3M has released financial results for the first quarter of 2021. The highlights include:

  • Sales of $8.9 billion, up 9.6% year-on-year
  • Organic local-currency sales increased 8.0% year-on-year
  • Both GAAP and adjusted EPS of $2.77
  • Operating cash flow of $1.7 billion; adjusted free cash flow of $1.4 billion, up 49% year-on-year
  • Returned $1.1 billion to shareholders via dividends and gross share repurchases
  • Leading in sustainability: introduced new carbon, water and plastics goals

The consumer segment results include:

  • Sales of $1.4 billion, up 9.8% in U.S. dollars. Organic local-currency sales increased 7.8% and foreign currency translation increased sales by 2.0%
  • On an organic local-currency basis:
    • Sales increased in home improvement, stationery and office supplies, and home care; sales declined in consumer health and safety
    • Sales grew across all geographic areas
    • Segment operating income was $289 million, up 9% year-on-year; operating margins were 21.1%

“The first quarter was highlighted by broad-based organic growth, robust cash flow and a double-digit increase in earnings per share,” said Mike Roman, 3M chairman and chief executive officer. “Our four industry-leading businesses are delivering strong results, while we accelerate 3M’s digital transformation and sustainability efforts with significant new goals to improve air and water quality. While uncertainty related to COVID-19 remains, we will stay focused on driving growth, building on favourable market trends, improving operational performance and delivering for customers and shareholders.” 

Committed to leadership in sustainability

In February, 3M announced plans to invest approximately $1 billion over the next 20 years to accelerate its new environmental goals: achieve carbon neutrality by 2050, reduce water use by 25% at its facilities, and return higher quality water to the environment after use in manufacturing operations. In addition, 3M announced that it expects to reduce its dependence on virgin fossil-based plastics by 125 million pounds by 2025. To achieve this new goal, 3M is innovating the products and packaging in its Consumer Business Group with advancements focused on the use of recycled content and bio-based plastics, as well as more sustainable product and packaging designs to decrease overall plastic use.

To view the full release and financial results, visit the 3M website. 

Source: 3M