3M Co. (MMM) Misses Q4 EPS by 15c, Offers Guidance, Initiates Restructuring
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3M Accelerates Pace of Transformation Journey
January 28, 2020 6:31 AM ESTImplements new global operating model and streamlined structure to improve growth and operational efficiency
ST. PAUL, Minn.--(BUSINESS WIRE)-- 3M (NYSE: MMM) In conjunction with its fourth-quarter 2019 earnings announcement, today 3M announced the next step in its transformation journey, which includes a new global operating model and streamlined organizational structure.
Transformation along with Portfolio, Innovation and People & Culture is one of 3Ms strategic priorities to drive long-term growth and value creation. 3M has taken several actions on its transformation journey to streamline and improve its operations, including the... More
3M Reports Fourth-Quarter and Full-Year 2019 Results; Implements New Global Operating Model and Streamlined Structure; Provides Full-Year 2020 Guidance
January 28, 2020 6:30 AM ESTFourth-Quarter Highlights:
Sales of $8.1 billion, up 2.1 percent year-on-year Organic local-currency sales declined 2.6 percent year-on-year GAAP EPS of $1.66, includes charges of $0.49 per share from items not in prior guidance: New operating model and streamlined structure resulted in restructuring charge of $0.20 per share Significant litigation-related charge of $0.29 per share Operating cash flow of $2.3 billion; free cash flow of $1.8 billion, with free cash flow conversion of 186 percent Returned $1.0 billion to shareholders via dividends and gross share repurchasesFull-Year... More
