04.29.21
3M reported first-quarter 2021 results, featuring sales of $8.9 billion, up 9.6% year-on-year, as well as operating cash flow of $1.7 billion and adjusted free cash flow of $1.4 billion, which was up 49% year-on-year.
"The first quarter was highlighted by broad-based organic growth, robust cash flow and a double-digit increase in earnings per share," said Mike Roman, 3M chairman and CEO. "Our four industry-leading businesses are delivering strong results, while we accelerate 3M's digital transformation and sustainability efforts with significant new goals to improve air and water quality.”
3M reported that sales grew 9.6% year-on-year to $8.9 billion. Organic local-currency sales increased 8.0% while divestitures decreased sales by 1.4%. Total sales grew 13.7% in Safety and Industrial, 13.1% in Transportation and Electronics, 9.8% in Consumer, and 6.8% in Health Care.
Both first-quarter GAAP and adjusted earnings were $2.77 per share, resulting in year-on-year increases of 23% and 27% on a GAAP and adjusted-basis, respectively.
The company's operating cash flow was $1.7 billion with adjusted free cash flow of $1.4 billion contributing to adjusted free cash flow conversion of 86%. 3M returned $1.1 billion to shareholders in the first quarter of 2021, including $858 million in cash dividends and $231 million of gross share repurchases. The company reduced total debt by $0.6 billion, or 3%, and net debt by $0.7 billion, or 5%, sequentially.
"The first quarter was highlighted by broad-based organic growth, robust cash flow and a double-digit increase in earnings per share," said Mike Roman, 3M chairman and CEO. "Our four industry-leading businesses are delivering strong results, while we accelerate 3M's digital transformation and sustainability efforts with significant new goals to improve air and water quality.”
3M reported that sales grew 9.6% year-on-year to $8.9 billion. Organic local-currency sales increased 8.0% while divestitures decreased sales by 1.4%. Total sales grew 13.7% in Safety and Industrial, 13.1% in Transportation and Electronics, 9.8% in Consumer, and 6.8% in Health Care.
Both first-quarter GAAP and adjusted earnings were $2.77 per share, resulting in year-on-year increases of 23% and 27% on a GAAP and adjusted-basis, respectively.
The company's operating cash flow was $1.7 billion with adjusted free cash flow of $1.4 billion contributing to adjusted free cash flow conversion of 86%. 3M returned $1.1 billion to shareholders in the first quarter of 2021, including $858 million in cash dividends and $231 million of gross share repurchases. The company reduced total debt by $0.6 billion, or 3%, and net debt by $0.7 billion, or 5%, sequentially.