3M (MMM) FY2017 results: revenue $31.7 billion, up 5.1% on the year
3M Co. (MMM) reported revenue of $31.7 billion for fiscal 2017, the year ended 31 December 2017, up 5.1% on the year before. Net income was $4.9 billion, down 3.8%, and diluted earnings per share $7.93. The figures are the company's own, from the 10-K it filed with the SEC on 7 February 2019.
Revenue
$31.7 billion
+5.1% on the year
FY2010FY2017
Operating margin
24.3%
23.3% a year earlier
FY2010FY2017
Net income
$4.9 billion
-3.8% on the year
FY2010FY2017
Diluted EPS
$7.93
-2.8% on the year
FY2010FY2017
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2017
FY2016
FY2015
On the year
Last 8 years
Revenue
31,657
30,109
30,274
+5.1%
Cost of revenue
16,055
15,118
15,351
+6.2%
Gross profit
15,602
14,991
14,923
+4.1%
Gross margin
49.3%
49.8%
49.3%
Research and development
1,352
1,248
1,220
+8.3%
Selling, general and administrative
6,626
6,311
6,233
+5.0%
Operating income
7,692
7,027
6,980
+9.5%
Operating margin
24.3%
23.3%
23.1%
Interest expense
322
199
149
+61.8%
Pre-tax income
7,548
7,053
6,823
+7.0%
Income tax
2,679
1,995
1,982
+34.3%
Effective tax rate
35.5%
28.3%
29.0%
Net income
4,858
5,050
4,833
-3.8%
Net margin
15.3%
16.8%
16.0%
Diluted EPS
$7.93
$8.16
$7.58
-2.8%
$ 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
FY2017
FY2016
FY2015
On the year
Last 8 years
Operating cash flow
6,240
6,662
6,420
-6.3%
Capital expenditure
1,373
1,420
1,461
-3.3%
Free cash flow
4,867
5,242
4,959
-7.2%
Free cash flow margin
15.4%
17.4%
16.4%
Cash from investing
-3,086
-1,403
-2,817
Cash from financing
-2,655
-4,626
-3,648
Depreciation and amortisation
1,544
1,474
1,435
+4.7%
Share-based compensation
324
298
276
+8.7%
Buybacks
2,068
3,753
5,238
-44.9%
Dividends paid
2,803
2,678
2,561
+4.7%
Dividend per share
$4.70
$4.44
$3.08
+5.9%
Diluted shares, weighted
613m
619m
637m
-1.0%
Shares outstanding at period end
595m
597m
609m
-0.3%
Balance sheet
$ million
FY2017
FY2016
FY2015
On the year
Last 8 years
Shareholders' equity
11,563
10,298
11,429
+12.3%
Non-controlling interest
59.0
45.0
39.0
+31.1%
Debt
13,949
11,650
10,797
+19.7%
Other liabilities
12,416
10,913
10,618
+13.8%
Total liabilities and equity
37,987
32,906
32,883
+15.4%
Fixed assets
8,866
8,516
8,515
+4.1%
Goodwill
10,513
9,166
9,249
+14.7%
Intangible assets
2,936
2,320
2,601
+26.6%
Investments
1,103
297
235
+271.4%
Cash and equivalents
3,053
2,398
1,798
+27.3%
Receivables
4,911
4,392
4,154
+11.8%
Inventory
4,034
3,385
3,518
+19.2%
Other assets
2,571
2,432
2,813
+5.7%
Total assets
37,987
32,906
32,883
+15.4%
10-K for the year ended 31 December 2017, filed 7 February 2019: the filing.