3M Posts Record Third-Quarter Numbers
3M, St. Paul, Minn., released its third-quarter numbers, which included earnings of $1.98 per share, an 11.2 percent increase over the same time last year. Sales also grew 2.8 percent over last year to $8.1 billion this year as of Sept. 30, which was the close of the third quarter.
“This was another strong quarter for 3M,” said Inge G. Thulin, 3M’s chairman, president and CEO. “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.”
Due to the record numbers, 3M has updated its year-end expected results, increasing it's earnings to an estimated $7.40 to $7.50 as opposed to the former expectation of $7.30 to $7.55.
In the summer, 3M completed its $865 million acquisition of Sumitomo, which added 0.1 percent to sales. Third-quarter operating income was 1.9 billion while net income was 1.3 billion. 3M converted 103 percent of net income to free cash flow in the quarter.
For more information, visit www.3m.com.