First-Quarter Highlights:
- Sales of $8.3 billion, up 7.7
percent year-on-year
- Organic local-currency sales growth
of 2.8 percent; growth across all business groups
- GAAP EPS of $0.98, down 55 percent
year-on-year
- Adjusted EPS of $2.50, up 15.7
percent year-on-year, excluding adjustments to provisional
accounting for the Tax Cuts and Jobs Act (TCJA) and a legal
settlement
- Returned $1.7 billion to
shareholders via dividends and gross share repurchases
3M (NYSE: MMM) today reported first-quarter 2018 results.
“Coming off a strong 2017, our team opened the new year with
broad-based organic growth of three percent, with positive growth
across all business groups,” said Inge G. Thulin, 3M chairman,
president and chief executive officer. “We also continued to invest
in our commercialization capabilities, while returning significant
cash to our shareholders – including a 16 percent dividend
increase. Going forward we will continue to execute the 3M Playbook
and leverage the world-class capabilities of our people and our
enterprise, and I am confident we will deliver strong results in
2018.”
Sales were up 7.7 percent to $8.3 billion. Organic
local-currency sales increased 2.8 percent while acquisitions, net
of divestitures, increased sales by 0.7 percent. Foreign currency
translation increased sales by 4.2 percent year-on-year.
Total sales grew 15.0 percent in Safety and Graphics, 7.1
percent in Industrial, 7.1 percent in Health Care, 5.0 percent in
Consumer, and 4.6 percent in Electronics and Energy. Organic
local-currency sales increased 6.9 percent in Safety and Graphics,
2.7 percent in Health Care, 2.2 percent in Industrial, 2.1 percent
in Consumer, and 1.7 percent in Electronics and Energy.
On a geographic basis, total sales grew 13.7 percent in EMEA
(Europe, Middle East and Africa), 10.0 percent in Asia Pacific, 4.3
percent in Latin America/Canada, and 3.5 percent in the U.S.
Organic local-currency sales increased 4.9 percent in Asia Pacific,
3.5 percent in Latin America/Canada, 2.3 percent in the U.S., and
0.1 percent in EMEA.
First-quarter GAAP earnings were $0.98 per share, a decrease of
55 percent versus the first quarter of 2017. During the quarter,
the company recorded an expense of $217 million, or $0.36 per
share, related to the Tax Cuts and Jobs Act (TCJA). In addition,
the company resolved a previously disclosed lawsuit with the State
of Minnesota and recorded a pre-tax charge of $897 million,
inclusive of legal fees and other related obligations, resulting in
a reduction to first quarter earnings of $1.16 per share. Excluding
these two items, earnings were $2.50 per share, an increase of 15.7
percent year-on-year, as referenced in the “Supplemental Financial
Information Non-GAAP Measures” section.
First-quarter operating income was $1.0 billion with operating
margins of 12.2 percent. Excluding the legal settlement, operating
income was $1.9 billion with operating margins of 23.0 percent.
3M paid $810 million in cash dividends to shareholders and
repurchased $937 million of its own shares during the quarter.
The company updated its 2018 GAAP earnings expectations to be in
the range of $8.68 to $9.03 per share. Excluding the first quarter
impact of the TCJA-related expense and the legal settlement, 3M
expects its adjusted full-year 2018 earnings to be in the range of
$10.20 to $10.55 per share versus a prior expectation of $10.20 to
$10.70 per share. The company also updated its organic
local-currency sales growth guidance to be in the range of 3 to 4
percent, versus a prior range of 3 to 5 percent.
First-Quarter Business Group Discussion
Industrial
- Sales of $3.1 billion, up 7.1 percent
in U.S. dollars. Organic local-currency sales increased 2.2
percent, and foreign currency translation increased sales by 4.9
percent.
- On an organic local-currency basis:
- Sales growth was led by abrasives,
automotive and aerospace, and industrial adhesives and tapes;
automotive aftermarket declined.
- Sales grew in Asia Pacific, Latin
America/Canada, and the U.S.; EMEA was flat.
- Operating income was $719 million, an
increase of 7.3 percent year-on-year; operating margin of 22.9
percent.
Safety and Graphics
- Sales of $1.8 billion, up 15.0 percent
in U.S. dollars. Organic local-currency sales increased 6.9
percent, foreign currency translation increased sales by 4.9
percent, and acquisitions, net of divestitures, increased sales by
3.2 percent.
