3M has reported fourth-quarter and full-year 2021 results, with earnings up in the office product division. Highlights from the results are as follows:

Fourth Quarter

  • Sales of $8.6 billion, up 0.3% year-on-year; organic local-currency sales increased 1.3% year-on-year
  • The consumer segment which includes consumer health and safety, stationery and office, home improvement and home care, saw sales of $1.5 billion, up 4.1% in U.S. dollars. Organic sales increased 4.9%, and foreign currency translation decreased sales by 0.8%.
  • Earnings per share of $2.31
  • Operating cash flow of $2.0 billion; adjusted free cash flow of $1.5 billion, down 30% year-on-year
  • Returned $1.8 billion to shareholders via dividends and gross share repurchases
  • Announced Food Safety business divestiture involving a Reverse Morris Trust transaction with NEOGEN Corporation

Full Year Highlights:

  • Sales of $35.4 billion, up 9.9% year-on-year; organic local-currency sales increased 8.8% year-on-year
  • -Earnings per share of $10.12 vs. $9.36 in 2020, up 8% year-on-year
  • Adjusted earnings per share of $10.12 vs. $8.85 in 2020, up 14% year-on-year

“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,” said 3M chairman and chief executive officer Mike Roman. “Our team effectively managed supply chain disruptions, made good progress on pricing actions and controlled costs.”

“Throughout 2021 we performed well, delivering full-year sales growth of 10%, robust cash flow and a strong increase in EPS. We also returned significant cash to shareholders, reduced debt and helped the world respond to COVID-19,” Roman continued. “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.”

Consumer Segment Fourth Quarter Highlights

  • Sales of $1.5 billion, up 4.1% in U.S. dollars. Organic sales increased 4.9%, and foreign currency translation decreased sales by 0.8%.
  • On an organic basis:
    • Sales increased in consumer health and safety, stationery and office, home improvement and home care.
  • Segment operating income was $316 million, a decrease 0.4% year-on-year; operating margins were 21.4%.

Click here to read the full press release. 

Source: 3M