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Non-Tech : 3M (MMM)
MMM 99.79+0.7%2:25 PM EST

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From: JakeStraw10/23/2014 8:05:48 AM
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3M Posts Record Third-Quarter Sales and Earnings per Share

Third-Quarter Highlights:
Organic local-currency sales growth of 3.9 percent
Earnings of $1.98 per share, up 11.2 percent
Operating income margins of 23.4 percent, up 1.4 percentage points year-on-year
Free cash flow conversion of 103 percent
Returned $1.8 billion to shareholders via dividends and gross share repurchases
Acquired remaining 25 percent of Sumitomo 3M for $865 million

“This was another strong quarter for 3M,” said Inge G. Thulin, 3M’s chairman, president and chief executive officer. “The 3M team once again delivered broad-based organic growth with operating margins exceeding 22 percent in all businesses. As we look forward, our focus will remain on actively managing the portfolio and strategically investing in the business to continue delivering profitable growth across the company. 3M remains on track to deliver its long-term financial objectives.”

3M updated its 2014 full-year performance expectations. The company now anticipates earnings in the range of $7.40 to $7.50 per share versus a prior expectation of $7.30 to $7.55. Organic local-currency sales growth is expected to be 4 to 5 percent versus 3 to 6 percent previously. 3M estimates foreign currency impacts will reduce sales by approximately 1.5 percent for the year versus a previous estimate of approximately 1 percent. The company also updated its full-year free cash flow conversion expectation to 95 to 100 percent from a prior range of 90 to 100 percent.
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