- 3M reported second quarter sales of $5.7 billion, up 7.5% from the previous year, with all six business segments experiencing positive growth.
- Net income was $882 million or $1.15 per share, which included various one-time gains and costs. This represented 16.9% income growth and 19.8% EPS growth from the previous year.
- Sales and profits were lower than expected due largely to lower than anticipated sales and higher costs in the Optical Systems Division, which produces films for LCD displays. The company expects these issues to be resolved in the second half of the year.
This document is the transcript from Rockwell Collins' 2nd Quarter FY 2016 conference call on April 21, 2016. It includes:
- Rockwell Collins reported a 2% decrease in sales and a 6% increase in income from continuing operations for the 2nd quarter of FY 2016 compared to the same period the previous year.
- Their commercial systems segment saw a 1% decrease in sales primarily due to lower OEM production rates, while their government systems segment saw a 5% decrease in sales due to lower program volumes.
- Their guidance for FY 2016 forecasts total sales between $5.3-5.4 billion, earnings per share between $5.45-5.65, and
DuPont reported first quarter 2017 earnings. Operating earnings per share increased 30% compared to the first quarter of 2016, driven by improved volume, local price benefits and cost savings. Global sales increased 5% overall with growth in all regions except the U.S. and Canada. Segment operating earnings increased 16% compared to the prior year.
Dow and DuPont will combine in a merger of equals to create three independent companies focused on agriculture, material science, and specialty products. The merger is expected to generate $3 billion in cost synergies and unlock $30 billion in market value. The new company, named DowDuPont, will have a combined market capitalization of $130 billion. It will later separate into an agriculture company, a material science company that is a leader in its industry, and a specialty products company with strong innovation capabilities.
Impax third quarter 2017 earnings call presentation impax-labs
Impax reported third quarter 2017 results and provided a business update. Key points include:
- Revenues declined year-over-year due to lower generic pricing, but increased sequentially driven by cost savings initiatives. Adjusted EBITDA and EPS also increased quarter-over-quarter.
- Generic division revenues declined year-over-year due to lower pricing, partially offset by higher volumes. Pricing declines moderated sequentially. The specialty pharmaceutical division saw revenue growth driven by higher product sales.
- Phase 2b results for Parkinson's treatment IPX203 showed significant reduction in "off time" compared to an immediate-release competitor, supporting advancement to Phase 3.
- Impax remains on track or ahead of
This investor presentation provides an overview of Finning International's OEM remanufacturing business. Finning is the world's largest Caterpillar dealer, offering new and used equipment sales, product support, parts, and equipment rental across key regions including Canada, South America, and the UK/Ireland. The presentation discusses financial outlook, regional market updates, and highlights Finning's OEM remanufacturing facility in Canada, which focuses on remanufacturing parts for mining and heavy construction equipment to like-new condition using advanced salvage and testing technologies.
This document provides a summary of DuPont's fourth quarter and full year 2015 earnings conference call. It discusses DuPont's financial results including operating earnings per share, net sales, segment operating earnings, and regional net sales highlights. The document also discusses factors impacting the fourth quarter results such as currency exchange rates, tax rates, and weakness in certain markets like agriculture. Additionally, it provides details on DuPont's balance sheet, cash flow, cost savings initiatives, the planned DowDuPont merger, and assumptions for key markets and the macroeconomic outlook in 2016.
AIG First Quarter 2008 Earnings Press Releasefinance2
- AIG reported a net loss of $7.81 billion for Q1 2008 compared to net income of $4.13 billion in Q1 2007, due to losses from investments related to the weak housing market and credit market disruption.
- Core insurance businesses performed satisfactorily, with strong top-line production in many areas, though net investment income declined.
- AIG plans to raise $12.5 billion in new capital through common stock and equity-linked offerings to strengthen its balance sheet and provide financial flexibility.
BGC Partners reported strong financial results for the second quarter of 2017. Total revenues increased 12.8% to $737.8 million compared to the second quarter of 2016. Pre-tax distributable earnings were $131.5 million, up 27% year-over-year, resulting in a pre-tax distributable earnings margin of 17.8%. Financial services revenues grew 10% to $432.3 million, while pre-tax earnings increased 38% to $111 million and the pre-tax margin expanded over 500 basis points. Real estate services revenues rose 16.6% to $295.3 million, with pre-tax earnings up 38% and margins improving 190 basis points. BGC also announced
This document is the transcript from Rockwell Collins' 2nd Quarter FY 2016 conference call on April 21, 2016. It includes:
- Rockwell Collins reported a 2% decrease in sales and a 6% increase in income from continuing operations for the 2nd quarter of FY 2016 compared to the same period the previous year.
- Their commercial systems segment saw a 1% decrease in sales primarily due to lower OEM production rates, while their government systems segment saw a 5% decrease in sales due to lower program volumes.
- Their guidance for FY 2016 forecasts total sales between $5.3-5.4 billion, earnings per share between $5.45-5.65, and
DuPont reported first quarter 2017 earnings. Operating earnings per share increased 30% compared to the first quarter of 2016, driven by improved volume, local price benefits and cost savings. Global sales increased 5% overall with growth in all regions except the U.S. and Canada. Segment operating earnings increased 16% compared to the prior year.
Dow and DuPont will combine in a merger of equals to create three independent companies focused on agriculture, material science, and specialty products. The merger is expected to generate $3 billion in cost synergies and unlock $30 billion in market value. The new company, named DowDuPont, will have a combined market capitalization of $130 billion. It will later separate into an agriculture company, a material science company that is a leader in its industry, and a specialty products company with strong innovation capabilities.
Impax third quarter 2017 earnings call presentation impax-labs
Impax reported third quarter 2017 results and provided a business update. Key points include:
- Revenues declined year-over-year due to lower generic pricing, but increased sequentially driven by cost savings initiatives. Adjusted EBITDA and EPS also increased quarter-over-quarter.
- Generic division revenues declined year-over-year due to lower pricing, partially offset by higher volumes. Pricing declines moderated sequentially. The specialty pharmaceutical division saw revenue growth driven by higher product sales.
- Phase 2b results for Parkinson's treatment IPX203 showed significant reduction in "off time" compared to an immediate-release competitor, supporting advancement to Phase 3.
- Impax remains on track or ahead of
This investor presentation provides an overview of Finning International's OEM remanufacturing business. Finning is the world's largest Caterpillar dealer, offering new and used equipment sales, product support, parts, and equipment rental across key regions including Canada, South America, and the UK/Ireland. The presentation discusses financial outlook, regional market updates, and highlights Finning's OEM remanufacturing facility in Canada, which focuses on remanufacturing parts for mining and heavy construction equipment to like-new condition using advanced salvage and testing technologies.
This document provides a summary of DuPont's fourth quarter and full year 2015 earnings conference call. It discusses DuPont's financial results including operating earnings per share, net sales, segment operating earnings, and regional net sales highlights. The document also discusses factors impacting the fourth quarter results such as currency exchange rates, tax rates, and weakness in certain markets like agriculture. Additionally, it provides details on DuPont's balance sheet, cash flow, cost savings initiatives, the planned DowDuPont merger, and assumptions for key markets and the macroeconomic outlook in 2016.
AIG First Quarter 2008 Earnings Press Releasefinance2
- AIG reported a net loss of $7.81 billion for Q1 2008 compared to net income of $4.13 billion in Q1 2007, due to losses from investments related to the weak housing market and credit market disruption.
- Core insurance businesses performed satisfactorily, with strong top-line production in many areas, though net investment income declined.
- AIG plans to raise $12.5 billion in new capital through common stock and equity-linked offerings to strengthen its balance sheet and provide financial flexibility.
BGC Partners reported strong financial results for the second quarter of 2017. Total revenues increased 12.8% to $737.8 million compared to the second quarter of 2016. Pre-tax distributable earnings were $131.5 million, up 27% year-over-year, resulting in a pre-tax distributable earnings margin of 17.8%. Financial services revenues grew 10% to $432.3 million, while pre-tax earnings increased 38% to $111 million and the pre-tax margin expanded over 500 basis points. Real estate services revenues rose 16.6% to $295.3 million, with pre-tax earnings up 38% and margins improving 190 basis points. BGC also announced
DowDuPont Merger and Acquisition consulting packageAnh Do
This document provides recommendations for DowDupont's post-merger sustainability goals and strategies. It identifies two main problems: having separate sustainability goals from Dow and Dupont, and difficulties sharing knowledge between research teams due to cultural differences. It recommends conducting research on changes to stakeholder expectations and developing strategies to retain talent and facilitate knowledge sharing. Specifically, the recommendations include primary and secondary market research, reorganizing information systems, fostering cultural assimilation, and providing financial bonuses tied to performance. The goals are to form new sustainability goals aligned with stakeholder demands and leverage synergies from the merger to reduce costs through optimized research.
General investor presentation september 2017irbgcpartners
BGC Partners provides an overview of its Financial Services segment. The segment includes voice/hybrid brokerage and fully electronic trading (FENICS). In 2Q 2017, voice/hybrid accounted for 87% of segment revenues and pre-tax distributable earnings were up 38% year-over-year with margins expanding over 500 basis points. Product revenues were diversified across rates, foreign exchange, credit, and other asset classes. BGC expects regulatory reform, rising interest rates, and a growing global economy to drive further opportunities in Financial Services.
The Timken Company reported third quarter results with the following highlights:
- Sales increased slightly year-over-year to $1.27 billion due to strong industrial markets offsetting declines in the automotive sector.
- Net income increased to $46.5 million compared to $39.8 million in the prior year period. Excluding special items, earnings per share were $0.57.
- Industrial markets continued to drive demand while the automotive sector faced significant volume reductions in North America, posing challenges. Actions are underway to adapt to the decline in automotive demand.
- The Timken Company reported record second quarter sales of $1.39 billion, up 5% from the previous year, and net income increased 11% to a record $74.7 million.