- On an organic local-currency basis:
- Sales increased in all businesses, led
by personal safety, commercial solutions, and roofing
granules.
- Sales grew in all geographic areas led
by Asia Pacific, the U.S., and EMEA.
- Operating income was $483 million, up
21.1 percent year-on-year; operating margin of 27.1 percent.
Health Care
- Sales of $1.5 billion, up 7.1 percent
in U.S. dollars. Organic local-currency sales increased 2.7
percent, foreign currency translation increased sales by 4.3
percent, and acquisitions increased sales by 0.1 percent.
- On an organic local-currency basis:
- Sales growth was led by food safety,
health information systems, and medical consumables; drug delivery
declined.
- Sales increased in Asia Pacific, Latin
America/Canada, and the U.S.; EMEA was flat.
- Operating income was $460 million, an
increase of 7.0 percent year-on-year; operating margin of 29.9
percent.
Electronics and Energy
- Sales of $1.4 billion, up 4.6 percent
in U.S. dollars. Organic local-currency sales increased 1.7
percent, foreign currency translation increased sales by 3.1
percent and divestitures decreased sales by 0.2 percent.
- On an organic local-currency basis:
- Electronics-related sales increased 3
percent with growth in electronics materials solutions partially
offset by a decline in display materials and systems;
energy-related sales declined 2 percent.
- Sales grew in Asia Pacific, while Latin
America/Canada was flat; the U.S. and EMEA declined.
- Operating income was $337 million, an
increase of 31.3 percent year-on-year; operating margin of 24.9
percent.
Consumer
- Sales of $1.1 billion, up 5.0 percent
in U.S. dollars. Organic local-currency sales increased 2.1 percent
and foreign currency translation increased sales by 2.9
percent.
- On an organic local-currency basis:
- Sales grew in home improvement and home
care; consumer health care declined.
- Sales grew in the U.S. and Latin
America/Canada; EMEA and Asia Pacific declined.
- Operating income was $218 million, down
2.4 percent year-on-year; operating margin of 19.3 percent.
3M will conduct an investor teleconference at 9:00 a.m. EDT
(8:00 a.m. CDT) today. Investors can access this conference via the
following:
- Live webcast at
http://investors.3M.com.
- Live telephone:Call 800-762-2596 within
the U.S. or +1 212-231-2916 outside the U.S. Please join the call
at least 10 minutes before the start time.
- Webcast replay:Go to 3M’s Investor
Relations website at http://investors.3M.com and click on
“Quarterly Earnings.”
- Telephone replay:Call 800-633-8284
within the U.S. or +1 402-977-9140 outside the U.S. (for both U.S.
and outside the U.S., the access code is 21863181). The telephone
replay will be available until 11:30 a.m. EDT (10:30 a.m. CDT) on
May 1, 2018.
Forward-Looking StatementsThis news release contains
forward-looking information about 3M's financial results and
estimates and business prospects that involve substantial risks and
uncertainties. You can identify these statements by the use of
words such as "anticipate," "estimate," "expect," "aim," "project,"
"intend," "plan," "believe," "will," "should," "could," "target,"
"forecast" and other words and terms of similar meaning in
connection with any discussion of future operating or financial
performance or business plans or prospects. Among the factors that
could cause actual results to differ materially are the following:
(1) worldwide economic, political, and capital markets conditions
and other factors beyond the Company's control, including natural
and other disasters or climate change affecting the operations of
the Company or its customers and suppliers; (2) the Company's
credit ratings and its cost of capital; (3) competitive conditions
and customer preferences; (4) foreign currency exchange rates and
fluctuations in those rates; (5) the timing and market acceptance
of new product offerings; (6) the availability and cost of
purchased components, compounds, raw materials and energy
(including oil and natural gas and their derivatives) due to
shortages, increased demand or supply interruptions (including
those caused by natural and other disasters and other events); (7)
the impact of acquisitions, strategic alliances, divestitures, and
other unusual events resulting from portfolio management actions
and other evolving business strategies, and possible organizational
restructuring; (8) generating fewer productivity improvements than
estimated; (9) unanticipated problems or delays with the phased
implementation of a global enterprise resource planning (ERP)
system, or security breaches and other disruptions to the Company's
information technology infrastructure; (10) financial market risks
that may affect the Company’s funding obligations under defined
benefit pension and postretirement plans; and (11) legal
proceedings, including significant developments that could occur in
the legal and regulatory proceedings described in the Company's
Annual Report on Form 10-K for the year ended Dec. 31, 2017, and
any subsequent quarterly reports on Form 10-Q (the “Reports”).
