Summary
3M Company (MMM) filed an 8-K/A amendment on January 25, 2018, to correct specific details within their previously furnished press release regarding fourth-quarter and full-year 2017 financial results and 2018 earnings outlook. The primary purpose of this amendment is to update the "Full-Year 2018 Forecast" for "Free Cash Flow (non-GAAP measure)" and "Net income attributable to 3M" to reflect the expected impacts of the enacted Tax Cuts and Jobs Act (TCJA). Investors should note that the correction specifically adjusts the projected free cash flow for 2018 upwards to a range of $5.6 to $6.6 billion, from the previous estimate of $5.1 to $6.1 billion. Similarly, the forecast for net income attributable to 3M for 2018 has been revised to a range of $6.2 to $6.6 billion, up from the prior estimate of $5.8 to $6.1 billion. This adjustment indicates a positive impact of the TCJA on 3M's anticipated future cash generation and profitability.
Key Highlights
- 13M filed an 8-K/A amendment to correct financial information previously provided in a press release.
- 2The amendment specifically revises the 2018 full-year forecast for Free Cash Flow and Net Income attributable to 3M.
- 3The changes are due to the expected impact of the enacted Tax Cuts and Jobs Act (TCJA).
- 4The 2018 forecast for Free Cash Flow has been increased to a range of $5.6 to $6.6 billion (previously $5.1 to $6.1 billion).
- 5The 2018 forecast for Net Income attributable to 3M has been increased to a range of $6.2 to $6.6 billion (previously $5.8 to $6.1 billion).
- 6The amendment replaces a page from the previously furnished press release, indicating a material adjustment to forward-looking statements.
- 73M continues to define Free Cash Flow as net cash provided by operating activities less purchases of property, plant, and equipment.