3M (MMM) FY2019 results: revenue $32.1 billion, down 1.9% on the year
3M Co. (MMM) reported revenue of $32.1 billion for fiscal 2019, the year ended 31 December 2019, down 1.9% on the year before. Net income was $4.5 billion, down 15.6%, and diluted earnings per share $7.72. The figures are the company's own, from the 10-K it filed with the SEC on 6 February 2020.
Revenue
$32.1 billion
-1.9% on the year
FY2012FY2019
Operating margin
19.2%
22.0% a year earlier
FY2012FY2019
Net income
$4.5 billion
-15.6% on the year
FY2012FY2019
Diluted EPS
$7.72
-13.2% on the year
FY2012FY2019
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Revenue
32,136
32,765
31,657
-1.9%
Cost of revenue
17,136
16,682
16,055
+2.7%
Gross profit
15,000
16,083
15,602
-6.7%
Gross margin
46.7%
49.1%
49.3%
Research and development
1,253
1,253
1,352
0.0%
Selling, general and administrative
7,029
7,602
6,626
-7.5%
Operating income
6,174
7,207
7,692
-14.3%
Operating margin
19.2%
22.0%
24.3%
Interest expense
448
350
322
+28.0%
Pre-tax income
5,712
7,000
7,548
-18.4%
Income tax
1,114
1,637
2,679
-31.9%
Effective tax rate
19.5%
23.4%
35.5%
Net income
4,517
5,349
4,858
-15.6%
Net margin
14.1%
16.3%
15.3%
Diluted EPS
$7.72
$8.89
$7.93
-13.2%
$ 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
FY2019
FY2018
FY2017
On the year
Last 8 years
Operating cash flow
7,070
6,439
6,240
+9.8%
Capital expenditure
1,699
1,577
1,373
+7.7%
Free cash flow
5,371
4,862
4,867
+10.5%
Free cash flow margin
16.7%
14.8%
15.4%
Cash from investing
-6,444
222
-3,086
Cash from financing
-1,124
-6,701
-2,655
Depreciation and amortisation
1,593
1,488
1,544
+7.1%
Share-based compensation
278
302
324
-7.9%
Buybacks
1,407
4,870
2,068
-71.1%
Dividends paid
3,316
3,193
2,803
+3.9%
Dividend per share
$5.76
$5.44
$4.70
+5.9%
Diluted shares, weighted
585m
602m
613m
-2.8%
Shares outstanding at period end
575m
577m
595m
-0.2%
Balance sheet
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Shareholders' equity
10,063
9,796
11,563
+2.7%
Non-controlling interest
63.0
52.0
59.0
+21.2%
Debt
20,313
14,622
13,949
+38.9%
Operating lease liabilities
607
n/a
n/a
Finance lease liabilities
111
75.0
n/a
+48.0%
Other liabilities
13,502
11,955
12,416
+12.9%
Total liabilities and equity
44,659
36,500
37,987
+22.4%
Fixed assets
9,333
8,738
8,866
+6.8%
Goodwill
13,444
10,051
10,513
+33.8%
Intangible assets
6,379
2,657
2,936
+140.1%
Investments
141
417
1,103
-66.2%
Cash and equivalents
2,353
2,853
3,053
-17.5%
Receivables
4,791
5,020
4,911
-4.6%
Inventory
4,134
4,366
4,034
-5.3%
Other assets
4,084
2,398
2,571
+70.3%
Total assets
44,659
36,500
37,987
+22.4%
10-K for the year ended 31 December 2019, filed 6 February 2020: the filing.