Summary
3M Company reported a solid third quarter of 2013, with net sales increasing by 5.6% to $7.9 billion compared to the prior year. This growth was driven by broad-based organic local-currency sales increases across all five business segments, with particular strength in Latin America/Canada and Asia Pacific. Net income attributable to 3M also saw a healthy increase, reaching $1.23 billion, or $1.78 per diluted share. The company demonstrated continued financial discipline, generating $3.82 billion in operating cash flow for the first nine months of the year. 3M continued its commitment to shareholder returns through robust share repurchases, totaling $3.54 billion in the first nine months, and a 7.6% increase in its quarterly dividend. The company's financial condition remains strong, supported by an AA- credit rating, a well-managed debt-to-capital ratio of 24%, and significant liquidity from cash, cash equivalents, and marketable securities.
Financial Highlights
52 data points| Revenue | $7.92B |
| Cost of Revenue | $4.15B |
| Gross Profit | $3.77B |
| SG&A Expenses | $1.61B |
| Operating Expenses | $6.18B |
| Operating Income | $1.74B |
| Net Income | $1.23B |
| EPS (Basic) | $1.81 |
| EPS (Diluted) | $1.78 |
| Shares Outstanding (Basic) | 679.80M |
| Shares Outstanding (Diluted) | 691.80M |
Key Highlights
- 1Net sales for Q3 2013 increased 5.6% to $7.9 billion year-over-year.
- 2Organic local-currency sales grew 5.8% company-wide, with all five business segments contributing.
- 3Net income attributable to 3M was $1.23 billion, or $1.78 per diluted share, up from $1.16 billion in Q3 2012.
- 4Operating cash flow for the first nine months of 2013 was $3.82 billion.
- 5The company repurchased $3.54 billion of its stock in the first nine months of 2013, a significant increase from the prior year.
- 6The quarterly dividend was increased by 7.6% to $0.635 per share.
- 73M maintained a strong financial position with a debt-to-capital ratio of 24% and an AA- credit rating.