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3M Co (MMM) SEC Filing 10-Q Quarterly report for the period ending Sunday, September 30, 2018

SEC Filings

3M Co

CIK: 66740 Ticker: MMM

Exhibit 99

 

For Immediate Release

 

3M Reports Third-Quarter 2018 Results

 

Third-Quarter Highlights:

·                  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 company’s 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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Inside 3M Co's 10-Q Quarterly Report:

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Document And Entity Information
Consolidated Balance Sheet
Consolidated Balance Sheet (Parenthetical)
Consolidated Statement Of Cash Flows
Consolidated Statement Of Comprehensive Income
Consolidated Statement Of Income
Acquisitions And Divestitures
Acquisitions And Divestitures (Tables)
Acquisitions And Divestitures - Acquisitions (Details)
Acquisitions And Divestitures - Divestitures (Details)
Business Segments
Business Segments (Details)
Business Segments (Tables)
Business Segments - Segment Information (Details)
Commitments And Contingencies
Commitments And Contingencies - Product Liability (Details)
Commitments And Contingencies - Respirator And Environmental (Details)
Derivatives
Derivatives (Tables)
Derivatives - Bs Location (Details)
Derivatives - Cash Flow Hedges (Details)
Derivatives - Currency Effects (Details)
Derivatives - Fair Value Hedges (Details)
Derivatives - Net Investment Hedges (Details)
Derivatives - Not Designated (Details)
Derivatives - Offsetting Assets (Details)
Derivatives - Offsetting Liabilities (Details)
Fair Value Measurements
Fair Value Measurements (Tables)
Fair Value Measurements - Financial Instruments (Details)
Fair Value Measurements - Nonrecurring (Details)
Fair Value Measurements - Recurring Basis (Details)
Fair Value Measurements - Recurring Reconciliation (Details)
Goodwill And Intangible Assets
Goodwill And Intangible Assets (Acquired Intangible Assets) (Details)
Goodwill And Intangible Assets (Goodwill Balance By Business Segment) (Details)
Goodwill And Intangible Assets (Schedules For Amortization Expense) (Details)
Goodwill And Intangible Assets (Tables)
Income Taxes
Income Taxes - Tax Effected Operating Loss, Capital Loss, And Tax Credit Carryovers (Details)
Long-Term Debt And Short-Term Borrowings
Long-Term Debt And Short-Term Borrowings - Long-Term Debt Issuances (Details)
Long-Term Debt And Short-Term Borrowings - Short-Term Borrowings And Current Portion Of Long-Term Debt (Details)
Marketable Securities
Marketable Securities (Contractual Maturity) (Details)
Marketable Securities (Current And Non-Current) (Details)
Marketable Securities (Tables)
Pension And Postretirement Benefit Plans
Pension And Postretirement Benefit Plans (Tables)
Pension And Postretirement Benefit Plans - Components Of Net Periodic Benefit Cost And Other Information (Details)
Pension And Postretirement Benefit Plans - Narrative (Details)
Restructuring Actions And Exit Activities
Restructuring Actions And Exit Activities (Details)
Restructuring Actions And Exit Activities (Tables)
Restructuring Actions And Exit Activities - Roll Forward (Details)
Revenue
Revenue (Details)
Revenue (Tables)
Revenue - Disaggregated Revenue (Details)
Significant Accounting Policies
Significant Accounting Policies (Policies)
Significant Accounting Policies (Tables)
Significant Accounting Policies - Basis Of Presentation (Details)
Significant Accounting Policies - Earnings Per Share (Details)
Significant Accounting Policies - Foreign Currency Translation (Details)
Significant Accounting Policies - New Accounting Pronouncements (Details)
Stock-Based Compensation
Stock-Based Compensation (Details)
Stock-Based Compensation (Tables)
Stock-Based Compensation - Compensation (Details)
Stock-Based Compensation - Rsu, Rs, Performance Shares (Details)
Stock-Based Compensation - Stock Options (Details)
Supplemental Equity And Comprehensive Income Information
Supplemental Equity And Comprehensive Income Information (Tables)
Supplemental Equity And Comprehensive Income Information - Aoci Rf (Details)
Supplemental Equity And Comprehensive Income Information - Reclass Aoci (Details)
Supplemental Equity And Comprehensive Income Information - Se Rf (Details)
Supplemental Income Statement Information
Supplemental Income Statement Information (Details)
Supplemental Income Statement Information (Tables)
Ticker: MMM
CIK: 66740
Form Type: 10-Q Quarterly Report
Accession Number: 0001558370-18-007892
Submitted to the SEC: Thu Oct 25 2018 12:57:57 PM EST
Accepted by the SEC: Thu Oct 25 2018
Period: Sunday, September 30, 2018
Industry: Surgical And Medical Instruments And Apparatus

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