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3M beats by $0.01, reports revs in-line; reaffirms FY17 guidance
- Reports Q4 (Dec) earnings of $1.88 per share, $0.01 better than the Capital IQ Consensus of $1.87; revenues rose 0.4% year/year to $7.33 bln vs the $7.34 bln Capital IQ Consensus.
- Organic local-currency sales increased 1.6 % while divestitures reduced sales by 0.4 %. Foreign currency translation reduced sales by 0.8 % year-on-year.
- Operating income was $1.7 billion and operating income margins for the quarter were 22.7 %, up 220 basis points year-on-year.
- Organic local-currency sales growth was 4.6 % in Industrial, 2.2 % in Safety and Graphics, and 1.3 % in Health Care, with declines of 0.6 % in Electronics and Energy, and 0.7 % in Consumer.
- On a geographic basis, organic local-currency sales growth was 4.1 % in Latin America/Canada, 2.4 % in Asia Pacific, and 1.2 % in the U.S., with a decline of 2.4 % in EMEA (Europe, Middle East and Africa).
- Co reaffirms guidance for FY17, sees EPS of $8.45-8.80, excluding non-recurring items, vs. $8.62 Capital IQ Consensus; organic sales ex-FX +1-3%; FCF conversion 95-105%.