Stephen Simpson, CFA
Tue, Jan. 26, 8:14 AM
- Net income of $1.04B, or $1.66 per share, vs. $1.18B, or $1.81 per share, a year ago. Excluding restructuring charges, the company earned $1.80 per share.
- Revenue by segment: Industrial -6.3%; Electronics and Energy -11.7%; Safety and Graphics -5.3%; Health Care -0.8%; Consumer -2.4%.
- Returned $1.8B to shareholders via dividends and gross share repurchases.
- "The fourth quarter capped off a year of disciplined execution from our global team with solid margin and cash flow performance," CEO Inge Thulin declared. "We are building an even stronger and more competitive company for 2016 and beyond."
- As a result, the company affirmed 2016 earnings to be in the range of $8.10-$8.45 per share with organic local-currency sales growth of 1% to 3%.
- MMM +2.1% premarket
- Q4 results
Thu, Jan. 21, 9:02 AM| Thu, Jan. 21, 9:02 AM | 6 Comments
Dec. 15, 2015, 8:07 AM
- 3M (NYSE:MMM) -3.8% premarket after cutting FY15 EPS to $7.55 from $7.60-$7.65 due to a continuing slow-growth global economy. The company expects FY15 organic growth of approximately 1% vs prior guidance of 1.5%-2%.
- 3M also sees FY16 EPS of $8.10-$8.45. CEO Inge Thulin is set to tell investors that the company will continue to make investments to build and position itself for long-term success. These actions include strengthening and focusing its portfolio of businesses, investing in R&D, and moving to a more efficient business model through a global ERP system.
- The webcast is getting underway now.
Oct. 22, 2015, 8:16 AM
- Net income of $1.29B, or $2.05 per share, vs. $1.30B, or $1.98 per share, a year ago.
- Revenue by segment: Industrial -7.1%; Electronics and Energy -8.1%; Safety and Graphics -2.2%; Health Care -3.2%; Consumer -1.2%.
- The company lowered its 2015 outlook and expects full-year earnings to be in the range of $7.73-$7.78 per share vs. a prior forecast of $7.73-$7.93, with organic local-currency sales growth of 1.5%-2% vs. a prior outlook of 2.5%-4%.
- The firm also plans to cut 1,500 jobs next year, and will record a pretax charge of about $100M in the fourth quarter.
- MMM -0.6% premarket
- Q3 results
Sep. 25, 2015, 3:58 PM
- 3M (MMM +1.5%) is upgraded to Outperform from Neutral with a $155 price target at Credit Suisse, which says the stock is attractive following the recent pullback and is one of the few stocks in the group that can grow earnings at a double-digit pace next year without a sharp improvement in the macro environment.
- The firm believes shares currently reflect negative factors such as the 2015 EPS guidance cut and the strong U.S. dollar, and not positives, including management's willingness to use the balance sheet to shore up earnings growth.
- 3M now trades at a 0.5x premium to the S&P in terms of 2016 P/E, while it typically trades at a 1.5x-2x premium in recent years.
Apr. 23, 2015, 9:19 AM
- 3M (NYSE:MMM) -3.2% premarket after Q1 earnings and revenues fail to meet expectations, and the company cut its 2015 profit outlook, due to the impact of the stronger U.S. dollar.
- After foreign currency impacts reduced Q1 pre-tax earnings by ~$90M, or the equivalent of $0.10/share, 3M now expects foreign currency impacts to reduce FY 2015 EPS by $0.35-$0.40, compared with its previous guidance for a $0.20 hit; the company now sees FY 2015 EPS of $7.80-$8.10.
- As for 2015 revenue, 3M now expects it to fall by 6%-7% Y/Y, worse than its previous forecast of a 4%-5%; analysts had expected FY 2015 revenue to rise less than 1% to $32B.
- 3M maintains its forecast for organic local currency sales growth of 3%-6%.
- Q1 sales slipped in most of 3M's business units, falling 4.3% to $2.7B at its industrial unit, 3.6% to $1.4B in its safety and graphics business, 3.3% to $1.3B in its health care unit, and 2.9% to $1B at its consumer unit; only the company's electronics and energy unit reported a sales increase, rising less than 1% to $1.3B.
Feb. 23, 2015, 7:04 AM
- Asahi Kasei (OTCPK:AHKSY) has agreed to buy Polypore's (NYSE:PPO) energy storage segment, as it seeks to expand in the energy and environment business.
- Asahi Kasei will pay $60.50 per share in cash, a 14% premium to their $52.95 close on Friday, and representing an enterprise value of about $3.2B.
- Immediately prior to Asahi Kasei’s purchase of Polypore, 3M (NYSE:MMM) will acquire the assets of Polypore’s separations media business for about $1B and Asahi Kasei will receive the cash proceeds from asset sale.
