Press release
149KB
ottobre 26, 2021 - 3m
3M Reports Third-Quarter 2021 Results
Comunicato Stampa disponibile solo in lingua originale.
Third-Quarter Highlights:- Sales of $8.9 billion, up 7.1 percent year-on-year- Organic local-currency sales increased 6.3 percent year-on-year- Earnings per share of $2.45- Operating cash flow of $1.9 billion; adjusted free cash flow of $1.5 billion, down 29 percent year-on-year- Returned $1.4 billion to shareholders via dividends and gross share repurchases- Company updates full-year 2021 outlook
ST. PAUL, Minn., Oct. 26, 2021 /PRNewswire/ -- 3M (NYSE: MMM) today reported third-quarter 2021 results.
"In the face of continued global challenges, the 3M team executed well and delivered broad-based organic growth, along with strong margins and cash flow," said 3M chairman and chief executive officer Mike Roman. "Overall, end-market demand remained strong, and we navigated supply chain disruptions by maintaining a relentless focus on serving and innovating for our customers. Moving ahead, we will continue to invest for the future by investing in strong demand areas aligned with global trends, while improving our operational performance, driving productivity and advancing sustainability."
Third-Quarter Results
Sales grew 7.1 percent year-on-year to $8.9 billion. Organic local-currency sales increased 6.3 percent. Foreign currency translation increased sales by 0.8 percent year-on-year.
Total sales grew 8.1 percent in Consumer, 7.2 percent in Safety and Industrial, 5.8 percent in Transportation and Electronics, and 4.1 percent in Health Care. Organic local-currency sales increased 7.6 percent in Consumer, 6.1 percent in Safety and Industrial, 5.1 percent in Transportation and Electronics, and 3.3 percent in Health Care.
On a geographic basis, total sales grew 7.9 percent in the Americas, 6.8 percent in Asia Pacific, and 5.2 percent in EMEA (Europe, Middle East and Africa). Organic local-currency sales grew 7.4 percent in the Americas, 5.6 percent in Asia Pacific, and 4.2 percent in EMEA.
Third-quarter earnings per share was $2.45 per share, flat year-on-year. Third quarter operating income was $1.8 billion with operating margins of 20.0 percent.
The company's operating cash flow was $1.9 billion with adjusted free cash flow of $1.5 billion contributing to adjusted free cash flow conversion of 107 percent. 3M returned $1.4 billion to shareholders in the third quarter of 2021, including $856 million in cash dividends and $527 million of gross share repurchases. See the "Supplemental Financial Information Non-GAAP Measures" section for applicable information.
Full-Year 2021 Outlook
3M is updating its full-year 2021 sales and earnings expectations to include the company's year-to-date results and reflect the current global supply chain disruptions.
Updated Guidance | Prior Guidance | |
Total sales growth | 9% to 10% | 7% to 10% |
Organic local-currency sales growth | 8% to 9% | 6% to 9% |
Earnings per share | $9.70 to $9.90 | $9.70 to $10.10 |
3M continues to expect to generate strong cash flow and maintains its full-year free cash flow conversion range of 90 to 100 percent, as referenced in the "Supplemental Financial Information Non-GAAP Measures" section.
Third-Quarter Business Group Discussion
Safety and Industrial
- Sales of $3.2 billion, up 7.2 percent in U.S. dollars. Organic local-currency sales increased 6.1 percent, and foreign currency translation increased sales by 1.1 percent.
- On an organic local-currency basis:
- Sales increased in abrasives, industrial adhesives and tapes, electrical markets, closure and masking systems, and automotive aftermarket, and decreased in roofing granules and personal safety.
- Sales grew in Asia Pacific and the Americas and declined in EMEA.
- Segment operating income was $620 million, a decrease of 20 percent year-on-year; operating margins of 19.2 percent.
Transportation and Electronics
- Sales of $2.5 billion, up 5.8 percent in U.S. dollars. Organic local-currency sales increased 5.1 percent, and foreign currency translation increased sales by 0.7 percent.
- On an organic local-currency basis:
- Sales increased in advanced materials, commercial solutions, automotive and aerospace, and transportation safety, and decreased in electronics.
- Sales grew in the Americas and EMEA and declined in Asia Pacific.
- Segment operating income was $465 million, a decrease of 9 percent year-on-year; operating margins of 19.0 percent.
Health Care
- Sales of $2.2 billion, up 4.1 percent in U.S. dollars. Organic local-currency sales increased 3.3 percent and, foreign currency translation increased sales by 0.8 percent.
- On an organic local-currency basis:
- Sales increased in food safety, oral care, health information systems, and separation and purification, and decreased in medical solutions.
- Sales grew in Asia Pacific, EMEA and the Americas.
- Segment operating income was $529 million, an increase of 7 percent year-on-year; operating margins were 23.5 percent.
Consumer
- Sales of $1.5 billion, up 8.1 percent in U.S. dollars. Organic local-currency sales increased 7.6 percent, and foreign currency translation increased sales by 0.5 percent.
- On an organic local-currency basis:
- Sales increased in stationery and office, consumer health and safety, home improvement, and home care.
- Sales grew in the Americas and Asia Pacific and declined in EMEA.
- Segment operating income was $332 million, a decrease 3 percent year-on-year; operating margins were 21.7 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., the access code is 21972037). The telephone replay will be available until 11:30 a.m. EDT (10:30 a.m. CDT) on November 2, 2021.
Further information in the press release to download
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