3M (MMM) FY2010 results: revenue $26.7 billion, up 15.3% on the year
3M Co. (MMM) reported revenue of $26.7 billion for fiscal 2010, the year ended 31 December 2010, up 15.3% on the year before. Net income was $4.1 billion, up 27.9%, and diluted earnings per share $5.63. The figures are the company's own, from the 10-K it filed with the SEC on 14 February 2013.
Revenue
$26.7 billion
+15.3% on the year
FY2007FY2010
Operating margin
22.2%
20.8% a year earlier
FY2007FY2010
Net income
$4.1 billion
+27.9% on the year
FY2007FY2010
Diluted EPS
$5.63
+24.6% on the year
FY2007FY2010
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2010
FY2009
FY2008
On the year
Last 8 years
Revenue
26,662
23,123
25,269
+15.3%
Cost of revenue
13,831
12,109
13,379
+14.2%
Gross profit
12,831
11,014
11,890
+16.5%
Gross margin
48.1%
47.6%
47.1%
Research and development
919
838
851
+9.7%
Selling, general and administrative
5,479
4,907
5,245
+11.7%
Operating income
5,918
4,814
5,218
+22.9%
Operating margin
22.2%
20.8%
20.6%
Pre-tax income
5,755
4,632
5,108
+24.2%
Income tax
1,592
1,388
1,588
+14.7%
Effective tax rate
27.7%
30.0%
31.1%
Net income
4,085
3,193
3,460
+27.9%
Net margin
15.3%
13.8%
13.7%
Diluted EPS
$5.63
$4.52
$4.89
+24.6%
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2010
FY2009
FY2008
On the year
Last 8 years
Operating cash flow
5,174
4,941
4,533
+4.7%
Capital expenditure
1,091
903
1,471
+20.8%
Free cash flow
4,083
4,038
3,062
+1.1%
Free cash flow margin
15.3%
17.5%
12.1%
Cash from investing
-2,689
-1,732
-2,399
Cash from financing
-2,121
-2,014
-1,766
Depreciation and amortisation
1,120
1,157
1,153
-3.2%
Share-based compensation
274
217
202
+26.3%
Buybacks
854
17.0
1,631
+4,923.5%
Dividends paid
1,500
1,431
1,398
+4.8%
Dividend per share
$2.10
$2.04
$2.00
+2.9%
Diluted shares, weighted
726m
707m
707m
+2.7%
Shares outstanding at period end
712m
711m
694m
+0.2%
Balance sheet
$ million
FY2010
FY2009
FY2008
On the year
Last 8 years
Shareholders' equity
15,663
12,764
9,880
+22.7%
Non-controlling interest
354
538
424
-34.2%
Debt
5,452
5,619
5,166
-3.0%
Other liabilities
8,687
8,329
10,323
+4.3%
Total liabilities and equity
30,156
27,250
25,793
+10.7%
Fixed assets
7,279
7,000
6,886
+4.0%
Goodwill
6,820
5,832
5,753
+16.9%
Intangible assets
1,820
1,342
1,398
+35.6%
Investments
1,641
1,569
725
+4.6%
Cash and equivalents
3,377
3,040
1,849
+11.1%
Receivables
3,615
3,250
3,195
+11.2%
Inventory
3,155
2,639
3,013
+19.6%
Other assets
2,449
2,578
2,974
-5.0%
Total assets
30,156
27,250
25,793
+10.7%
10-K for the year ended 31 December 2010, filed 14 February 2013: the filing.