3M (MMM) FY2011 results: revenue $29.6 billion, up 11.1% on the year
3M Co. (MMM) reported revenue of $29.6 billion for fiscal 2011, the year ended 31 December 2011, up 11.1% on the year before. Net income was $4.3 billion, up 4.8%, and diluted earnings per share $5.96. The figures are the company's own, from the 10-K it filed with the SEC on 14 February 2013.
Revenue
$29.6 billion
+11.1% on the year
FY2007FY2011
Operating margin
20.9%
22.2% a year earlier
FY2007FY2011
Net income
$4.3 billion
+4.8% on the year
FY2007FY2011
Diluted EPS
$5.96
+5.9% on the year
FY2007FY2011
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2011
FY2010
FY2009
On the year
Last 8 years
Revenue
29,611
26,662
23,123
+11.1%
Cost of revenue
15,693
13,831
12,109
+13.5%
Gross profit
13,918
12,831
11,014
+8.5%
Gross margin
47.0%
48.1%
47.6%
Research and development
1,036
919
838
+12.7%
Selling, general and administrative
6,170
5,479
4,907
+12.6%
Operating income
6,178
5,918
4,814
+4.4%
Operating margin
20.9%
22.2%
20.8%
Pre-tax income
6,031
5,755
4,632
+4.8%
Income tax
1,674
1,592
1,388
+5.2%
Effective tax rate
27.8%
27.7%
30.0%
Net income
4,283
4,085
3,193
+4.8%
Net margin
14.5%
15.3%
13.8%
Diluted EPS
$5.96
$5.63
$4.52
+5.9%
$ 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
FY2011
FY2010
FY2009
On the year
Last 8 years
Operating cash flow
5,284
5,174
4,941
+2.1%
Capital expenditure
1,379
1,091
903
+26.4%
Free cash flow
3,905
4,083
4,038
-4.4%
Free cash flow margin
13.2%
15.3%
17.5%
Cash from investing
n/a
-2,689
-1,732
Cash from financing
n/a
-2,121
-2,014
Depreciation and amortisation
1,236
1,120
1,157
+10.4%
Share-based compensation
253
274
217
-7.7%
Buybacks
2,701
854
17.0
+216.3%
Dividends paid
1,555
1,500
1,431
+3.7%
Dividend per share
$2.20
$2.10
$2.04
+4.8%
Diluted shares, weighted
719m
726m
707m
-0.9%
Shares outstanding at period end
695m
712m
711m
-2.4%
Balance sheet
$ million
FY2011
FY2010
FY2009
On the year
Last 8 years
Shareholders' equity
15,420
15,663
12,764
-1.6%
Non-controlling interest
442
354
538
+24.9%
Debt
5,166
5,452
5,619
-5.2%
Other liabilities
10,588
8,687
8,329
+21.9%
Total liabilities and equity
31,616
30,156
27,250
+4.8%
Fixed assets
7,666
7,279
7,000
+5.3%
Goodwill
7,047
6,820
5,832
+3.3%
Intangible assets
1,916
1,820
1,342
+5.3%
Investments
2,357
1,641
1,569
+43.6%
Cash and equivalents
2,219
3,377
3,040
-34.3%
Receivables
3,867
3,615
3,250
+7.0%
Inventory
3,416
3,155
2,639
+8.3%
Other assets
3,128
2,449
2,578
+27.7%
Total assets
31,616
30,156
27,250
+4.8%
10-K for the year ended 31 December 2011, filed 14 February 2013: the filing.