Changes in such assumptions or factors could produce significantly
different results. A further description of these factors is
located in the Reports under "Cautionary Note Concerning Factors
That May Affect Future Results" and "Risk Factors" in Part I, Items
1 and 1A (Annual Report) and in Part I, Item 2 and Part II, Item 1A
(Quarterly Reports). The information contained in this news release
is as of the date indicated. The Company assumes no obligation to
update any forward-looking statements contained in this news
release as a result of new information or future events or
developments.
3M Company and Subsidiaries
CONSOLIDATED STATEMENT OF
INCOME
(Millions, except per-share amounts)
(Unaudited)
Three months ended March 31,
2018 2017 Net sales $ 8,278
$ 7,685 Operating expenses Cost of sales 4,236
3,882 Selling, general and administrative expenses 2,573 1,614
Research, development and related expenses 486 476 Gain on sale of
businesses (24 ) (29 ) Total operating
expenses 7,271 5,943 Operating
income 1,007 1,742 Other expense
(income), net 42 5 Income before
income taxes 965 1,737 Provision for income taxes 359
411 Net income including noncontrolling
interest $ 606 $ 1,326 Less: Net income
attributable to noncontrolling interest 4 3
Net income attributable to 3M $ 602 $ 1,323
Weighted average 3M common shares outstanding – basic
596.2 598.1 Earnings per share attributable to 3M common
shareholders – basic $ 1.01 $ 2.21 Weighted
average 3M common shares outstanding – diluted 612.7 612.0 Earnings
per share attributable to 3M common shareholders – diluted $ 0.98
$ 2.16 Cash dividends paid per 3M common share
$ 1.36 $ 1.175 As discussed in note (c),
results of operations for the first quarter of 2018 were impacted
by an $897 million pre-tax charge related to settlement of a
previously disclosed lawsuit with the State of Minnesota and a $217
million measurement period adjustment relative to the accounting
for the 2017 enactment of the Tax Cuts and Jobs Act. In addition,
as discussed in 3M’s Form 8-K dated March 15, 2018, the Company
adopted Accounting Standards Update (ASU) No. 2017-07 relative to
the presentation of pension and postretirement benefit costs in the
first quarter of 2018 with retroactive impact to prior periods.
3M Company and Subsidiaries
CONDENSED CONSOLIDATED BALANCE SHEET
(Dollars in millions)
(Unaudited)
March
31,
December 31, 2018
2017
ASSETS Current assets Cash and cash equivalents $ 3,491 $
3,053 Marketable securities – current 604 1,076 Accounts receivable
– net 5,252 4,911 Inventories 4,295 4,034 Prepaids 832 937 Other
current assets 344 266 Total current assets
14,818 14,277 Property, plant and equipment – net 8,864
8,866 Goodwill and intangible assets – net 13,455 13,449 Other
assets 1,438 1,395 Total assets $ 38,575 $ 37,987
LIABILITIES AND EQUITY Current liabilities Short-term
borrowings and current portion of long-term debt $ 3,449 $ 1,853
Accounts payable 1,874 1,945 Accrued payroll 563 870 Accrued income
taxes 282 310 Other current liabilities 2,791 2,709
Total current liabilities 8,959 7,687 Long-term debt
12,211 12,096 Other liabilities 6,366 6,582 Total
liabilities $ 27,536 $ 26,365 Total equity $ 11,039 $ 11,622
Shares outstanding March 31, 2018: 593,692,282 shares December 31,
2017: 594,884,237 shares Total liabilities and equity
$ 38,575 $ 37,987 3M Company and Subsidiaries
CONDENSED CONSOLIDATED STATEMENT OF
CASH FLOWS
