Record-Breaking Operational Metrics
3M delivered organic sales growth of 3.2%, marking the fourth consecutive quarter of positive growth across all business groups. Operating margins increased by 170 basis points, and earnings per share rose by 10% to $2.19.
Strong Free Cash Flow and Financial Guidance
The company reported free cash flow of $1.3 billion with a conversion rate of 111%. Based on strong performance, 3M increased its earnings per share guidance to $7.95 to $8.05 and expects full-year organic sales growth to exceed 2%.
New Product Launches and Innovation
3M launched 70 new products in the quarter and 196 year-to-date, both up about 70% versus last year. Sales from products launched in the last 5 years increased by 30% in Q3.
Operational Excellence Enhancements
3M achieved its highest on-time performance in over 20 years, with a metric of 91.6%, improving 200 basis points sequentially.
Capital Deployment and Shareholder Returns
3M returned $900 million to shareholders in Q3, with $400 million in dividends and $500 million in share repurchases. Year-to-date, $3.9 billion has been returned to shareholders.