10.27.21
3M reported third-quarter 2021 results.
Sales grew 7.1% year-on-year to $8.9 billion. Organic local-currency sales increased 6.3%. Foreign currency translation increased sales by 0.8% year-on-year. Total sales grew 8.1% in Consumer, 7.2% in Safety and Industrial, 5.8% in Transportation and Electronics, and 4.1% in Health Care. Organic local-currency sales increased 7.6% in Consumer, 6.1% in Safety and Industrial, 5.1% in Transportation and Electronics, and 3.3% in Health Care.
The company's operating cash flow was $1.9 billion with adjusted free cash flow of $1.5 billion contributing to adjusted free cash flow conversion of 107%. 3M returned $1.4 billion to shareholders in the third quarter of 2021, including $856 million in cash dividends and $527 million of gross share repurchases.
"In the face of continued global challenges, the 3M team executed well and delivered broad-based organic growth, along with strong margins and cash flow," said Mike Roman, 3M chairman and CEO. "Overall, end-market demand remained strong, and we navigated supply chain disruptions by maintaining a relentless focus on serving and innovating for our customers. Moving ahead, we will continue to invest for the future by investing in strong demand areas aligned with global trends, while improving our operational performance, driving productivity and advancing sustainability."
Sales grew 7.1% year-on-year to $8.9 billion. Organic local-currency sales increased 6.3%. Foreign currency translation increased sales by 0.8% year-on-year. Total sales grew 8.1% in Consumer, 7.2% in Safety and Industrial, 5.8% in Transportation and Electronics, and 4.1% in Health Care. Organic local-currency sales increased 7.6% in Consumer, 6.1% in Safety and Industrial, 5.1% in Transportation and Electronics, and 3.3% in Health Care.
The company's operating cash flow was $1.9 billion with adjusted free cash flow of $1.5 billion contributing to adjusted free cash flow conversion of 107%. 3M returned $1.4 billion to shareholders in the third quarter of 2021, including $856 million in cash dividends and $527 million of gross share repurchases.
"In the face of continued global challenges, the 3M team executed well and delivered broad-based organic growth, along with strong margins and cash flow," said Mike Roman, 3M chairman and CEO. "Overall, end-market demand remained strong, and we navigated supply chain disruptions by maintaining a relentless focus on serving and innovating for our customers. Moving ahead, we will continue to invest for the future by investing in strong demand areas aligned with global trends, while improving our operational performance, driving productivity and advancing sustainability."