(Dollars in millions) (Unaudited)
Three
months ended March 31, 2018
2017 NET CASH PROVIDED BY OPERATING ACTIVITIES $ 143
$ 988 Cash flows from investing activities: Purchases
of property, plant and equipment (304 ) (287 ) Purchases and
proceeds from sale or maturities of marketable securities and
investments – net 473 138 Proceeds from sale of businesses, net of
cash sold 40 53 Other investing activities 72
6 NET CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES
281 (90 ) Cash flows from financing
activities: Change in debt 1,581 (68 ) Purchases of treasury stock
(937 ) (690 ) Proceeds from issuances of treasury stock pursuant to
stock option and benefit plans 219 315 Dividends paid to
shareholders (810 ) (702 ) Other financing activities (7 )
(6 ) NET CASH PROVIDED BY (USED IN) FINANCING
ACTIVITIES 46 (1,151 ) Effect of
exchange rate changes on cash and cash equivalents (32 )
28 Net increase (decrease) in cash and cash
equivalents 438 (225 ) Cash and cash equivalents at beginning of
year 3,053 2,398 Cash and cash
equivalents at end of period $ 3,491 $ 2,173
3M Company and Subsidiaries
SUPPLEMENTAL FINANCIAL
INFORMATION
NON-GAAP MEASURES
(Dollars in millions, except full-year
2018 forecast)
(Unaudited)
Three months ended
March 31, Major GAAP Cash Flow Categories 2018
2017 Net cash provided by operating activities $ 143
$ 988 Net cash provided by (used in) investing activities 281 (90 )
Net cash provided by (used in) financing activities 46 (1,151 )
Free Cash Flow (non-GAAP measure)
Full-Year
2018Forecast(Billions)
Net cash provided by operating activities $ 143 $ 988 $6.5
to $7.0 Purchases of property, plant and equipment (304 )
(287 ) $1.5 to $1.8 Free cash flow (a) (161 )
701 $4.7 to $5.5 Net income attributable to 3M $ 602
$ 1,323 $5.2 to $5.5 Free cash flow conversion (a) (27 )% 53 % 90%
to 100% (a) Free cash flow and free cash flow
conversion are not defined under U.S. generally accepted accounting
principles (GAAP). Therefore, they should not be considered a
substitute for income or cash flow data prepared in accordance with
U.S. GAAP and may not be comparable to similarly titled measures
used by other companies. The Company defines free cash flow as net
cash provided by operating activities less purchases of property,
plant and equipment. It should not be inferred that the entire free
cash flow amount is available for discretionary expenditures. The
Company defines free cash flow conversion as free cash flow divided
by net income attributable to 3M. The Company believes free cash
flow and free cash flow conversion are meaningful to investors as
they function as useful measures of performance, and the Company
uses these measures as an indication of the strength of the company
and its ability to generate cash.
March
31,
December 31, Net Debt (non-GAAP
measure) 2018
2017 Total debt $ 15,660 $ 13,949 Less: Cash, cash
equivalents and marketable securities 4,122 4,156
Net debt (b) $ 11,538 $ 9,793 (b) Net debt is
not defined under U.S. GAAP and may not be computed the same as
similarly titled measures used by other companies. The Company
defines net debt as total debt less the total of cash, cash
equivalents and current and long-term marketable securities. 3M
believes net debt is meaningful to investors as 3M considers net
debt and its components to be an important indicator of liquidity
and a guiding measure of capital structure strategy.
