>>> 3M Affirms long-term sales and earnings growth objectives, sees FY15 EPS in-

3M Affirms long-term sales and earnings growth objectives, sees FY15 EPS in-line with consensus; approves 20% increase in Q1 dividend

Co will speak to investors and analysts at the 2015 outlook meeting in New York City.
  • The company is on track to deliver its long-term financial targets, organic growth remains strong, and productivity is improving margins in 2014 and 2015. Three key strategic levers continue to drive the company forward: portfolio management, investing in innovation and business transformation. These levers, combined with more aggressive capital deployment, will drive enhanced value creation.
3M will reiterate its 2013-17 financial objectives:
  • Grow earnings per share 9 to 11% per year, on average
  • Grow organic sales 4 to 6% per year, on average
  • Achieve return on invested capital of approximately 20%
  • Convert approximately 100% of net income to free cash flow
FY15
Co issues in-line guidance for FY15 (Dec), sees EPS of $8.00-8.30 vs. $8.20 Capital IQ Consensus Estimate.
  • The company expects that free cash flow conversion will be in the range of 90 to 100%.