Summary
3M Company filed an 8-K on October 20, 2003, to report its financial results for the quarter ended September 30, 2003. The filing includes a press release (Exhibit 99.1) detailing these results. A key aspect of this report is 3M's practice of providing both GAAP and non-GAAP financial measures. The non-GAAP figures exclude "special items," which are defined as significant charges or credits that could impact the understanding of ongoing operational trends. Investors should note that while these non-GAAP measures are presented to offer insight into the company's core business performance, they are not recognized under U.S. Generally Accepted Accounting Principles (GAAP). The company commits to providing reconciliations between its GAAP and non-GAAP reporting, emphasizing transparency and aiding investors in analyzing the underlying operational trends separate from one-time events. This approach is intended to provide a more focused view of the company's sustained performance.
Key Highlights
- 13M Company released its quarterly earnings for the period ending September 30, 2003.
- 2The report was filed on October 20, 2003.
- 3The company is providing both GAAP and non-GAAP financial results.
- 4Non-GAAP results exclude "special items" to show ongoing operating trends.
- 5Special items are defined as significant charges or credits impacting operations.
- 6Reconciliations between GAAP and non-GAAP figures will be provided.
- 7Non-GAAP earnings per share and other amounts are not recognized under GAAP.