Total Sales Climb 10% for 3M in 2021
The company reported good cash flow and a strong increase in EPS.
3M recently reported its results for the 2021 fourth quarter and full year. Full-year 2021 sales increased 9.9% percent compared to the prior year, to $35.4 billion. Organic local currency sales increased 8.8%, while acquisitions, net of divestitures, decreased sales by 0.5%. Foreign currency translation increased sales by 1.6% compared to 2020.
“Throughout 2021 we performed well, delivering full-year sales growth of 10 percent, robust cash flow and a strong increase in EPS,” said Mike Roman, chairman and CEO. “We also returned significant cash to shareholders, reduced debt and helped the world respond to COVID-19. As we continue to actively manage our portfolio and improve our operations, we will prioritize investments in fast-growing end markets to drive long-term growth, as well as advance our commitment to sustainability. As we enter 2022, I am confident we will continue to grow our business and find new ways to apply science to improve lives.”
3M’s sales in the fourth quarter of 2021 were essentially flat compared to the same period last year, at $8.6 billion. Organic local currency sales increased 1.3%, while foreign currency translation decreased sales by 1% compared to the 2020 fourth quarter.
For the 2021 fourth quarter, total sales grew 4.1% in Consumer and 0.7% in Health Care but decreased 1.5% in Transportation and Electronics and 2.2% in Safety and Industrial. On a geographic basis, fourth quarter sales grew 2.1% in the Americas; sales decreased 0.2% in Asia Pacific and 4.5% in EMEA (Europe, Middle East and Africa).
“3M delivered a solid fourth-quarter performance—with notable strength in December—as we maintained our relentless focus on serving customers in a challenging external environment,” Roman said. “Our team effectively managed supply chain disruptions, made good progress on pricing actions and controlled costs.”
Additional details are available at www.3m.com.
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