3M (MMM) FY2018 results: revenue $32.8 billion, up 3.5% on the year
3M Co. (MMM) reported revenue of $32.8 billion for fiscal 2018, the year ended 31 December 2018, up 3.5% on the year before. Net income was $5.3 billion, up 10.1%, and diluted earnings per share $8.89. The figures are the company's own, from the 10-K it filed with the SEC on 7 February 2019.
Revenue
$32.8 billion
+3.5% on the year
FY2011FY2018
Operating margin
22.0%
24.3% a year earlier
FY2011FY2018
Net income
$5.3 billion
+10.1% on the year
FY2011FY2018
Diluted EPS
$8.89
+12.1% on the year
FY2011FY2018
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2018
FY2017
FY2016
On the year
Last 8 years
Revenue
32,765
31,657
30,109
+3.5%
Cost of revenue
16,682
16,055
15,118
+3.9%
Gross profit
16,083
15,602
14,991
+3.1%
Gross margin
49.1%
49.3%
49.8%
Research and development
1,253
1,352
1,248
-7.3%
Selling, general and administrative
7,602
6,626
6,311
+14.7%
Operating income
7,207
7,692
7,027
-6.3%
Operating margin
22.0%
24.3%
23.3%
Interest expense
350
322
199
+8.7%
Pre-tax income
7,000
7,548
7,053
-7.3%
Income tax
1,637
2,679
1,995
-38.9%
Effective tax rate
23.4%
35.5%
28.3%
Net income
5,349
4,858
5,050
+10.1%
Net margin
16.3%
15.3%
16.8%
Diluted EPS
$8.89
$7.93
$8.16
+12.1%
$ 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
FY2018
FY2017
FY2016
On the year
Last 8 years
Operating cash flow
6,439
6,240
6,662
+3.2%
Capital expenditure
1,577
1,373
1,420
+14.9%
Free cash flow
4,862
4,867
5,242
-0.1%
Free cash flow margin
14.8%
15.4%
17.4%
Cash from investing
222
-3,086
-1,403
Cash from financing
-6,701
-2,655
-4,626
Depreciation and amortisation
1,488
1,544
1,474
-3.6%
Share-based compensation
302
324
298
-6.8%
Buybacks
4,870
2,068
3,753
+135.5%
Dividends paid
3,193
2,803
2,678
+13.9%
Dividend per share
$5.44
$4.70
$4.44
+15.7%
Diluted shares, weighted
602m
613m
619m
-1.7%
Shares outstanding at period end
577m
595m
597m
-3.1%
Balance sheet
$ million
FY2018
FY2017
FY2016
On the year
Last 8 years
Shareholders' equity
9,796
11,563
10,298
-15.3%
Non-controlling interest
52.0
59.0
45.0
-11.9%
Debt
14,622
13,949
11,650
+4.8%
Finance lease liabilities
75.0
n/a
n/a
Other liabilities
11,955
12,416
10,913
-3.7%
Total liabilities and equity
36,500
37,987
32,906
-3.9%
Fixed assets
8,738
8,866
8,516
-1.4%
Goodwill
10,051
10,513
9,166
-4.4%
Intangible assets
2,657
2,936
2,320
-9.5%
Investments
417
1,103
297
-62.2%
Cash and equivalents
2,853
3,053
2,398
-6.6%
Receivables
5,020
4,911
4,392
+2.2%
Inventory
4,366
4,034
3,385
+8.2%
Other assets
2,398
2,571
2,432
-6.7%
Total assets
36,500
37,987
32,906
-3.9%
10-K for the year ended 31 December 2018, filed 7 February 2019: the filing.