- Excluding special items, earnings per share increased 17% to a record $0.90 per share compared to $0.77 in the prior year.
- All business segments saw sales increases compared to the previous year, with the Steel Group achieving record sales and earnings before interest and taxes of $75.4 million, up 33% year-over-year.
Project liberty investor relations presentation finalDupontInv
DuPont will divest certain crop protection assets and acquire FMC's Health & Nutrition business in transactions contingent on the DowDuPont merger:
- DuPont will sell cereal and broadleaf herbicides and chewing insecticides, along with crop protection R&D, to FMC for $1.4B
- DuPont will acquire FMC's Health & Nutrition business, including food ingredients and pharmaceutical excipients, for $707M
- DuPont will receive $1.625B from FMC, consisting of $1.2B in cash and $425M in retained working capital
The transactions are expected to close in 4Q 2017 following the targeted August 2017 close of the DowDuPont merger, preserving $3B in
Level 3 Communications reported its second quarter 2017 results on August 2, 2017. The company reaffirmed its full year 2017 financial outlook and reported adjusted EBITDA of $744 million for the quarter, an increase over the previous year. Free cash flow for the quarter was $236 million. The company also reached its target leverage ratio of 3.0x for net debt to adjusted EBITDA. Level 3 provided cautionary statements regarding forward-looking statements and additional details on financial metrics and non-GAAP reconciliations.
The document provides highlights for Q2 2013, including:
- Gross billings increased 2.9% with growth in US&APAC and EMEA offsetting a decline in Canada.
- Adjusted EBITDA was relatively flat as a VAT adjustment and breakage income offset declines in Canada, US&APAC, and increased corporate costs.
- Financial results in EMEA benefited from the VAT decision and higher volumes, while US&APAC results reflected investments offsetting the impact of acquisitions.
- Kodak's net sales decreased 7% in Q2 2007 compared to Q2 2006, primarily due to declines in volumes and prices across many business units. However, gross profits increased 14% due to cost reductions.
- Digital revenues increased 3% led by enterprise solutions, while traditional revenues declined 17% due to declines in film capture and retail printing.
- Consumer Digital Imaging Group sales declined 10% due to volume and price declines, but gross profits increased 23% due to cost reductions.
- Film Products Group sales declined 15% due to declines in consumer film capture, but gross profits declined only slightly.
DuPont at Bank of America Merrill Lynch Global Agriculture and Chemicals Conf...DupontInv
The document discusses several challenges facing agricultural growers and DuPont's multi-platform approach and key product strategies to address them. It summarizes DuPont's strategies to (1) address the fall armyworm in Latin America through Pioneer hybrids with Leptra insect protection, (2) develop solutions for Asian soybean rust in Brazil including the Vessarya fungicide program and biotech/CRISPR approaches, and (3) address glyphosate-resistant weeds in North America through Roundup Ready 2 Xtend soybeans and the FeXapan herbicide.
YRC Worldwide reported third quarter 2008 diluted earnings per share of $0.63, which included various one-time gains and charges. The company generated $52.2 million in cash from operations and $92.6 million in free cash flow during the quarter. Total debt was reduced by $11.4 million. While volumes declined more than expected due to a weakening economy, the company removed costs and strengthened its balance sheet. Looking ahead, YRC Worldwide expects to reduce debt by over $150 million for the full year and maintain a leverage ratio below 3.5 times.
Global fixed income attracted $2.6 billion in net inflows this quarter, an improvement from prior quarters. Overall retail flows continue to improve following improved investment performance. International retail flows showed the greatest rebound, attracting net inflows for the second consecutive quarter. Financial results strengthened as operating income increased 2% due to higher average assets under management and expense management. The company continued share repurchases and dividends, totaling $1.3 billion over the last twelve months.
Southern Company reported strong full-year 2006 earnings of $1.57 billion, bolstered by continued economic growth and customer base expansion in the Southeast. Fourth quarter earnings were $188.4 million, up from $158.9 million in the prior year. Key drivers were the addition of over 70,000 new customers and growth in the competitive wholesale generation business through new capacity and contract extensions. However, earnings were offset by a reduction in synthetic fuels tax credits and higher interest and operating expenses. Looking forward, Southern Company expects 2007 earnings per share of $2.13 to $2.18 excluding synthetic fuels impacts.
The document summarizes DuPont's third quarter 2016 earnings conference call. Key points include:
- Revenue increased 1% to $4.9 billion due to 3% volume growth, offset by a 2% decline in local price and product mix.
- Operating earnings increased 162% to $0.34 per share, excluding significant items and non-operating pension costs.
- Segment operating earnings increased 40% to $607 million, driven by cost savings and volume growth across most segments.
- For full-year 2016, DuPont expects GAAP EPS of around $2.71, up 30%, and operating EPS of $3.25, up 17% from prior guidance.
- Pfizer reported its second quarter 2017 earnings results, with revenues of $12.9 billion, a 2% decrease from the second quarter of 2016. Net income increased 50% to $3.1 billion compared to the prior year.
- Several of Pfizer's key drugs performed strongly in the quarter, including Ibrance, Eliquis, and Xeljanz. The company also achieved regulatory approvals for new drugs and indications.
- Pfizer raised its guidance for 2017 adjusted diluted EPS to a range of $2.54 to $2.60 per share, up from its previous range of $2.50 to $2.60. The company reaffirmed the rest of its 2017 financial
Thor Industries is one of the world's largest manufacturers of RVs. It has over 8,300 employees and 107 facilities across 4 US states. The document discusses Thor's product range, competitive advantages, and positive outlook for the RV industry. Wholesale shipments and retail registrations have rebounded in recent years, and dealer inventories are at appropriate levels to meet continuing consumer demand.
Southern Company reported higher than expected earnings for the 4th quarter and full year of 2004. Earnings for the 4th quarter were $204.5 million compared to $125 million in 2003. For the full year, earnings were $1.53 billion compared to $1.47 billion in 2003. Strong economic growth in the Southeast contributed to increased electricity sales and better than expected results. Looking ahead, Southern Company expects earnings per share growth of 5% annually and provided guidance of $2.04-$2.09 per share for 2005.
Southern Company reported second quarter earnings of $387 million, up from $352 million in the second quarter of 2004. Earnings for the first six months of 2005 were $710 million, compared to $683 million for the same period last year. Factors contributing positively included continued economic strength and customer growth in the Southeast. However, extremely mild weather in the second quarter offset some of these gains. Southern Company's focus on business execution and a strong regional economy contributed to solid performance despite rising energy prices and mild weather. Total sales to customers decreased 1.8% compared to the second quarter of 2004. Southern Company's business outlook focuses on its regulated retail business and growing its competitive wholesale generation business.
The document summarizes DuPont's first quarter 2016 earnings conference call. Some key points:
- Operating earnings per share were flat at $1.26 compared to the previous year, but were up 8% excluding currency impacts. GAAP earnings per share grew 25%.
- Segment operating earnings declined 5% due to negative currency impacts of -4% and lower volumes of -2%.
- Lower corporate expenses and shares outstanding offset lower segment results and a higher tax rate to keep operating EPS flat.
- Segment results were negatively impacted by $0.10 per share from currency translation.
The acquisition of Berkeley Point dramatically increases the scope, scale, and revenues of BGC's Real Estate Services segment. Berkeley Point has experienced strong growth, with revenues increasing 55% year-over-year and GAAP pre-tax income excluding non-cash MSR income increasing 52% year-over-year for the twelve months ended March 31, 2017. The combination is expected to be a powerful catalyst for growth across BGC's real estate services businesses.
The document summarizes the Electro & Communications Business (ECB) at 3M. It discusses how the ECB has improved its business footprint through a focus on customers, growth initiatives, and operational excellence. Key highlights include stronger financial results from a more balanced portfolio, growth opportunities in infrastructure and electronics markets, and initiatives to shift activities closer to customers through global centers of excellence. The ECB is well positioned for continued accelerating growth.
- 3M's Q2 earnings conference call transcript discusses disappointing Q2 performance due to a rapid inventory correction in the optical films business that supplies LCD TV and monitor manufacturers. This impacted 3M's margins.
- The company also had issues with the startup of a new optical film plant that has had low yields. Additional factors like a decline in the monitor market and simultaneous inventory correction in LCD TVs also impacted results.
- Despite these issues, 3M remains optimistic about its growth strategy and diversifying its business over the long-term.
George Buckley discusses innovation and growth at 3M. Some key points:
1) 3M had strong sales and earnings growth in Q1 2007, with all business posting sales increases.
2) Buckley outlines 3M's strategy of growing its core businesses, making complementary acquisitions, building new businesses, and focusing on international growth.
3) Buckley emphasizes the importance of innovation, efficiency gains, and focusing on customers to drive profitable growth.
DowDuPont Merger and Acquisition consulting packageAnh Do
This document provides recommendations for DowDupont's post-merger sustainability goals and strategies. It identifies two main problems: having separate sustainability goals from Dow and Dupont, and difficulties sharing knowledge between research teams due to cultural differences. It recommends conducting research on changes to stakeholder expectations and developing strategies to retain talent and facilitate knowledge sharing. Specifically, the recommendations include primary and secondary market research, reorganizing information systems, fostering cultural assimilation, and providing financial bonuses tied to performance. The goals are to form new sustainability goals aligned with stakeholder demands and leverage synergies from the merger to reduce costs through optimized research.
General investor presentation september 2017irbgcpartners
BGC Partners provides an overview of its Financial Services segment. The segment includes voice/hybrid brokerage and fully electronic trading (FENICS). In 2Q 2017, voice/hybrid accounted for 87% of segment revenues and pre-tax distributable earnings were up 38% year-over-year with margins expanding over 500 basis points. Product revenues were diversified across rates, foreign exchange, credit, and other asset classes. BGC expects regulatory reform, rising interest rates, and a growing global economy to drive further opportunities in Financial Services.