3M Company and Subsidiaries
SUPPLEMENTAL FINANCIAL
INFORMATION
NON-GAAP MEASURES – (CONTINUED)
(Dollars in millions, except per share amounts) (Unaudited)
Three
months ended March 31, 2018 Q1 2017 Q1 2018
Adjustment
for
Adjusted income, operating income
margin,
Measurement
earnings per share, & effective tax
rate (non-
Reported
Reported
Period Adjustment
Adjusted
GAAP measures) (Dollars in millions,
except per
GAAP
GAAP
Accounting
for MN NRD
Non-GAAP
share amounts) Measure Measure
of TCJA
Resolution
Measure (c)
Net sales $ 7,685 $ 8,278 $ — $ — $ 8,278 Operating income $
1,742 $ 1,007 $ — $ 897 $ 1,904 Operating income margin 22.7 % 12.2
% 23.0 % Income before taxes $ 1,737 $ 965 $ — $ 897 $ 1,862
Provision for income taxes $ 411 $ 359 $ (217 ) $ 187 $ 329
Effective tax rate 23.7 % 37.2 % 17.6 % Net income
attributable to 3M $ 1,323 $ 602 $ 217 $ 710 $ 1,529 Earnings per
diluted share $ 2.16 $ 0.98 $ 0.36 $ 1.16 $ 2.50 Earnings per
diluted share percent change (54.6 )% 15.7 %
Estimated
Full Year 2018
Adjustment
for
Measurement
Adjusted income, earnings per share,
& effective tax rate
Period Adjustment
Adjusted
(non-GAAP measures) (Dollars in
billions, except per
GAAP
Accounting
for MN NRD
Non-GAAP
share amounts)
Measure
of TCJA
Resolution
Measure (c)
Income before taxes $6.8 to 7.3 $ — $ 0.9 $7.7 to 8.2
Provision for income taxes $1.6 to 1.8 $ (0.2 ) $ 0.2 $1.5 to 1.8
Effective tax rate
23 to 25
%
20 to 22% Net income attributable to 3M $5.2 to 5.5 $ 0.2 $
0.7 $6.2 to 6.4 Earnings per diluted share $8.68 to 9.03 $ 0.36 $
1.16 $10.20 to 10.55 (c) In February 2018, 3M reached
an agreement with the State of Minnesota that resolved the
previously disclosed Natural Resource Damages (NRD) lawsuit filed
by the State against the Company related to certain PFCs present in
the environment. Under the terms of the settlement, 3M agreed to
provide an $850 million grant to the State for a special “3M Water
Quality and Sustainability Fund.” This Fund will enable projects
that support water sustainability in the Twin Cities East Metro
region, such as continued delivery of water to residents and
enhancing groundwater recharge to support sustainable growth. The
projects will also result in habitat and recreation improvements,
such as fishing piers, trails, and open space preservation. 3M
recorded a pre-tax charge of $897 million, inclusive of legal fees
and other related obligations, in the first quarter of 2018
associated with the resolution of this matter. Also during the
first quarter of 2018, 3M recorded a tax expense of $217 million
related to a measurement period adjustment to the provisional
amounts recorded in December 2017 from the enactment of the Tax
Cuts and Jobs Act (TCJA). 3M’s provisional accounting continues to
be subject to adjustment during the measurement period of up to one
year following the December 2017 enactment of TCJA. In
addition to reporting financial results in accordance with U.S.
GAAP, the Company also provides non-GAAP measures that adjust for
the impacts of the NRD resolution and measurement period adjustment
to the impact of enactment of the TCJA. These items represent
significant charges that impacted the Company’s financial results.
Operating income, income before taxes, net income, earnings per
share, and the effective tax rate are all measures for which 3M
provides the reported GAAP measure and an adjusted measure. The
adjusted measures are not in accordance with, nor are they a
substitute for, GAAP measures. The Company considers these non-GAAP
measures in evaluating and managing the Company’s operations. The
Company believes that discussion of results adjusted for this item
is meaningful to investors as it provides a useful analysis of
ongoing underlying operating trends. The determination of this item
may not be comparable to similarly titled measures used by other
companies.
3M Company and Subsidiaries
SALES CHANGE ANALYSIS (d)
(Unaudited)
Three months ended March 31, 2018 Europe,
Middle Latin Sales Change Analysis
United Asia- East and America/
World- By Geographic Area States
Pacific Africa Canada Wide
Volume – organic 1.5 % 4.9 % (1.3 )% 2.5 % 2.1 % Price 0.8 —
1.4 1.0 0.7 Organic local-currency
sales 2.3 4.9 0.1 3.5 2.8 Acquisitions 2.6 0.6 3.2 1.1 1.9
Divestitures (1.4 ) (0.6 ) (2.0 ) (1.3 ) (1.2 ) Translation —
5.1 12.4 1.0 4.2 Total sales
change 3.5 % 10.0 % 13.7 % 4.3 % 7.7 %
Three months ended
March 31, 2018 Organic Worldwide local-
Total Sales Change Analysis currency
sales By Business Segment sales
Acquisitions Divestitures Translation
change Industrial 2.2 % — % — % 4.9 % 7.1 % Safety
and Graphics 6.9 9.9 (6.7 ) 4.9 15.0 Health Care 2.7 0.1 — 4.3 7.1
Electronics and Energy 1.7 — (0.2 ) 3.1 4.6 Consumer 2.1 —
— 2.9 5.0 Total Company 2.8 % 1.9 %
(1.2 )% 4.2 % 7.7 % (d) Total sales change is
calculated based on reported sales results. The components of sales
change include organic local-currency sales, acquisitions,
divestitures, and translation. Organic local-currency sales
includes both organic volume impacts (which excludes acquisition
and divestiture impacts), plus selling price changes. Acquisition
and divestiture impacts are measured separately for the first 12
months post-transaction.
