3M (MMM) FY2013 results: revenue $30.9 billion, up 3.2% on the year
3M Co. (MMM) reported revenue of $30.9 billion for fiscal 2013, the year ended 31 December 2013, up 3.2% on the year before. Net income was $4.7 billion, up 4.8%, and diluted earnings per share $6.72. The figures are the company's own, from the 10-K it filed with the SEC on 13 February 2014.
Revenue
$30.9 billion
+3.2% on the year
FY2007FY2013
Operating margin
21.6%
21.7% a year earlier
FY2007FY2013
Net income
$4.7 billion
+4.8% on the year
FY2007FY2013
Diluted EPS
$6.72
+6.3% on the year
FY2007FY2013
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2013
FY2012
FY2011
On the year
Last 8 years
Revenue
30,871
29,904
29,611
+3.2%
Cost of revenue
16,106
15,685
15,693
+2.7%
Gross profit
14,765
14,219
13,918
+3.8%
Gross margin
47.8%
47.5%
47.0%
Research and development
1,150
1,079
1,036
+6.6%
Selling, general and administrative
6,384
6,102
6,170
+4.6%
Operating income
6,666
6,483
6,178
+2.8%
Operating margin
21.6%
21.7%
20.9%
Pre-tax income
6,562
6,351
6,031
+3.3%
Income tax
1,841
1,840
1,674
+0.1%
Effective tax rate
28.1%
29.0%
27.8%
Net income
4,659
4,444
4,283
+4.8%
Net margin
15.1%
14.9%
14.5%
Diluted EPS
$6.72
$6.32
$5.96
+6.3%
$ 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
FY2013
FY2012
FY2011
On the year
Last 8 years
Operating cash flow
5,817
5,300
5,284
+9.8%
Capital expenditure
1,665
1,484
1,379
+12.2%
Free cash flow
4,152
3,816
3,905
+8.8%
Free cash flow margin
13.4%
12.8%
13.2%
Depreciation and amortisation
1,371
1,288
1,236
+6.4%
Share-based compensation
240
223
253
+7.6%
Buybacks
5,212
2,204
2,701
+136.5%
Dividends paid
1,730
1,635
1,555
+5.8%
Dividend per share
$2.54
$2.36
$2.20
+7.6%
Diluted shares, weighted
694m
703m
719m
-1.4%
Shares outstanding at period end
663m
687m
695m
-3.5%
Balance sheet
$ million
FY2013
FY2012
FY2011
On the year
Last 8 years
Shareholders' equity
17,502
17,575
15,420
-0.4%
Non-controlling interest
446
465
442
-4.1%
Debt
6,009
6,001
5,166
+0.1%
Other liabilities
9,347
9,835
10,588
-5.0%
Total liabilities and equity
33,304
33,876
31,616
-1.7%
Fixed assets
8,652
8,378
7,666
+3.3%
Goodwill
7,345
7,385
7,047
-0.5%
Intangible assets
1,688
1,925
1,916
-12.3%
Investments
878
1,811
2,357
-51.5%
Cash and equivalents
2,581
2,883
2,219
-10.5%
Receivables
4,253
4,061
3,867
+4.7%
Inventory
3,864
3,837
3,416
+0.7%
Other assets
4,043
3,596
3,128
+12.4%
Total assets
33,304
33,876
31,616
-1.7%
10-K for the year ended 31 December 2013, filed 13 February 2014: the filing.