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For Immediate Release
3M Reports Third-Quarter 2018 Results
· Sales of $8.2 billion, down 0.2 percent year-on-year
· Organic local-currency sales growth of 1.3 percent
· GAAP EPS of $2.58 vs. $2.33 last year, up 10.7 percent year-on-year
· Returned $1.9 billion to shareholders via dividends and gross share repurchases
ST. PAUL, Minn. October 23, 2018 - 3M (NYSE: MMM) today reported third-quarter 2018 results.
In the third quarter, 3M delivered a double-digit increase in cash flow and earnings-per-share, along with strong margins despite slower growth, said Mike Roman, 3M chief executive officer. We also continued to deploy capital to invest in our future and return cash to our shareholders.
Through nine months of the year, our global team posted organic growth of more than 3 percent, and we are positioned to deliver a solid 2018, Roman continued. Going forward, we remain focused on innovating for our customers and driving growth, while continuing to transform our enterprise.
Third-quarter sales were $8.2 billion with organic local-currency sales up 1.3 percent while acquisitions, net of divestitures, increased sales by 0.2 percent. Foreign currency translation decreased sales by 1.7 percent year-on-year.
Total sales grew 7.0 percent in Safety and Graphics; Industrial was flat; sales declined 2.8 percent in Health Care, 3.4 percent in Consumer and 4.8 percent in Electronics and Energy. Organic local-currency sales increased 2.3 percent in Electronics and Energy, 2.2 percent in Industrial, and 2.2 percent in Safety and Graphics; organic local-currency sales declined 1.1 percent in Health Care and 2.0 percent in Consumer.
On a geographic basis, total sales grew 1.6 percent in Asia Pacific and 1.3 percent in the U.S.; total sales declined 3.9 percent in EMEA (Europe, Middle East and Africa) and 5.5 percent in Latin America/Canada. Organic local-currency sales increased 3.2 percent in Asia Pacific, 2.1 percent in Latin America/Canada, and 0.5 percent in the U.S.; organic local-currency sales declined 0.9 percent in EMEA.
Third-quarter GAAP earnings were $2.58 per share, an increase of 10.7 percent year-over-year. Operating income was $2.0 billion with operating margins of 24.7 percent.
The companys operating cash flow was $2.1 billion, contributing to conversion of 114 percent of net income to free cash flow, as referenced in the Supplemental Financial Information Non-GAAP Measures section.
The following information was filed by 3M Co (MMM) on Tuesday, October 23, 2018 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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