3M (MMM) Beats Q4 EPS Expectations as Global Sales Growth Strong Despite Euro Slowdown
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Price: $93.00 +0.41%
EPS Growth %: 0.0%
Financial Fact:
Cost of sales: 3.85B
Today's EPS Names:
SFST, VLTO, CLIR, More
EPS Growth %: 0.0%
Financial Fact:
Cost of sales: 3.85B
Today's EPS Names:
SFST, VLTO, CLIR, More
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Shares of 3M (NYSE: MMM) look strong early Thursday following strong fourth-quarter earnings numbers.
Sales for the diversified technology company increased 16.4 percent from $6.71 billion during the same quarter last year to $7.09 billion, which was in-line with Street views calling for $7.09 billion.
Net income moved just 2.8 percent higher from net income of $928 million in 2010's fourth quarter to $954 million, or $1.35 per share. The Street was expecting earnings 4 cents lower at $1.31 per share.
Growth of 14.3 percent was strongest in its Industrial and Transportation segment, while Display and Graphics sales fell 8.8 percent.
Sales growth was strongest in Latin America/Canada at 9.7 percent, while Europe saw just 1.6 percent of growth. Volumes grew 3.7 percent across all segments.
"2011 was a successful year for 3M, with record sales and earnings per share," said Chairman and CEO George Buckley. "We were resilient enough to achieve these results in the face of deteriorating demand in both Western Europe and consumer electronics. Our commitment to the future continued, with investments of $1.6 billion in research and development and $1.4 billion in capital expenditures during the year, aimed primarily at faster growing markets. Our 2011 results demonstrate the underlying strength of 3M’s business model, as we once again generated double-digit top-line growth and premium return on capital."
Amid the mixed results, 3M affirmed its outlook for fiscal 2012: EPS of $6.25 to $6.50 and organic sales growth of 2 percent to 5 percent.
Shares of 3M are up about 1.6 percent early Thursday.
Sales for the diversified technology company increased 16.4 percent from $6.71 billion during the same quarter last year to $7.09 billion, which was in-line with Street views calling for $7.09 billion.
Net income moved just 2.8 percent higher from net income of $928 million in 2010's fourth quarter to $954 million, or $1.35 per share. The Street was expecting earnings 4 cents lower at $1.31 per share.
Growth of 14.3 percent was strongest in its Industrial and Transportation segment, while Display and Graphics sales fell 8.8 percent.
Sales growth was strongest in Latin America/Canada at 9.7 percent, while Europe saw just 1.6 percent of growth. Volumes grew 3.7 percent across all segments.
"2011 was a successful year for 3M, with record sales and earnings per share," said Chairman and CEO George Buckley. "We were resilient enough to achieve these results in the face of deteriorating demand in both Western Europe and consumer electronics. Our commitment to the future continued, with investments of $1.6 billion in research and development and $1.4 billion in capital expenditures during the year, aimed primarily at faster growing markets. Our 2011 results demonstrate the underlying strength of 3M’s business model, as we once again generated double-digit top-line growth and premium return on capital."
Amid the mixed results, 3M affirmed its outlook for fiscal 2012: EPS of $6.25 to $6.50 and organic sales growth of 2 percent to 5 percent.
Shares of 3M are up about 1.6 percent early Thursday.
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