ST. PAUL, Minn. – Jan. 28, 2020 − 3M (NYSE: MMM) today reported fourth-quarter and full-year 2019 results and provided its 2020 earnings outlook.

 

“Our team executed well in the fourth quarter and delivered results that were in-line with our expectations,” said Mike Roman, 3M chairman and chief executive officer. “While we continued to manage challenges in certain key end markets, we generated solid underlying margins and robust free cash flow.”

 

Roman continued, “We also continue to build for the future, including the launch of our new global operating model which represents the next phase of our transformation journey. As a result of our actions, we are well positioned to improve our performance, return to growth and deliver a successful 2020.”

 


The following information was filed by 3M Co (MMM) on Tuesday, January 28, 2020 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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