01.28.22
3M reported fourth-quarter and full-year 2021 results.
During the fourth quarter of 2021, sales grew 0.3% year-on-year to $8.6 billion. Organic local-currency sales increased 1.3%. Foreign currency translation decreased sales by 1% year-on-year.
Total sales grew 4.1% in Consumer and 0.7% in Health Care, and decreased 1.5% in Transportation and Electronics, and 2.2% in Safety and Industrial. Fourth-quarter earnings per share was $2.31 per share, down 4% year-on-year. Fourth quarter operating income was $1.6 billion with operating margins of 18.8%.
3M's operating cash flow was $2 billion with adjusted free cash flow of $1.5 billion contributing to adjusted free cash flow conversion of 110%. 3M returned $1.8 billion to shareholders in the fourth quarter of 2021
Full-year 2021 sales increased 9.9% year-on-year to $35.4 billion. Organic local-currency sales increased 8.8% while acquisitions, net of divestitures, decreased sales by 0.5%. Foreign currency translation increased sales by 1.6% year-on-year.
Full-year operating income was $7.4 billion with operating margins of 20.8%. The company's operating cash flow was $7.5 billion with adjusted free cash flow of $6 billion, contributing to adjusted free cash flow conversion of 101% for the 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 Mike Roman, 3M chairman and CEO. "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."
During the fourth quarter of 2021, sales grew 0.3% year-on-year to $8.6 billion. Organic local-currency sales increased 1.3%. Foreign currency translation decreased sales by 1% year-on-year.
Total sales grew 4.1% in Consumer and 0.7% in Health Care, and decreased 1.5% in Transportation and Electronics, and 2.2% in Safety and Industrial. Fourth-quarter earnings per share was $2.31 per share, down 4% year-on-year. Fourth quarter operating income was $1.6 billion with operating margins of 18.8%.
3M's operating cash flow was $2 billion with adjusted free cash flow of $1.5 billion contributing to adjusted free cash flow conversion of 110%. 3M returned $1.8 billion to shareholders in the fourth quarter of 2021
Full-year 2021 sales increased 9.9% year-on-year to $35.4 billion. Organic local-currency sales increased 8.8% while acquisitions, net of divestitures, decreased sales by 0.5%. Foreign currency translation increased sales by 1.6% year-on-year.
Full-year operating income was $7.4 billion with operating margins of 20.8%. The company's operating cash flow was $7.5 billion with adjusted free cash flow of $6 billion, contributing to adjusted free cash flow conversion of 101% for the 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 Mike Roman, 3M chairman and CEO. "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."