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Non-Tech : 3M (MMM)
MMM 126.00-0.3%4:03 PM EST

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From: JakeStraw10/25/2016 7:40:13 AM
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3M Delivers Third-Quarter Sales of $7.7 Billion and Earnings of $2.15 per Share

3M (MMM) today reported third-quarter earnings of $2.15 per share, an increase of 4.9 percent versus the third quarter of 2015. Sales were $7.7 billion, flat year-on-year in dollar terms.
“Our third quarter was marked by increased earnings, robust cash flow and a strong, broad-based margin performance – with each of our business groups posting margins of 22 percent or greater,” said Inge G. Thulin, 3M’s chairman, president and chief executive officer. “At the same time, we continued to execute on Business Transformation while taking several actions to strengthen and focus our portfolio. We were also pleased to celebrate our company’s 100th consecutive year of paying dividends, which we’ve increased for each of the last 58 years.”

For full-year 2016, 3M updated its forecast for earnings per share to be in the range of $8.15 to $8.20 versus a prior range of $8.15 to $8.30. The company now expects organic local-currency sales growth to be approximately flat versus a previous range of 0 to 1 percent. 3M also updated its tax rate to be approximately 29 percent versus a prior range of 29.0 to 29.5 percent. Lastly, the company continues to expect free cash flow conversion in the range of 95 to 105 percent.
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