The Timken Company reported third quarter results with the following highlights:
- Sales increased slightly year-over-year to $1.27 billion due to strong industrial markets offsetting declines in the automotive sector.
- Net income increased to $46.5 million compared to $39.8 million in the prior year period. Excluding special items, earnings per share were $0.57.
- Industrial markets continued to drive demand while the automotive sector faced significant volume reductions in North America, posing challenges. Actions are underway to adapt to the decline in automotive demand.
- The Timken Company reported record second quarter sales of $1.39 billion, up 5% from the previous year, and net income increased 11% to a record $74.7 million.
- Excluding special items, earnings per share increased 17% to a record $0.90 per share compared to $0.77 in the prior year.
- All business segments saw sales increases compared to the previous year, with the Steel Group achieving record sales and earnings before interest and taxes of $75.4 million, up 33% year-over-year.
Project liberty investor relations presentation finalDupontInv
DuPont will divest certain crop protection assets and acquire FMC's Health & Nutrition business in transactions contingent on the DowDuPont merger:
- DuPont will sell cereal and broadleaf herbicides and chewing insecticides, along with crop protection R&D, to FMC for $1.4B
- DuPont will acquire FMC's Health & Nutrition business, including food ingredients and pharmaceutical excipients, for $707M
- DuPont will receive $1.625B from FMC, consisting of $1.2B in cash and $425M in retained working capital
The transactions are expected to close in 4Q 2017 following the targeted August 2017 close of the DowDuPont merger, preserving $3B in
Level 3 Communications reported its second quarter 2017 results on August 2, 2017. The company reaffirmed its full year 2017 financial outlook and reported adjusted EBITDA of $744 million for the quarter, an increase over the previous year. Free cash flow for the quarter was $236 million. The company also reached its target leverage ratio of 3.0x for net debt to adjusted EBITDA. Level 3 provided cautionary statements regarding forward-looking statements and additional details on financial metrics and non-GAAP reconciliations.
The document provides highlights for Q2 2013, including:
- Gross billings increased 2.9% with growth in US&APAC and EMEA offsetting a decline in Canada.
- Adjusted EBITDA was relatively flat as a VAT adjustment and breakage income offset declines in Canada, US&APAC, and increased corporate costs.
- Financial results in EMEA benefited from the VAT decision and higher volumes, while US&APAC results reflected investments offsetting the impact of acquisitions.
- Kodak's net sales decreased 7% in Q2 2007 compared to Q2 2006, primarily due to declines in volumes and prices across many business units. However, gross profits increased 14% due to cost reductions.
- Digital revenues increased 3% led by enterprise solutions, while traditional revenues declined 17% due to declines in film capture and retail printing.
- Consumer Digital Imaging Group sales declined 10% due to volume and price declines, but gross profits increased 23% due to cost reductions.
- Film Products Group sales declined 15% due to declines in consumer film capture, but gross profits declined only slightly.
DuPont at Bank of America Merrill Lynch Global Agriculture and Chemicals Conf...DupontInv
The document discusses several challenges facing agricultural growers and DuPont's multi-platform approach and key product strategies to address them. It summarizes DuPont's strategies to (1) address the fall armyworm in Latin America through Pioneer hybrids with Leptra insect protection, (2) develop solutions for Asian soybean rust in Brazil including the Vessarya fungicide program and biotech/CRISPR approaches, and (3) address glyphosate-resistant weeds in North America through Roundup Ready 2 Xtend soybeans and the FeXapan herbicide.
YRC Worldwide reported third quarter 2008 diluted earnings per share of $0.63, which included various one-time gains and charges. The company generated $52.2 million in cash from operations and $92.6 million in free cash flow during the quarter. Total debt was reduced by $11.4 million. While volumes declined more than expected due to a weakening economy, the company removed costs and strengthened its balance sheet. Looking ahead, YRC Worldwide expects to reduce debt by over $150 million for the full year and maintain a leverage ratio below 3.5 times.
Global fixed income attracted $2.6 billion in net inflows this quarter, an improvement from prior quarters. Overall retail flows continue to improve following improved investment performance. International retail flows showed the greatest rebound, attracting net inflows for the second consecutive quarter. Financial results strengthened as operating income increased 2% due to higher average assets under management and expense management. The company continued share repurchases and dividends, totaling $1.3 billion over the last twelve months.
Southern Company reported strong full-year 2006 earnings of $1.57 billion, bolstered by continued economic growth and customer base expansion in the Southeast. Fourth quarter earnings were $188.4 million, up from $158.9 million in the prior year. Key drivers were the addition of over 70,000 new customers and growth in the competitive wholesale generation business through new capacity and contract extensions. However, earnings were offset by a reduction in synthetic fuels tax credits and higher interest and operating expenses. Looking forward, Southern Company expects 2007 earnings per share of $2.13 to $2.18 excluding synthetic fuels impacts.
The document summarizes DuPont's third quarter 2016 earnings conference call. Key points include:
- Revenue increased 1% to $4.9 billion due to 3% volume growth, offset by a 2% decline in local price and product mix.
- Operating earnings increased 162% to $0.34 per share, excluding significant items and non-operating pension costs.
- Segment operating earnings increased 40% to $607 million, driven by cost savings and volume growth across most segments.
- For full-year 2016, DuPont expects GAAP EPS of around $2.71, up 30%, and operating EPS of $3.25, up 17% from prior guidance.
- Pfizer reported its second quarter 2017 earnings results, with revenues of $12.9 billion, a 2% decrease from the second quarter of 2016. Net income increased 50% to $3.1 billion compared to the prior year.
- Several of Pfizer's key drugs performed strongly in the quarter, including Ibrance, Eliquis, and Xeljanz. The company also achieved regulatory approvals for new drugs and indications.
- Pfizer raised its guidance for 2017 adjusted diluted EPS to a range of $2.54 to $2.60 per share, up from its previous range of $2.50 to $2.60. The company reaffirmed the rest of its 2017 financial
Thor Industries is one of the world's largest manufacturers of RVs. It has over 8,300 employees and 107 facilities across 4 US states. The document discusses Thor's product range, competitive advantages, and positive outlook for the RV industry. Wholesale shipments and retail registrations have rebounded in recent years, and dealer inventories are at appropriate levels to meet continuing consumer demand.
Southern Company reported higher than expected earnings for the 4th quarter and full year of 2004. Earnings for the 4th quarter were $204.5 million compared to $125 million in 2003. For the full year, earnings were $1.53 billion compared to $1.47 billion in 2003. Strong economic growth in the Southeast contributed to increased electricity sales and better than expected results. Looking ahead, Southern Company expects earnings per share growth of 5% annually and provided guidance of $2.04-$2.09 per share for 2005.
Southern Company reported second quarter earnings of $387 million, up from $352 million in the second quarter of 2004. Earnings for the first six months of 2005 were $710 million, compared to $683 million for the same period last year. Factors contributing positively included continued economic strength and customer growth in the Southeast. However, extremely mild weather in the second quarter offset some of these gains. Southern Company's focus on business execution and a strong regional economy contributed to solid performance despite rising energy prices and mild weather. Total sales to customers decreased 1.8% compared to the second quarter of 2004. Southern Company's business outlook focuses on its regulated retail business and growing its competitive wholesale generation business.
The document summarizes DuPont's first quarter 2016 earnings conference call. Some key points:
- Operating earnings per share were flat at $1.26 compared to the previous year, but were up 8% excluding currency impacts. GAAP earnings per share grew 25%.
- Segment operating earnings declined 5% due to negative currency impacts of -4% and lower volumes of -2%.
- Lower corporate expenses and shares outstanding offset lower segment results and a higher tax rate to keep operating EPS flat.
- Segment results were negatively impacted by $0.10 per share from currency translation.
The acquisition of Berkeley Point dramatically increases the scope, scale, and revenues of BGC's Real Estate Services segment. Berkeley Point has experienced strong growth, with revenues increasing 55% year-over-year and GAAP pre-tax income excluding non-cash MSR income increasing 52% year-over-year for the twelve months ended March 31, 2017. The combination is expected to be a powerful catalyst for growth across BGC's real estate services businesses.
The document summarizes the Electro & Communications Business (ECB) at 3M. It discusses how the ECB has improved its business footprint through a focus on customers, growth initiatives, and operational excellence. Key highlights include stronger financial results from a more balanced portfolio, growth opportunities in infrastructure and electronics markets, and initiatives to shift activities closer to customers through global centers of excellence. The ECB is well positioned for continued accelerating growth.
- 3M's Q2 earnings conference call transcript discusses disappointing Q2 performance due to a rapid inventory correction in the optical films business that supplies LCD TV and monitor manufacturers. This impacted 3M's margins.
- The company also had issues with the startup of a new optical film plant that has had low yields. Additional factors like a decline in the monitor market and simultaneous inventory correction in LCD TVs also impacted results.
- Despite these issues, 3M remains optimistic about its growth strategy and diversifying its business over the long-term.
George Buckley discusses innovation and growth at 3M. Some key points:
1) 3M had strong sales and earnings growth in Q1 2007, with all business posting sales increases.
2) Buckley outlines 3M's strategy of growing its core businesses, making complementary acquisitions, building new businesses, and focusing on international growth.
3) Buckley emphasizes the importance of innovation, efficiency gains, and focusing on customers to drive profitable growth.
The document summarizes 3M's outlook for 2009. It discusses 3M's Q4 2008 performance, which saw a rapid deterioration in business activity and sales declines of 17% in November and expected similar declines in December. For full year 2008, 3M expects EPS of $5.10-$5.15, down from the prior estimate of $5.40-$5.48 due to weaker than expected Q4 organic volume growth of -10% to -12%. The document also outlines topics to be covered, including an update on Q4 2008 trends, 2009 scenario planning, and Q&A.
The document is an agenda for the 2008 3M Annual Investor Day conference. It provides details on the schedule of presentations which will cover topics such as 3M's strategic update, LCD film business, growth in emerging markets, business overviews for various divisions, and Q&A with speakers. The event will include business and product displays in addition to the formal program.
