3M Reports Record Fourth Quarter Sales
3M recently reported fourth quarter earnings of $1.62 per share, an increase of 14.9% compared to the fourth quarter of 2012. Sales grew 2.4% year-on-year to $7.6 billion. Operating income was $1.6 billion and operating income margins for the quarter were 20.9%. Fourth quarter net income was $1.1 billion, and the company reportedly converted 131% of net income to free cash flow.
Full-year 2013 earnings were $6.72 per share, an increase of 6.3%. Sales increased 3.2% to $30.9 billion. Acquisitions added 1.4% to sales, and foreign currency reduced sales by 1.6%.
“The fourth quarter concluded a very successful year for 3M,” said Inge G. Thulin, chairman, president and CEO. “We generated broad-based, profitable sales growth across the portfolio and per-share earnings rose nearly 15% in the quarter. Free cash flow conversion was 131%, which enabled us to continue investing in our businesses while also returning a record amount of cash to shareholders.”
For more information, visit www.3m.com.