3M (MMM) FY2012 results: revenue $29.9 billion, up 1.0% on the year
3M Co. (MMM) reported revenue of $29.9 billion for fiscal 2012, the year ended 31 December 2012, up 1.0% on the year before. Net income was $4.4 billion, up 3.8%, and diluted earnings per share $6.32. The figures are the company's own, from the 10-K it filed with the SEC on 14 February 2013.
Revenue
$29.9 billion
+1.0% on the year
FY2007FY2012
Operating margin
21.7%
20.9% a year earlier
FY2007FY2012
Net income
$4.4 billion
+3.8% on the year
FY2007FY2012
Diluted EPS
$6.32
+6.0% on the year
FY2007FY2012
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2012
FY2011
FY2010
On the year
Last 8 years
Revenue
29,904
29,611
26,662
+1.0%
Cost of revenue
15,685
15,693
13,831
-0.1%
Gross profit
14,219
13,918
12,831
+2.2%
Gross margin
47.5%
47.0%
48.1%
Research and development
1,079
1,036
919
+4.2%
Selling, general and administrative
6,102
6,170
5,479
-1.1%
Operating income
6,483
6,178
5,918
+4.9%
Operating margin
21.7%
20.9%
22.2%
Pre-tax income
6,351
6,031
5,755
+5.3%
Income tax
1,840
1,674
1,592
+9.9%
Effective tax rate
29.0%
27.8%
27.7%
Net income
4,444
4,283
4,085
+3.8%
Net margin
14.9%
14.5%
15.3%
Diluted EPS
$6.32
$5.96
$5.63
+6.0%
$ 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
FY2012
FY2011
FY2010
On the year
Last 8 years
Operating cash flow
5,300
5,284
5,174
+0.3%
Capital expenditure
1,484
1,379
1,091
+7.6%
Free cash flow
3,816
3,905
4,083
-2.3%
Free cash flow margin
12.8%
13.2%
15.3%
Cash from investing
n/a
n/a
-2,689
Cash from financing
n/a
n/a
-2,121
Depreciation and amortisation
1,288
1,236
1,120
+4.2%
Share-based compensation
223
253
274
-11.9%
Buybacks
2,204
2,701
854
-18.4%
Dividends paid
1,635
1,555
1,500
+5.1%
Dividend per share
$2.36
$2.20
$2.10
+7.3%
Diluted shares, weighted
703m
719m
726m
-2.2%
Shares outstanding at period end
687m
695m
712m
-1.1%
Balance sheet
$ million
FY2012
FY2011
FY2010
On the year
Last 8 years
Shareholders' equity
17,575
15,420
15,663
+14.0%
Non-controlling interest
465
442
354
+5.2%
Debt
6,001
5,166
5,452
+16.2%
Other liabilities
9,835
10,588
8,687
-7.1%
Total liabilities and equity
33,876
31,616
30,156
+7.1%
Fixed assets
8,378
7,666
7,279
+9.3%
Goodwill
7,385
7,047
6,820
+4.8%
Intangible assets
1,925
1,916
1,820
+0.5%
Investments
1,811
2,357
1,641
-23.2%
Cash and equivalents
2,883
2,219
3,377
+29.9%
Receivables
4,061
3,867
3,615
+5.0%
Inventory
3,837
3,416
3,155
+12.3%
Other assets
3,596
3,128
2,449
+15.0%
Total assets
33,876
31,616
30,156
+7.1%
10-K for the year ended 31 December 2012, filed 14 February 2013: the filing.