The document summarizes Patrick Campbell's presentation at the 2008 Citigroup Global Industrial Manufacturing Conference about 3M Company's performance and outlook. The presentation highlights 3M's track record of accelerated growth, premium returns, and enhanced shareholder value. It also reviews 3M's recent financial performance, diverse business portfolio, international operations, innovation initiatives, and financial strength to support continued growth in 2008.
Patrick D. Campbell, Senior Vice President and CFOfinance10
The document provides an agenda for a two-day 3M investor conference. Day one includes presentations from several senior vice presidents on topics like financial results, health care business, and safety services. There will be product displays and tours of the 3M Innovation Center. Day two includes presentations on supply chain operations and tours of a pilot plant and main Hutchinson manufacturing plant. The document also provides forward-looking statements about 3M's financial projections and discloses risk factors that could affect results.
- Microsemi reported second quarter 2009 net sales of $105.7 million, down 16.6% from the second quarter of 2008.
- Operating cash flow increased 9.7% over the prior quarter to $24 million.
- The company monetized all auction rate securities at full par value of $46.6 million, increasing its cash balance to a record high of $185.8 million.
- For the third quarter of 2009, Microsemi expects net sales to be down 3% to up 2% compared to the previous quarter, and non-GAAP earnings per share are projected to be between $0.19 to $0.21.
Goodrich Corporation announced strong financial results for the second quarter of 2006, with income from continuing operations increasing 30% over the second quarter of 2005. Sales increased 10% to $1.48 billion due to growth across all segments and market channels. Based on continued strong commercial airplane aftermarket sales, Goodrich increased its full year 2006 sales outlook to $5.75-$5.85 billion and net income per share outlook to $3.40-$3.55. The company also announced several business highlights including expansions of facilities in Scotland and Singapore.
Goodrich Corporation announced strong financial results for the second quarter of 2006, with income from continuing operations increasing 30% over the second quarter of 2005. Sales increased 10% to $1.48 billion due to growth across all segments and market channels. Based on continued strong commercial airplane aftermarket sales, Goodrich increased its full year 2006 sales outlook to $5.75-$5.85 billion and net income per share outlook to $3.40-$3.55. The company also announced several business highlights including expansions of facilities in Scotland and Singapore.
YRC Worldwide reported third quarter 2008 diluted earnings per share of $0.63, which included various one-time gains and charges. The company generated $52.2 million in cash from operations and $92.6 million in free cash flow during the quarter. Total debt was reduced by $11.4 million for the quarter. While volumes declined more than expected due to a weakening economy, the company removed costs and continued to pay down debt and improve liquidity.
Genuine Parts Company reported financial results for the second quarter and first half of 2009, with sales and earnings decreasing compared to the same periods in 2008 due to difficult economic conditions. Sales were down 12% for the quarter and 11% year-to-date, while net income decreased 22% and 25% respectively. The automotive and office products groups saw smaller sales declines than the industrial and electrical groups. The company remains financially strong with a healthy balance sheet and cash flows.
Northrop Grumman reported financial results for the third quarter of 2006 with the following highlights:
1) Contract acquisitions increased 25% to $6.3 billion and all business segments ended with higher backlog than the previous year.
2) Sales increased 2% to $7.4 billion while segment operating margin increased 43% to $696 million.
3) Earnings per share from continuing operations rose 9% to $0.87, though this included a $0.20 per share legal provision.
3) The company provided guidance for 2006 with sales of $30.2 billion and earnings per share of $4.20 to $4.25, and provided initial guidance
TRW Automotive reported fourth quarter and full year 2006 financial results. For the fourth quarter, sales increased 4.3% to $3.3 billion but net earnings decreased 43% to $33 million. For the full year, sales grew 4% to $13.1 billion while net earnings fell 14% to $176 million. The company exceeded guidance due to lower restructuring costs and favorable operations. Looking ahead, TRW expects continued pressure from the difficult North American auto market but remains focused on technology investments and global growth.
TRW Automotive Holdings Corp. reported second quarter 2006 financial results with sales of $3.5 billion, a 3% increase over the prior year. Net earnings were $91 million or $0.88 per share, compared to adjusted prior year earnings of $75 million or $0.73 per share. For the first half of 2006, sales increased 4.1% to $6.9 billion and net earnings were $138 million or $1.34 per share, compared to adjusted prior year earnings of $125 million or $1.23 per share. The company revised its full year 2006 guidance upward.
Kodak reported its second quarter financial results, including sales of $3.36 billion. While the company had a GAAP net loss of $282 million, it achieved digital profitability two quarters ahead of projections. Kodak also announced an agreement with Flextronics to improve digital camera manufacturing and distribution efficiency by transferring approximately 550 Kodak personnel to Flextronics. The company reaffirmed its 2006 forecasts for cash and digital earnings.
Motorola reported financial results for the first quarter of 2004 with sales of $8.6 billion, up 42% from the previous year, and net earnings of $609 million, up 257% over the previous year. The company ended the quarter with a net cash position of $902 million, the first time in over 35 years. Motorola provided guidance for the second quarter of 2004 of sales between $8.2-8.6 billion and earnings per share of $0.14-0.18, excluding potential impacts from the proposed IPO of its semiconductor business.
Owens Corning presented at the Zelman Housing Summit on September 23, 2016. The presentation discussed Owens Corning's focus on shareholder value and Q3 2016 results. It highlighted the company's three market-leading businesses in roofing, insulation, and composites which have strong market positions in attractive industries. The presentation provided financial highlights for Q2 2016 and an outlook expecting continued growth in areas like housing starts and industrial production.
Goodrich Corporation announced strong financial results for the second quarter of 2005 and increased its full year 2005 outlook. Net income for Q2 2005 was $76 million, up 91% from the previous year. Sales increased 20% to $1.353 billion. The company increased its full year 2005 outlook for sales to $5.2-5.3 billion and net income per share to $2.00-$2.10. The improved results were driven by growth in commercial aerospace, defense, and all other market channels. Management attributed the performance to the commercial aerospace upturn and strong demand for defense products.
Goodrich Corporation announced strong financial results for the second quarter of 2005 and increased its full year 2005 outlook. Net income for Q2 2005 was $76 million, up 91% from the previous year. Sales increased 20% to $1.353 billion. The company increased its full year 2005 outlook for sales to $5.2-5.3 billion and net income per share to $2.00-$2.10. The improved results were driven by growth in commercial aerospace, defense, and all other market channels. Management attributed the performance to the commercial aerospace upturn and strong demand for defense products.
- Owens Corning presented at a Goldman Sachs roadshow in November 2016 to discuss its businesses and financial performance.
- The presentation discussed Owens Corning's three market-leading businesses: insulation, roofing, and composites. It provided an overview of each business and highlights from Q3 2016 financial results.
- The presentation also addressed industry dynamics and trends for each business, including expectations for market growth and capacity utilization rates that would drive Owens Corning's profitability going forward.
- Illinois Tool Works reported a loss of 6 cents per share in the first quarter of 2009 compared to earnings of 70 cents per share in the first quarter of 2008. Revenues declined 24% due to weak global end markets.
- The company recorded $90 million in impairment charges and $28 million in tax charges in the quarter. Excluding these charges, earnings would have been 17 cents per share.
- Cash flow from operations remained strong at $447 million in the quarter, driven by reductions in working capital. The company expects revenues to increase 5-11% in the second quarter and forecasts earnings of 25-37 cents per share.
Southern Company reported second quarter earnings of $385.2 million, or 52 cents per share, driven by increased electricity usage from warm weather and customer growth. Total revenues for the quarter increased 15.1% year-over-year to $3.59 billion. However, earnings were partially offset by higher operations and maintenance expenses and the negative impact of rising oil prices on Southern Company's synthetic fuels investments. Looking forward, Southern Company expects earnings per share growth of 5% annually and has set a goal of earning at least $300 million annually from its competitive wholesale generation business by 2007.
- Goldman Sachs reported third quarter earnings per share of $5.25, up from $1.81 in the third quarter of 2008.
- Net revenues were $12.37 billion for the quarter, with strong results in fixed income, currency and commodities (FICC) and equities trading.
- Trading and principal investments generated $10.03 billion in net revenues, down slightly from the previous quarter but significantly higher than the third quarter of 2008.
TRW Automotive reported first quarter 2006 financial results with sales increasing 5.3% to $3.4 billion compared to the previous year. Net earnings were $47 million, down slightly from $50 million in the prior year. The company incurred $57 million in expenses for retiring debt which impacted earnings. Excluding this, earnings were $104 million or $1.01 per share. For full-year 2006, the company expects revenue of $12.8-13.2 billion and earnings per share of $1.30-1.60 including debt retirement costs, or $1.85-2.15 excluding these costs.
- TRW Automotive reported third quarter 2006 financial results with sales of $3.0 billion, up 3.4% from the prior year, but net earnings of only $5 million compared to $10 million in the previous year. The higher tax rate in the current quarter contributed significantly to the decrease in earnings.
- For the first nine months of 2006, TRW reported sales of $9.9 billion, up 3.8% from the same period in 2005. However, net earnings were $143 million compared to $145 million in 2005, impacted by non-recurring expenses related to debt retirement.
- TRW revised its full year 2006 guidance downward due to expected lower customer vehicle production and other
Q3 2007 Earnings Press Release and Financial Tablesfinance7
Motorola reported third quarter sales of $8.8 billion and GAAP earnings of $0.02 per share. While Mobile Devices sales decreased 36% year-over-year, the business showed financial improvements. Enterprise Mobility Solutions sales grew 47% year-over-year and operating earnings increased despite charges. The company expects fourth quarter earnings per share between $0.12-$0.14.
Morgan Stanley Basic Materials Conferencefinance10
1) 3M's international operations represent its largest growth platform.
