– Sales of $8.6 billion, up 5.8 percent; organic local-currency sales increased 5.5 percent
– Both GAAP and adjusted EPS of $2.38
– Operating cash flow of $2.5 billion; adjusted free cash flow of $2.1 billion, up 16 percent
– Sales of $32.2 billion, up 0.1 percent; organic local-currency sales declined 1.7 percent
– GAAP EPS of $9.25; adjusted EPS of $8.74
– Operating cash flow of $8.1 billion; adjusted free cash flow of $6.7 billion, up 18 percent
– Reduced both total debt by $1.5 billion, or 7 percent, and net debt by $4.1 billion, or 23 percent
– Returned $3.8 billion to shareholders via dividends and gross share repurchases
– Sales growth in the range of 5 to 8 percent, organic local-currency growth of 3 to 6 percent
– Earnings per share of $9.20 to $9.70
ST. PAUL, Minn. – Jan. 26, 2021 − 3M (NYSE: MMM) today reported fourth-quarter and full-year 2020 results and provided its 2021 financial outlook.
“The 3M team delivered a strong fourth quarter with organic growth across all business groups, robust cashflow and a double-digit increase in earnings per share,” said Mike Roman, 3M chairman and chief executive officer. “In an uncertain economic environment, we stayed focused on innovating for our customers, improving
our operational execution and fighting the pandemic from every angle.”
“Throughout 2020 we distributed two billion respirators globally and supported the development and manufacturing of vaccines and therapeutics to help the world respond to COVID-19,” Roman continued. “We also took significant actions to transform and build 3M for the future, while advancing our core values. Moving forward we will continue to prioritize investments in growth, productivity and sustainability as we build on our progress and deliver strong results in 2021.
3M delivered year-on-year growth across all business segments and geographic areas even as the COVID-19pandemic continues to evolve and affect 3M’s businesses in a number of ways. During the fourth quarter, end market demand remained strong in personal safety, home improvement, general cleaning, semiconductor, data center and biopharma filtration. At the same time, several other end markets continued to experience year-on year declines primarily driven by COVID-19-related headwinds, including healthcare and oral care elective procedures, consumer electronics, hospitality, office supplies, and healthcare IT.