- PPO +13.2% premarket
Jan. 27, 2015, 8:28 AM
- Net income of $1.18B, or $1.81 per share, vs. $1.10B, or $1.62 per share, a year ago.
- While profit for the quarter narrowly beat analysts’ expectations, revenue fell shy at $7.72B, below an estimate of $7.77B.
- Revenue by segment: Industrial +1.4%; Electronics and Energy +3.3%; Safety and Graphics +3.4%; Health Care +2.4%; Consumer +2.2%.
- The company affirmed its 2015 outlook and expects full-year earnings to be in the range of $8.00-$8.30 per share with organic local-currency sales growth of 3%-6%.
- MMM -1.8% premarket
- Q4 results
Dec. 24, 2014, 9:28 AM
- Shares of 3M (NYSE:MMM) are slightly lower premarket after Langenberg downgraded the company to Hold from Buy.
- "3M...remains well on track to achieve its 2013 to 2017 objectives," analysts noted, "but paying 20x forward EPS for a specialty chemical company is tough for us."
- Despite the downgrade, the firm raised its price target on the stock to $170 from $160.
- MMM -0.2% premarket
Oct. 23, 2014, 8:55 AM
- Net income of $1.3B, or $1.98 per share, vs. $1.23B, or $1.78 per share, in the same quarter a year ago.
- Revenue by segment: Industrial +3%; Electronics and Energy +3.5%; Safety and Graphics +1.3%; Health Care +4.7%; Consumer +2.1%.
- Repurchased $1.2B of its own shares during the quarter.
- The company expects earnings in the range of $7.40-$7.50 per share vs. a prior expectation of $7.30-$7.55.
- Q3 results
- MMM +2.5% premarket
Aug. 6, 2014, 12:19 PM
- General Electric (GE +1.8%) is upgraded to Outperform from Market Perform with a $33 price target, up from $29, at Bernstein,which offers five reasons for favoring the stock.
- The firm sees growing evidence of portfolio and cultural transformation at GE resulting in accelerating cost reduction and the most Industrial focused mix in almost 25 years, as well as coming catalysts in the GE calendar through 2015 as backlog converts into the back half.
- Trading at 15.1x the next 12 months of earnings for its industrial business, GE is cheaper than most other industrials, including Danaher (NYSE:DHR) at 21.7x, 3M (NYSE:MMM) at 17.8x, and Emerson Electric (NYSE:EMR) at 16x, the firm says.
Feb. 4, 2014, 6:54 PM
- 3M (MMM) is launching a new $12B buyback program. The program replaces 3M's existing authorization, and is good for repurchasing 14% of outstanding shares at current levels.
- 3M spent $5.2B on buybacks in 2013, and $1.7B just in Q4. Will new debt be issued to pay for additional repurchases? 3M ended Q4 with $4.9B in cash/investments, and $6B in debt.
Dec. 17, 2013, 8:44 AM
- 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.
Dec. 2, 2013, 2:00 PM
- 3M (MMM -3.4%) "tends to show below-average core growth in cyclical upswings," Morgan Stanley's Nigel Coe says, downgrading the shares to Underweight from Equalweight.
- "We expect the company to underperform EE/MI peers over the next two years, as we enter the reacceleration phase of this mid cycle slowdown, limiting operating leverage, with margins at peakish levels," Coe adds.
- Price target cut to $122 from $123.
Aug. 6, 2013, 10:16 AM
- 3M (MMM) agrees to license and then sell its Taper Dry Powder Inhaler (DPI) technology, which is being developed to treat asthma and chronic obstructive pulmonary disease, to Adamis Pharmaceuticals Pharmaceuticals (ADMP.OB +5%).
- 3M will also supply the drug delivery tape for the platform to Adamis under a separate agreement.
- The DPI is being developed to compete with other dry powder inhalers such as GlaxoSmithKline's Advair Diskus, which generates $13B a year. Adamis intends to develop a branded generic version using 3M's Taper DPI tech.
- Adamis will pay an undisclosed fee for the license and then a further amount before December in order to acquire the tech. (PR)
Apr. 25, 2013, 8:28 AM
More on 3M's (MMM) Q1 miss: The company took a 1.8% hit to sales due to "currency impacts". "Considering the stronger U.S. dollar … it is prudent to alter our outlook for 2013," notes CEO Inge Thulin. MMM sees FY2013 sales weaker by ~1.5% on foreign currency translation. EPS is now expected to be between $6.60-6.85 per share versus $6.70-6.95. Analysts expect $6.83. Shares -3% premarket. (PR)| Apr. 25, 2013, 8:28 AM