3M Company and SubsidiariesBUSINESS
SEGMENTS(Dollars in millions)(Unaudited)
As part of 3M’s continuing effort to improve the alignment of
its businesses around markets and customers, the Company made the
following changes, effective in the first quarter of 2018, and
other revisions impacting business segment reporting:
Consolidation of customer account activity within
international countries – expanding dual credit reporting
- The Company consolidated its customer
account activity in each country into centralized sales districts
for certain countries that make up approximately 70 percent of 3M’s
2017 international net sales. Expansion of these initiatives, which
previously had been deployed only in the U.S., reduces the
complexity for customers when interacting with multiple 3M
businesses. 3M business segment reporting measures include dual
credit to business segments for certain sales and related operating
income. This dual credit is based on which business segment
provides customer account activity with respect to a particular
product sold in a specific country. The expansion of alignment of
customer accounts within additional countries increased the
attribution of dual credit across 3M’s business segments.
Additionally, certain sales and operating income results for
electronic bonding product lines that were previously equally
divided between the Electronics and Energy business segment and the
Industrial business segment are now reported similarly to dual
credit. As a result, previously reported aggregate business segment
net sales and operating income for total year 2017 increased $1.568
billion and $402 million, respectively, offset by similar increases
in the elimination of dual credit net sales and operating income
amounts.
Centralization of manufacturing and supply technology
platforms
- Certain shared film manufacturing and
supply technology platform resources formerly reflected within the
Electronics and Energy business segment were combined with other
shared and centrally managed material resource centers of expertise
within Corporate and Unallocated. This change resulted in a
decrease in previously reported net sales and an increase in
operating income for total year 2017 of $1 million and $42 million,
respectively, in the Electronics and Energy segment, offset by a
corresponding increase in net sales and decrease in operating
income within Corporate and Unallocated.
In addition, 3M adopted ASU N0. 2017-07, Improving the
Presentation of Net Periodic Pension Cost and Net Periodic
Postretirement Benefit Cost, effective January 1, 2018, on a
retrospective basis. As a result, operating income for 3M’s
business segments has been revised to reflect non-service cost
related pension and postretirement net periodic benefit costs
within other expense (income) net.
The financial information presented herein reflects the impact
of the preceding changes for all periods presented. Refer to 3M’s
Current Report on Form 8-K furnished on March 15, 2018, for
additional supplemental unaudited historical business segment net
sales and operating income information.
BUSINESS SEGMENT INFORMATION
Three months ended NET SALES March 31,
(Millions) 2018 2017 Industrial $ 3,144
$ 2,936 Safety and Graphics 1,783 1,550 Health Care 1,536 1,435
Electronics and Energy 1,350 1,291 Consumer 1,127 1,073 Corporate
and Unallocated — 1 Elimination of Dual Credit (662 )
(601 ) Total Company $ 8,278 $ 7,685
BUSINESS SEGMENT INFORMATION Three months ended
OPERATING INCOME March 31, (Millions)
2018 2017 Industrial $ 719 $ 670 Safety and
Graphics 483 399 Health Care 460 429 Electronics and Energy 337 256
Consumer 218 223 Corporate and Unallocated (e) (1,046 ) (93 )
Elimination of Dual Credit (164 ) (142 ) Total
Company $ 1,007 $ 1,742 (e) During the
first quarter of 2018, the legal settlement impact to operating
income was recorded under Corporate and Unallocated above, as
further discussed in note (c).
About 3MAt 3M, we apply science in collaborative ways to
improve lives daily. With $32 billion in sales, our 91,000
employees connect with customers all around the world. Learn more
about 3M’s creative solutions to the world’s problems at www.3M.com
or on Twitter @3M or @3MNews.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20180424005813/en/
3MInvestor Contact:Bruce Jermeland,
651-733-1807orTony Riter, 651-733-1141orMedia Contact:Lori
Anderson, 651-733-0831
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