2) In 2005, international sales grew 5.8% with organic local-currency growth of 4.1% and acquisitions contributing 1.0% to growth.
3) Asia Pacific sales grew 10.6% in local currency in 2005.
Morgan Stanley Basic Materials Conferencefinance10
This document provides an overview of 3M's performance in 2005 and outlook for 2006 from the perspective of Pat Campbell, 3M's Senior Vice President and Chief Financial Officer, at the Morgan Stanley 2006 Basic Materials Conference.
Key highlights from 2005 include sales growth of 5.8% to $21.2 billion, EPS growth of 13.6% to $4.26, operating income growth of 9.4% to $5 billion, and economic profit growth of 11.3% to $2 billion. All business segments achieved positive organic local currency sales growth.
For 2006, 3M plans over $10 million in growth investments, primarily aimed at organic growth, and a 15% increase in capital expenditures.
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Patrick D. Campbell Senior Vice President and Chief Financial Officerfinance10
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Inge G. Thulin Executive Vice President, International Operationsfinance10
This document discusses 3M's international operations and growth strategies. It notes that 3M has subsidiaries in 69 countries representing 61% of sales. Key points include:
1) 3M focuses on developing local market knowledge and solutions through its extensive international subsidiary network.
2) 3M pursues growth in both developed and developing markets by emphasizing customer success, operational excellence, and engaged employees.
3) 3M's customer technology centers allow it to collaborate closely with customers and develop local applications of its technologies.
James B. Stake Executive Vice President, Display and Graphics Businessfinance10
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oe E. Harlan Executive Vice President, Electro and Communications Businessfinance10
The document summarizes an investor meeting presentation about 3M's Electro & Communications Business (ECB). It highlights that ECB has maintained strong growth and margins in recent years. Going forward, ECB is positioned for continued growth by leveraging its market-focused customer-centric approach, differentiated technologies, international expansion, adjacent markets, service differentiation, and competitive culture. ECB serves the electrical, communications, and electronics industries with products like tapes, films, adhesives, and interconnect solutions.
rad T. Sauer Executive Vice President, Health Care Businessfinance10
3M's health care business has experienced strong growth in recent years. To continue this growth, 3M is pursuing strategies like reconfiguring its health care portfolio to focus on areas of strength, redirecting resources towards high growth areas, and rapidly expanding in developing countries through new products, sales coverage and manufacturing. 3M will also drive organic growth through increased R&D investment, acquisitions that bring synergies, and penetrating new market spaces like digital dentistry and food safety testing.
ean Lobey Executive Vice President, Safety, Security and Protection Service B...finance10
Jean Lobey discusses 3M's Safety, Security, and Protection Services (SS&PS) business. In 2005, SS&PS generated $2.3 billion in sales and $553 million in operating income. SS&PS provides solutions across three markets: safety, security, and protection. 3M aims to drive over 8% annual growth for SS&PS through new product development, market expansion, adjacent market opportunities, and responding to world events. 3M is also focusing on penetrating developing markets and bringing SS&PS closer to customers through increased international manufacturing and labs.
Moe S. Nozari Executive Vice President, Consumer and Office Businessfinance10
Moe Nozari, Executive Vice President of 3M's Consumer & Office Business, outlined growth opportunities including new product platforms, core brands, key accounts, and international expansion. The business achieved 5-8% annual growth and outpaced industry competitors. Nozari highlighted 3M's category defining brands, innovative new products, strong customer relationships, and global supply chain as drivers of continued success.
H.C. Shin Executive Vice President, Industrial and Transportation Businessfinance10
The document discusses strategies for growth of 3M's Industrial and Transportation Business. It outlines four main strategies: 1) Growth through market segment programs focused on key industries like transportation, electronics, and oil/gas. 2) Growth through new platforms in areas like supply chain execution, filtration, and composites. 3) Geographic penetration in emerging markets like China, India, Eastern Europe, and Brazil. 4) Growth by leveraging the 3M brand through channel growth programs and a service/quality initiative. Specific examples of market and product strategies are provided for segments like automotive, aircraft manufacturing, and oil/gas extraction.
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George Buckley presents an emerging strategy for growth at 3M. He outlines 3M's core competencies in applying coatings to various backings using precision manufacturing. Buckley describes how 3M leverages its technology platforms across multiple markets through sharing technologies and an "adjacency lattice" approach. The strategy emphasizes growing 3M's core businesses, gaining scale in large markets, and increasing relative share in smaller markets through globalization and a focus on innovation.
George Buckley, Chairman and CEO of 3M, outlines the company's strategy for growth while maintaining premium margins. 3M will pursue growth through four principal elements: growing its current core business, complementary acquisitions, building new business through entrepreneurial ventures, and international expansion. 3M's core competencies in applying coatings to backings and micro-replication technologies position it for continued innovation across multiple industries.
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This document discusses 3M's strategy for growth through customer value enhancement and operational excellence. It summarizes 3M's historical financial performance, showing increasing margins, earnings per share, and return on invested capital. 3M's strategy focuses on growing its core businesses, pursuing complementary acquisitions, expanding into adjacencies, and international growth. 3M aims to drive growth and share gains by enhancing customer competitiveness, business returns, and brand value.
George Buckley outlines 3M's strategy for sustainable growth. He discusses leveraging operational excellence through productivity initiatives to maximize profitability. 3M will focus on growing its core businesses, pursue complementary acquisitions, and develop new business opportunities through emerging business opportunities. The strategy aims to achieve 5-8% annual organic growth through international expansion, new markets, and customer value enhancement.
1) The document discusses 3M's strategy for growth through customer value enhancement, continued commitment to operational excellence, and plans to drive higher earnings.
2) 3M aims to grow its core business, pursue complementary acquisitions, build new businesses through adjacencies and emerging business opportunities, and focus on international growth.
3) Near term actions to drive growth include capital investments in core manufacturing capacity expansions, 2006 acquisitions mostly of small companies, and a manufacturing strategy focused on strategic needs in the core or near adjacencies through bolt-on acquisitions.
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George Buckley presented on innovation and growth at 3M. He discussed 3M's strong financial results in the second quarter with sales growth of 8% and EPS growth of 17.1%. Buckley outlined 3M's plan to drive growth through reinvigorating R&D, accelerating international expansion, investing in supply chain capabilities, and acquiring companies to accelerate growth in core businesses. He emphasized 3M's focus on continuing to innovate, serve customers, and improve efficiency through initiatives like Six Sigma and Lean.
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Jean Lobey, Executive Vice President, Safety, Security and Protection Servicesfinance10
This document provides an overview of 3M's Safety, Security and Protection Services business. It discusses the markets served, key growth strategies, new product innovations, and capacity expansion plans. The business aims to become a $10 billion leader in safety, security and protection products across multiple markets and customer groups. Key strategies include driving core growth through new products, pursuing adjacencies/M&A, expanding internationally, and growing special initiatives like tracking/tracing solutions and mining.
Brad T. Sauer, Executive Vice President, Health Carefinance10
This document provides an overview of 3M's Safety, Security and Protection Services business. It discusses the markets served, key growth strategies, new product innovations, and capacity expansion plans. The business aims to become a $10 billion leader in safety, security and protection products across multiple markets and customer groups. Key strategies include driving core growth through new products, pursuing adjacencies/M&A, expanding internationally, and growing special initiatives like tracking/tracing solutions and mining.
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✅ More survey results in the presentation.
✅ Video presentation: https://youtu.be/4ZvsSKd1MzE
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In World Expo 2010 Shanghai – the most visited Expo in the World History
https://www.britannica.com/event/Expo-Shanghai-2010
China’s official organizer of the Expo, CCPIT (China Council for the Promotion of International Trade https://en.ccpit.org/) has chosen Dr. Alyce Su as the Cover Person with Cover Story, in the Expo’s official magazine distributed throughout the Expo, showcasing China’s New Generation of Leaders to the World.
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The eLITE RuPay Platinum Credit Card, a strategic collaboration between Poonawalla Fincorp and IndusInd Bank, represents a significant advancement in India's digital financial landscape. Spearheaded by Abhay Bhutada, MD of Poonawalla Fincorp, the card leverages deep customer insights to offer tailored features such as no joining fees, movie ticket offers, and rewards on UPI transactions. IndusInd Bank's solid banking infrastructure and digital integration expertise ensure seamless service delivery in today's fast-paced digital economy. With a focus on meeting the growing demand for digital financial services, the card aims to cater to tech-savvy consumers and differentiate itself through unique features and superior customer service, ultimately poised to make a substantial impact in India's digital financial services space.
1. For Immediate Release
3M Reports Second-Quarter Sales and Earnings
ST. PAUL, Minn. − July 25, 2006 − 3M (NYSE: MMM) today announced its sales and profit
results for the second quarter 2006.
Second-quarter worldwide sales totaled $5.7 billion, up 7.5 percent compared to the second quarter
of 2005. Total local-currency sales increased 7.2 percent, including 2.6 percent from acquisitions,
primarily CUNO. Local-currency sales increased 11 percent in Industrial and Transportation, 8.3
percent in Safety, Security and Protection Services, 6.5 percent in Display and Graphics, 6.1 percent
in Electro and Communications, 4.6 percent in Consumer and Office, and 4.1 percent in Health
Care. All six businesses posted positive local currency growth for the fourth consecutive quarter.
Second-quarter net income was $882 million, or $1.15 per share, including net gains of $0.10 per
share due to the combination of positive benefits from income tax adjustments(a), partially offset by
settlement costs of a previously disclosed antitrust class action(b) and costs related to the
company’s current efforts to seek strategic alternatives for its branded pharmaceuticals business. In
the second quarter of 2005, net income was $754 million, or $0.96 per share, which included a
$0.10 per share charge related to the domestic reinvestment provisions of the American Jobs
Creation Act of 2004(c). Included in these results are stock options related costs of $0.07 per share
in the second quarter of 2006 and $0.04 per share in the second quarter of 2005(d). Reported net
income and earnings per share increased 16.9 percent and 19.8 percent, respectively.
