Seeking Alpha

3M business update: Solid guidance, dividend hike, new buyback allowance

  • 3M (MMM) is out with an announcement and guidance in front of a meeting with institutional investors and analysts.
  • The company says it maintains a long-term organic revenue target for 4%-6% growth and an EPS outlook of 9%-11% growth.
  • For 2014, 3M sees EPS of $7.30-$7.55 vs. $7.40 consensus.
  • A dividend payout increase of 35% and a plan to buy back $17B to $22B in shares is also outlined by execs.
  • 3M Analyst meeting webcast
  • MMM +2.7% premarket.
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