3M (MMM) FY2014 results: revenue $31.8 billion, up 3.1% on the year
3M Co. (MMM) reported revenue of $31.8 billion for fiscal 2014, the year ended 31 December 2014, up 3.1% on the year before. Net income was $5.0 billion, up 6.4%, and diluted earnings per share $7.49. The figures are the company's own, from the 10-K it filed with the SEC on 12 February 2015.
Revenue
$31.8 billion
+3.1% on the year
FY2007FY2014
Operating margin
22.4%
21.6% a year earlier
FY2007FY2014
Net income
$5.0 billion
+6.4% on the year
FY2007FY2014
Diluted EPS
$7.49
+11.5% on the year
FY2007FY2014
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2014
FY2013
FY2012
On the year
Last 8 years
Revenue
31,821
30,871
29,904
+3.1%
Cost of revenue
16,447
16,106
15,685
+2.1%
Gross profit
15,374
14,765
14,219
+4.1%
Gross margin
48.3%
47.8%
47.5%
Research and development
1,193
1,150
1,079
+3.7%
Selling, general and administrative
6,469
6,384
6,102
+1.3%
Operating income
7,135
6,666
6,483
+7.0%
Operating margin
22.4%
21.6%
21.7%
Pre-tax income
7,026
6,562
6,351
+7.1%
Income tax
2,028
1,841
1,840
+10.2%
Effective tax rate
28.9%
28.1%
29.0%
Net income
4,956
4,659
4,444
+6.4%
Net margin
15.6%
15.1%
14.9%
Diluted EPS
$7.49
$6.72
$6.32
+11.5%
$ 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
FY2014
FY2013
FY2012
On the year
Last 8 years
Operating cash flow
6,626
5,817
5,300
+13.9%
Capital expenditure
1,493
1,665
1,484
-10.3%
Free cash flow
5,133
4,152
3,816
+23.6%
Free cash flow margin
16.1%
13.4%
12.8%
Depreciation and amortisation
1,408
1,371
1,288
+2.7%
Share-based compensation
280
240
223
+16.7%
Buybacks
5,652
5,212
2,204
+8.4%
Dividends paid
2,216
1,730
1,635
+28.1%
Dividend per share
$3.59
$2.54
$2.36
+41.3%
Diluted shares, weighted
662m
694m
703m
-4.6%
Shares outstanding at period end
635m
663m
687m
-4.2%
Balance sheet
$ million
FY2014
FY2013
FY2012
On the year
Last 8 years
Shareholders' equity
13,109
17,502
17,575
-25.1%
Non-controlling interest
33.0
446
465
-92.6%
Debt
6,811
6,009
6,001
+13.3%
Other liabilities
11,421
9,347
9,835
+22.2%
Total liabilities and equity
31,374
33,304
33,876
-5.8%
Fixed assets
8,489
8,652
8,378
-1.9%
Goodwill
7,050
7,345
7,385
-4.0%
Intangible assets
1,435
1,688
1,925
-15.0%
Investments
1,541
878
1,811
+75.5%
Cash and equivalents
1,897
2,581
2,883
-26.5%
Receivables
4,238
4,253
4,061
-0.4%
Inventory
3,706
3,864
3,837
-4.1%
Other assets
3,018
4,043
3,596
-25.4%
Total assets
31,374
33,304
33,876
-5.8%
10-K for the year ended 31 December 2014, filed 12 February 2015: the filing.