As the company stated in its July 7 press release, second-quarter sales and profits were impacted in
large part by lower than expected sales volumes and higher than anticipated new capacity start-up
costs in its Optical Systems Division, which is part of 3M’s Display and Graphics business segment.
3M develops and manufactures the world’s broadest line of proprietary optical films that enhance
the brightness and viewing angle of all types of LCD displays.
“The LCD industry experienced an increase in inventory levels, which had a significant and sudden
impact on sales of 3M optical films late in the quarter,” said James B. Stake, executive vice
president, Display and Graphics Business. “While forecasting demand in this business is difficult,
we anticipate that inventories will return to normal in the second half of the year and sales growth
will accelerate as consumer demand for LCD TV increases. As a result, we continue to expect
record sales of our optical films in 2006. Margins will be somewhat lower due to a shift in mix from
monitors to larger format LCD televisions.”
Stake also addressed the issue of higher start up costs in the company’s new multilayer optical film
facility. “Our new facility is designed to produce larger-format films for LCD TVs, which is the
fastest-growing segment of the LCD market,” he noted. “Producing these new highly complex films
at the quality levels demanded by our customers and at acceptable yields is a tremendous challenge.
We have been manufacturing multilayer optical films for over a decade, and we are confident that
we can resolve these issues to meet the expected increase in seasonal demand.”
The company also noted that gross margins were below expectations, largely a result of the optical
film issues, but also due in part to capacity constraints in a handful of its core businesses. “We are
2. wasting no time in our efforts to add capacity in some key areas of the portfolio,” said George W.
Buckley, 3M chairman, president, and chief executive officer, “and in the meantime we are
aggressively working to drive out manufacturing cost in the third and fourth quarters.”
“I am confident that we will manage through these challenges and deliver on our second half
expectations, while continuing to invest for the future,” Buckley continued. “There is no doubt
whatsoever that our growth agenda is advancing and delivering real results. The near term
difficulties with optical in no way diminish my optimism in 3M’s prospects. We have injected
much-needed investment into our core businesses, particularly in terms of sales coverage,
advertising, merchandising and R&D, in order to accelerate our long-term growth capability.”
As communicated in the previously mentioned July 7 press release, 3M expects calendar year 2006
reported earnings to be in the range of $4.55 to $4.65 per share. Included in this estimate is the
combination of previously mentioned net gains of $0.10 per share in the second quarter of 2006,
and an estimated annual cost of $0.17 per share due to expensing of stock options. 3M also expects
full-year organic local-currency sales growth of between 5.5 and 8 percent, which is unchanged
versus its previous expectation. The company estimates that acquisitions will add about 2 percent to
2006 sales growth.
For the third quarter of 2006, the company expects organic local-currency sales growth of 4 to 8
percent. Acquisitions are expected to add approximately 1.5 percent to third-quarter sales growth.
The company expects third-quarter earnings per share will be in the range of $1.10 to $1.15,
including an estimated $0.04 per share cost from stock options expensing. In the third quarter of
2005, 3M earned $1.08 per share including $0.02 per share from stock options expensing.
George W. Buckley and Patrick D. Campbell, senior vice president and chief financial officer, will
conduct an investor teleconference at 9 a.m. Eastern Time (8 a.m. Central Time) today. Investors
can access a web cast of this conference, along with related charts and materials, at
http://investor.3M.com.
(a) Second quarter tax adjustments are due to the resolution of U.S. tax audits through 2001, the
substantial resolution of audits in certain European countries and adjustments to tax accruals
for all other open audit years.
(b) 3M entered into an agreement in principle during the second quarter to resolve the antitrust
class action involving direct purchasers of transparent tape that as previously disclosed had
been scheduled to start trial at the end of May. The settlement is conditioned on court
approval, which will be sought promptly upon execution of final settlement documents and
is expected to be granted later this year or early next year.
(c) In 2005, 3M reinvested $1.7 billion of foreign earnings in the United States pursuant to the
provisions of the American Jobs Creation Act of 2004. This act provided the company the
opportunity to tax efficiently repatriate foreign earnings for U.S. qualifying investments
specified in its domestic reinvestment plan. As a consequence, in the second quarter of 2005,
3M recorded a non-recurring charge of $75 million dollars, net of available foreign tax
credits.
(d) 3M adopted Statement of Financial Accounting Standards No. 123R effective Jan. 1, 2006,
using the modified retrospective method, with prior periods adjusted to give effect to the
fair-value-based method of accounting for stock option awards granted in fiscal years
beginning on or after Jan. 1, 1995. The increase in option expense in the second quarter of
2006 is largely due to a requirement under SFAS No. 123R to immediately expense stock
options upon grant date for those employees who are considered retirement eligible. A 3M
3. employee is considered to be retirement eligible upon reaching age 55 with 5 years of
service. Approximately 25 percent of the number of stock-based compensation awards are
made to retirement eligible employees. Since 3M’s annual grant of stock options is in the
second quarter, the immediate expensing of those options resulted in approximately $0.05
per share of higher stock-option expense in the second quarter of 2006. The accounting rules
related to the immediate expensing of grants to retirement eligible employees applied only to
grants made after Jan. 1, 2006; therefore, the second quarter of 2005 was not impacted by
this requirement.
Forward-Looking Statements
This news release contains forward-looking information (within the meaning of the Private
Securities Litigation Reform Act of 1995) about the company’s financial results and estimates,
business prospects, and products under development that involve substantial risks and uncertainties.
You can identify these statements by the use of words such as “anticipate,” “estimate,” “expect,”
“project,” “intend,” “plan,” “believe,” and other words and terms of similar meaning in connection
with any discussion of future operating or financial performance. Among the factors that could
cause actual results to differ materially are the following: (1) worldwide economic conditions; (2)
competitive conditions and customer preferences; (3) foreign currency exchange rates and
fluctuations in those rates; (4) the timing and acceptance of new product offerings; (5) the
availability and cost of purchased components, compounds, raw materials and energy (including oil
and natural gas and their derivatives) due to shortages, increased demand or supply interruptions
(including those caused by natural and other disasters and other events); (6) the impact of
acquisitions, strategic alliances, divestitures, and other unusual events resulting from portfolio
management actions and other evolving business strategies, and possible organizational
restructuring; (7) generating less productivity improvements than estimated; and (8) legal
proceedings, including the outcome of pending Congressional action concerning asbestos-related
litigation and other significant developments that could occur in the legal and regulatory
proceedings described in the company’s Annual Report on Form 10-K for the year-ended Dec. 31,
2005 (the “Report”). Changes in such assumptions or factors could produce significantly different
results. A further description of these factors is located in the Report under Part I, Item 1A “Risk
Factors.” The information contained in this news release is as of the date indicated. The company
assumes no obligation to update any forward-looking statements contained in this release as a result
of new information or future events or developments.
About 3M − A Global, Diversified Technology Company
Every day, 3M people find new ways to make amazing things happen. Wherever they are, whatever
they do, the company’s customers know they can rely on 3M to help make their lives better. 3M's
brands include Scotch, Post-it, Scotchgard, Thinsulate, Scotch-Brite, Filtrete, Command and
Vikuiti. Serving customers in more than 200 countries around the world, the people of 3M use their
expertise, technologies and global strength to lead in major markets including consumer and office;
display and graphics; electronics and telecommunications; safety, security and protection services;
health care; industrial and transportation. For more information, including the latest product and
technology news, visit www.3M.com.
Scotch, Post-it, Scotchgard, Thinsulate, Scotch-Brite, Filtrete, Command and Vikuiti are trademarks
of 3M.
3M Company and Subsidiaries
4. CONSOLIDATED STATEMENT OF INCOME
(Millions, except per-share amounts)
(Unaudited)
Three-months ended Six-months ended
June 30 June 30
-------------------------- -------------------------
2006 2005 2006 2005
------- ------- ------- -------
Net sales $5,688 $5,294 $11,283 $10,460
------- ------- ------- -------
Operating expenses
Cost of sales 2,840 2,602 5,561 5,151
Selling, general and
administrative expenses 1,322 1,130 2,505 2,274
Research, development and
related expenses 351 318 673 638
------- ------- ------- -------
Total 4,513 4,050 8,739 8,063
------- ------- ------- -------
Operating income 1,175 1,244 2,544 2,397
------- ------- ------- -------
Interest expense and income
Interest expense 25 19 47 39
Interest income (14) (16) (22) (32)
------- ------- ------- -------
Total 11 3 25 7
------- ------- ------- -------
Income before income taxes and
minority interest 1,164 1,241 2,519 2,390
Provision for income taxes 272 475 715 838
Minority interest 10 12 23 27
------- ------- ------- -------
Net income $ 882 $ 754 $1,781 $1,525
===== ===== ===== =====
Weighted average common shares
outstanding – basic 755.1 768.0 754.7 769.8
Earnings per share – basic $ 1.17 $ 0.98 $ 2.36 $ 1.98
===== ===== ===== =====
Weighted average common shares
outstanding – diluted 770.4 785.0 769.5 788.2
Earnings per share – diluted $ 1.15 $ 0.96 $ 2.31 $ 1.94
===== ===== ===== =====
Cash dividends paid
per common share $ 0.46 $ 0.42 $ 0.92 $ 0.84
===== ===== ===== =====
5. 3M Company and Subsidiaries
SUPPLEMENTAL CONSOLIDATED STATEMENT OF INCOME INFORMATION
(Millions, except per-share amounts)
(Unaudited)
Three-months ended Three-months ended
June 30, 2006 June 30, 2005
------------------------------------- -------------------------------------
Excluding Excluding
special Special Reported special Special Reported
items (e) items (e) total items (e) items (e) total
--------- -------- -------- --------- -------- --------
Net sales $5,688 $ – $5,688 $5,294 $– $5,294
--------- -------- -------- --------- -------- --------
Operating expenses
Cost of sales 2,840 – 2,840 2,602 – 2,602
Selling, general and
administrative expenses 1,273 49 1,322 1,130 – 1,130
Research, development
and related expenses 351 – 351 318 – 318
-------- ------- -------- -------- ------- --------
Total 4,464 49 4,513 4,050 – 4,050
-------- ------- ------- -------- ------- --------
Operating income (loss) 1,224 (49) 1,175 1,244 – 1,244
Interest expense and (income), net 11 – 11 3 – 3
-------- ------- -------- -------- ------- --------
Income (loss) before income
taxes and minority interest 1,213 (49) 1,164 1,241 – 1,241
Provision (benefit) for
income taxes 395 (123) 272 400 75 475
Effective tax rate 32.5% – 23.3% 32.2% – 38.2%
Minority interest 10 – 10 12 – 12
-------- ------- -------- -------- -------- --------
Net income (loss) $ 808 $ 74 $ 882 $ 829 $ (75) $ 754
===== ===== ===== ===== ===== =====
Weighted average
diluted shares 770.4 770.4 770.4 785.0 785.0 785.0
Net income per
diluted share (f) $ 1.05 $0.10 $ 1.15 $ 1.06 $ (0.10) $ 0.96
===== ===== ===== ===== ===== =====
(e) In addition to disclosing results that are determined in accordance with U.S. generally
accepted accounting principles (GAAP), the company also discloses non-GAAP results that
exclude special items. Special items represent significant charges or credits that are
important to an understanding of the company’s ongoing operations. The company provides
reconciliations of its non-GAAP financial reporting to the most comparable GAAP
6. reporting. The company believes that discussion of results excluding special items provides
a useful analysis of ongoing operating trends. Earnings per share and other amounts before
special items are not measures recognized under GAAP. The determination of special items
may not be comparable to similarly titled measures used by other companies.
