3M delivers fourth-quarter sales of $7.4bn and earnings of $1.41 per share
- United Arab Emirates: Sunday, February 03 - 2013 at 11:40
- PRESS RELEASE
3M reported fourth-quarter earnings of $1.41 per share, an increase of 4.4% versus the fourth quarter of 2011. Operating income was $1.4bn and operating income margins for the quarter were 19.5%. Fourth-quarter net income was $1.0bn and free cash flow was $1.2bn.
Organic local-currency sales growth was 8.7% in Consumer and Office, 8.3% in Display and Graphics, 5.9% in Health Care, 3.9% in Industrial and Transportation and 1.8% in Electro and Communications; Safety, Security and Protection Services declined 1.7% year-on-year. On a geographic basis, organic local-currency sales grew 9.7% in Latin America/Canada, 5.8% in Asia Pacific, 5.2% in the U.S. and declined 1.0% in EMEA (Europe, Middle East and Africa).
For the full year 2012, 3M posted record sales of $29.9bn, up 1.0% year-on-year. Organic local-currency sales grew 2.6% and acquisitions added 0.8% to sales. Foreign currency translation reduced sales by 2.4% year-on-year.
Four of the company's six business segments posted full-year organic local-currency growth, led by Health Care at 4.7% and Industrial and Transportation at 4.5%. Latin America/Canada was the fastest-growing geographic region in 2012 at 10.9% followed by the U.S. at 4.2%.
Full-year 2012 earnings were $6.32 per share, an increase of 6.0%. Operating margins were 21.7% and return on invested capital was 20%.
"Fourth-quarter was a good finish to a successful year for 3M," said Inge G. Thulin, 3M chairman, president and chief executive officer. "Our people executed well in the face of challenging macroeconomic conditions and we have built good momentum to innovate and move forward in 2013."
3M affirmed its 2013 full-year performance expectations. The company anticipates 2013 earnings to be in the range of $6.70 to $6.95 per share with organic local-currency sales growth of 2 to 5%. 3M also expects free cash flow conversion to be in the range of 90 to 100%.
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