3M has reported second-quarter 2021 results and updated its 2021 full-year outlook. Second-Quarter highlights are as follows:
- Sales of $8.9 billion, up 24.7% year-on-year
- Organic local-currency sales increased 21.4% year-on-year
- Both GAAP and adjusted earnings per share of $2.59
- Operating cash flow of $1.9 billion; adjusted free cash flow of $1.6 billion, up 2% year-on-year
- Returned $1.4 billion to shareholders via dividends and gross share repurchases
- Updated full-year 2021 outlook: Earnings per share of $9.70 to $10.10 vs. $9.20 to $9.70, previously
Consumer Segment Highlights:
- Sales of $1.5 billion, up 20.4% in U.S. dollars. Organic local-currency sales increased 17.8% and foreign currency translation increased sales by 2.6%.
- On an organic local-currency basis:
- Sales increased in stationery and office supplies, consumer health and safety, home improvement, and home care.
- Sales grew across all geographic areas.
- Segment operating income was $311 million, up 12% year-on-year; operating margins were 21.0%.
“3M delivered strong performance in the second quarter, once again posting organic growth across all business groups and geographic areas, along with increased earnings and robust cash flow,” said Mike Roman, 3M chairman and chief executive officer. “In an uncertain economic environment, our team executed well and drove innovation across our businesses, while continuing to build for the future. Looking forward, we remain focused on investing in growth opportunities coming out of the pandemic, improving productivity, advancing sustainability and delivering differentiated value for our customers and shareholders.”
To read the full press release, click here.