In the second quarter of 2006, net income included net gains of $74 million due to the
combination of positive benefits from income tax adjustments, partially offset by settlement
costs of a previously disclosed antitrust class action and costs related to the company’s
current efforts to seek strategic alternatives for its branded pharmaceuticals business.
In the second quarter of 2005, 3M recorded a charge of $75 million, net of available foreign
tax credits, related to its plans to reinvest approximately $1.7 billion of foreign earnings in
the United States pursuant to the provisions of the American Jobs Creation Act of 2004.
(f) Refer to the preceding Note (d) for discussion of SFAS No. 123R. Included in both
reported and excluding special items results are stock options related costs of $0.07 per share
in the second quarter of 2006 and $0.04 per share in the second quarter of 2005.
3M Company and Subsidiaries
SUPPLEMENTAL CONSOLIDATED STATEMENT OF INCOME INFORMATION
(Millions, except per-share amounts)
(Unaudited)
Six-months ended Six-months ended
June 30, 2006 June 30, 2005
------------------------------------- -------------------------------------
Excluding Excluding
special Special Reported special Special Reported
items (g) items (g) total items (g) items (g) total
--------- -------- -------- --------- -------- --------
Net sales $11,283 $ – $11,283 $10,460 $– $10,460
--------- -------- -------- --------- -------- --------
Operating expenses
Cost of sales 5,561 – 5,561 5,151 – 5,151
Selling, general and
administrative expenses 2,456 49 2,505 2,274 – 2,274
Research, development
and related expenses 673 – 673 638 – 638
-------- ------- -------- -------- ------- --------
Total 8,690 49 8,739 8,063 – 8,063
-------- ------- ------- -------- ------- --------
Operating income (loss) 2,593 (49) 2,544 2,397 – 2,397
Interest expense and (income), net 25 – 25 7 – 7
-------- ------- -------- -------- ------- --------
Income (loss) before income
taxes and minority interest 2,568 (49) 2,519 2,390 – 2,390
7. Provision (benefit) for
income taxes 838 (123) 715 763 75 838
Effective tax rate 32.6% – 28.4% 31.9% – 35.0%
Minority interest 23 – 23 27 – 27
-------- ------- -------- -------- -------- --------
Net income (loss) $ 1,707 $ 74 $ 1,781 $1,600 $ (75) $1,525
===== ===== ===== ===== ===== =====
Weighted average
diluted shares 769.5 769.5 769.5 788.2 788.2 788.2
Net income per
diluted share $ 2.22 $0.09 $ 2.31 $ 2.03 $(0.09) $ 1.94
===== ===== ===== ===== ===== =====
(g) In addition to disclosing results that are determined in accordance with U.S. generally
accepted accounting principles (GAAP), the company also discloses non-GAAP results that
exclude special items. Special items represent significant charges or credits that are important to
an understanding of the company’s ongoing operations. The company provides reconciliations
of its non-GAAP financial reporting to the most comparable GAAP reporting. The company
believes that discussion of results excluding special items provides a useful analysis of ongoing
operating trends. Earnings per share and other amounts before special items are not measures
recognized under GAAP. The determination of special items may not be comparable to
similarly titled measures used by other companies. Refer to the preceding Note (e) for
discussion of the special items that impacted the six months ended June 30, 2006 and 2005.
3M Company and Subsidiaries
CONDENSED CONSOLIDATED BALANCE SHEET
(Dollars in millions)
(Unaudited)
June 30, Dec. 31, June 30,
ASSETS 2006 2005 2005
-------- -------- --------
Current assets
Cash and cash equivalents $ 987 $ 1,072 $ 1,765
Marketable securities – current 259 -- 8
Accounts receivable – net 3,171 2,838 2,951
Inventories 2,557 2,162 2,020
Other current assets 1,127 1,043 1,204
-------- -------- --------
Total current assets 8,101 7,115 7,948
Marketable securities – non-current 63 -- --
Investments 280 272 274
Property, plant and equipment – net 5,643 5,593 5,516
Prepaid pension and postretirement benefits 2,809 2,905 2,510
Goodwill, intangible assets and other assets (h) 5,137 4,923 3,614
-------- -------- --------
Total assets $22,033 $20,808 $19,862
8. ====== ====== ======
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities
Short-term borrowings and
current portion of long-term debt $ 1,458 $ 1,072 $ 1,103
Accounts payable 1,343 1,256 1,201
Accrued payroll 489 469 475
Accrued income taxes 741 989 1,187
Other current liabilities 1,395 1,452 1,340
-------- -------- --------
Total current liabilities 5,426 5,238 5,306
Long-term debt 1,253 1,309 706
Other liabilities 3,832 3,866 3,445
-------- -------- --------
Total liabilities 10,511 10,413 9,457
-------- -------- --------
Total stockholders’ equity – net 11,522 10,395 10,405
Shares outstanding
June 30, 2006: 753,234,766 shares
December 31, 2005: 754,538,387 shares
June 30, 2005: 765,071,989 shares
-------- -------- --------
Total liabilities and stockholders’ equity $22,033 $20,808 $19,862
====== ====== ======
(h) The acquisition of CUNO in the third quarter of 2005 increased the “Goodwill, intangible assets
and other assets” balance by $1.3 billion.
3M Company and Subsidiaries
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
(Dollars in millions)
(Unaudited)
Six-months ended
June 30
2006 2005
--------- --------
SUMMARY OF CASH FLOWS:
NET CASH PROVIDED BY
OPERATING ACTIVITIES $1,418 $2,125
--------- --------
Cash flows from investing activities:
Purchases of property, plant
and equipment (451) (452)
Acquisitions, net of cash acquired (88) --
Other investing activities (300) (31)
--------- ---------
9. NET CASH USED IN
INVESTING ACTIVITIES (839) (483)
--------- ---------
Cash flows from financing activities:
Change in debt 341 (991)
Purchases of treasury stock (778) (1,185)
Reissuances of treasury stock 375 287
Dividends paid to stockholders (695) (647)
Other financing activities 6 10
---------- ---------
NET CASH USED IN
FINANCING ACTIVITIES (751) (2,526)
---------- ---------
Effect of exchange rate
changes on cash 87 (108)
---------- ---------
Net increase (decrease) in cash
and cash equivalents (85) (992)
Cash and cash equivalents at
beginning of period 1,072 2,757
---------- ---------
Cash and cash equivalents at
end of period $ 987 $1,765
====== ======
3M Company and Subsidiaries
SUPPLEMENTAL CASH FLOW AND
OTHER SUPPLEMENTAL FINANCIAL INFORMATION
(Dollars in millions)
(Unaudited)
Six-months ended
June 30
2006 2005
--------- --------
NON-GAAP MEASURES
Free Cash Flow:
Net cash provided by
operating activities $1,418 $2,125
Purchases of property, plant
and equipment (451) (452)
---------- ---------
Free Cash Flow (i) $ 967 $1,673
====== ======
OTHER NON-GAAP MEASURES:
Net Working Capital Turns (j) 5.2 5.6
10. (i) Free cash flow is not defined under U.S. generally accepted accounting principles (GAAP).
Therefore, it should not be considered a substitute for income or cash flow data prepared in
accordance with U.S. GAAP and may not be comparable to similarly titled measures used by other
companies. The company defines free cash flow as net cash provided by operating activities less
purchases of property, plant and equipment. It should not be inferred that the entire free cash flow
amount is available for discretionary expenditures. The company believes free cash flow is a useful
measure of performance and uses this measure as an indication of the strength of the company and
its ability to generate cash.
(j) The company uses various working capital measures that place emphasis and focus on certain
working capital assets and liabilities. 3M’s net working capital index is defined as quarterly net
sales multiplied by four, divided by ending net accounts receivable plus inventory less accounts
payable. This measure is not recognized under U.S. generally accepted accounting principles and
may not be comparable to similarly titled measures used by other companies.
3M Company and Subsidiaries
SALES CHANGE ANALYSIS
(Unaudited)
Three-Months Ended June 30, 2006
Sales Change Analysis United Inter-
By Geographic Area States national Worldwide
--------- --------- ---------
Volume – organic 3.1% 6.0% 4.8%
Volume – acquisitions 3.5 1.9 2.6
--------- --------- ---------
Volume – total 6.6 7.9 7.4
Price 1.8 (1.6) (0.2)
--------- --------- ---------
Total local-currency sales 8.4 6.3 7.2
Translation – 0.6 0.3
--------- --------- ---------
Total sales change 8.4% 6.9% 7.5%
===== ===== =====
Worldwide Local- Total
Sales Change Analysis currency Trans- Sales
By Business Segment Sales lation Change
--------- --------- ---------
Industrial & Transportation (k) 11.0% 0.4% 11.4%
Health Care 4.1 0.3 4.4
11. Display and Graphics 6.5 0.4 6.9
Consumer and Office 4.6 0.5 5.1
Electro and Communications 6.1 0.4 6.5
Safety, Security and Protection
Services 8.3 0.6 8.9
--------- --------- ---------
Total sales change 7.2% 0.3% 7.5%
===== ===== =====
(k) Industrial & Transportation includes a 7.9% benefit from acquisitions, primarily CUNO.
3M Company and Subsidiaries
SALES CHANGE ANALYSIS
(Unaudited)
Six-Months Ended June 30, 2006
Sales Change Analysis United Inter-
By Geographic Area States national Worldwide
--------- --------- ---------
Volume – organic 4.2% 7.8% 6.5%
Volume – acquisitions 3.5 1.8 2.4
--------- --------- ---------
Volume – total 7.7 9.6 8.9
Price 1.9 (1.4) (0.1)
--------- --------- ---------
Total local-currency sales 9.6 8.2 8.8
Translation -- (1.4) (0.9)
--------- --------- ---------
Total sales change 9.6% 6.8% 7.9%
===== ===== =====
Worldwide Local- Total
Sales Change Analysis currency Trans- Sales
By Business Segment Sales lation Change
--------- --------- ---------
Industrial & Transportation (l) 12.5% (1.0)% 11.5%
Health Care 4.6 (1.4) 3.2
12. Display and Graphics 8.0 (0.5) 7.5
Consumer and Office 6.4 (0.3) 6.1
Electro and Communications 8.2 (0.8) 7.4
Safety, Security and Protection
Services 11.8 (0.8) 11.0
--------- --------- --------
Total sales change 8.8% (0.9)% 7.9%
===== ===== =====
(l) Industrial & Transportation includes a 7.7% benefit from acquisitions, primarily CUNO.
3M Company and Subsidiaries
BUSINESS SEGMENTS
(Dollars in millions)
(Unaudited)
BUSINESS
SEGMENT Three-months ended Six-months ended
INFORMATION June 30 June 30
(Millions) 2006 2005 2006 2005
--------- --------- --------- ---------
NET SALES
Industrial & Transportation $ 1,690 $1,518 $ 3,392 $ 3,042
Health Care 1,000 957 1,966 1,905
Display and Graphics 912 854 1,827 1,700
Consumer and Office 786 748 1,547 1,458
Electro and Communications 632 594 1,236 1,151
Safety, Security and Protection Services 653 599 1,284 1,156
Corporate and Unallocated 15 24 31 48
--------- --------- --------- ---------
Total Company $5,688 $5,294 $11,283 $10,460
--------- --------- --------- ---------
OPERATING INCOME
Industrial & Transportation $ 321 $ 312 $ 702 $ 620
Health Care 261 284 559 556
Display and Graphics 241 277 537 562
Consumer and Office 121 136 257 250
Electro and Communications 123 115 250 210
Safety, Security and Protection Services 145 147 309 273
Corporate and Unallocated (37) (27) (70) (74)
--------- -------- --------- --------
Total Company $1,175 $1,244 $2,544 $2,397
13. --------- -------- --------- --------
SFAS 123R Stock Option Expense Impact
(Dollars in millions, except per share amounts)
(Unaudited)
Three months ended
June 30
2006 2005 Difference
--------- --------- ---------
Cost of sales $ 21 $8 $ 13
% to Sales 0.4% 0.1% 0.3%
--------- --------- ---------
Selling, general and
administrative expenses $ 54 $ 23 $ 31
% to Sales 0.9% 0.5% 0.4%
--------- --------- ---------
Research, development and
related expenses $ 18 $8 $ 10
% to Sales 0.3% 0.1% 0.2%
--------- --------- ---------
Operating Income $ 93 $ 39 $ 54
% to Sales 1.6% 0.7% 0.9%
--------- --------- ---------
SFAS 123R Stock Option Expense Impact
(Dollars in millions, except per share amounts)
(Unaudited)
Six months ended
June 30
2006 2005 Difference
--------- --------- ---------
Cost of sales $ 23 $ 20 $3
% to Sales 0.2% 0.2% 0.0%
--------- --------- ---------
Selling, general and
administrative expenses $ 73 $ 68 $5
% to Sales 0.6% 0.7% 0.1%
--------- --------- ---------
Research, development and
related expenses $ 22 $ 22 $ 0
% to Sales 0.2% 0.2% 0.0%
--------- --------- ---------
14. Operating Income $118 $110 $8
% to Sales 1.0% 1.1% 0.1%
--------- --------- ---------
Business Segment Stock Option Expense
(Dollars in millions)
(Unaudited)
Three-months ended June 30
---------------------------------------------------------------------
2006 % to Sales 2005 % to Sales
---------- ------------ ---------- ------------
Industrial & Transportation $ 23 1.4% $ 13 0.8%
Health Care 20 2.0% 8 0.9%
Display and Graphics 13 1.4% 4 0.5%
Consumer and Office 11 1.4% 5 0.7%
Electro and Communications 9 1.5% 5 0.7%
Safety, Security and Protection Services 10 1.5% 4 0.7%
Corporate 7 -- -- --
--------- -------- --------- --------
Total Company $ 93 1.6% $ 39 0.7%
====== ====== ====== ======
Business Segment Stock Option Expense
(Dollars in millions)
(Unaudited)
Six months ended June 30
---------------------------------------------------------------------
2006 % to Sales 2005 % to Sales
---------- ------------ ---------- ------------
Industrial & Transportation $ 30 0.9% $ 33 1.1%
Health Care 26 1.3% 25 1.3%
Display and Graphics 16 0.9% 14 0.8%
Consumer and Office 14 0.9% 15 1.0%
Electro and Communications 12 1.0% 12 1.0%
Safety, Security and Protection Services 13 1.0% 11 1.0%
Corporate 7 -- -- --
--------- -------- --------- --------
Total Company $118 1.0% $ 110 1.1%
====== ====== ====== ======
Quarterly Diluted Earnings Per Share Stock Option Expense
(Unaudited)
15. 2004 Reported Q1 Q2 Q3 Q4 Total
EPS as originally reported $0.90 $0.97 $0.97 $0.91 $3.75
SFAS 123R impact $(0.03) $(0.04) $(0.06) $(0.06) $(0.19)
EPS with SFAS123R impact $0.87 $0.93 $0.91 $0.85 $3.56
2005 Reported Q1 Q2 Q3 Q4 Total
EPS as originally reported $1.03 $1.00 $1.10 $0.99 $4.12
SFAS 123R impact $(0.06) $(0.04) $(0.02) $(0.02) $(0.14)
EPS with SFAS123R impact $0.97 $0.96 $1.08 $0.97 $3.98
2005 – Excluding
Special Items (m) Q1 Q2 Q3 Q4 Total
EPS as originally reported $1.03 $1.09 $1.10 $1.04 $4.26
SFAS 123R impact $(0.06) $(0.04) $(0.02) $(0.02) $(0.14)
EPS with SFAS123R impact $0.97 $1.06 $1.08 $1.01 $4.12
2006 Q1 Q2 Q3 Q4 Total
Diluted EPS/Guidance $1.17 $1.15 $1.10 to $4.55 to
$1.15 $4.65
Estimated SFAS 123R impact
included in EPS/guidance $(0.02) $(0.07) $(0.04) $(0.04) $(0.17)
2006 – Excluding
Special Items (m) Q1 Q2 Q3 Q4 Total
Diluted EPS/Guidance $1.17 $1.05 $1.10 to $4.45 to
$1.15 $4.55
Estimated SFAS 123R impact
included in EPS/guidance $(0.02) $(0.07) $(0.04) $(0.04) $(0.17)
(m) In addition to disclosing results that are determined in accordance with U.S. generally
accepted accounting principles (GAAP), the company also discloses non-GAAP results that
exclude special items. Special items represent significant charges or credits that are important to
an understanding of the company’s ongoing operations. The company provides reconciliations
of its non-GAAP financial reporting to the most comparable GAAP reporting (reconciliations
for the second and fourth quarter of 2005 were provided in Form 8-K’s filed on July 18, 2005
and January 24, 2006, respectively). The company believes that discussion of results excluding
special items provides a useful analysis of ongoing operating trends. Earnings per share and
other amounts before special items are not measures recognized under GAAP. The
determination of special items may not be comparable to similarly titled measures used by other
companies. Refer to the preceding Note (e) for discussion of the special items that impacted the
three months ended June 30, 2006 and 2005. In March 2005, the FASB issued Interpretation
No. 47, “Accounting for Conditional Asset Retirement Obligations—an interpretation of FASB
Statement No.143” (“FIN 47”). In adopting FIN 47 in the fourth quarter of 2005, 3M recorded a
non-cash charge of $35 million after-tax, as a cumulative effect of change in accounting
principle. This charge represents conditional retirement obligations associated with 3M’s long-
lived assets.
- 30 -
16. Investor Contacts: Matt Ginter Media Contact: Jacqueline Berry
3M 3M
(651) 733-8206 (651) 733-3611
Bruce Jermeland
3M
(651) 733-1807
From:
3M Public Relations and Corporate Communications
3M Center, Building 225-1S-15
St. Paul, MN 55144-1000