3M Reports “Solid” Q4 2021 And FY2021 Results

3M has published its financial results for fourth-quarter and full-year 2021. Fourth-quarter sales grew 0.3 per cent year-on-year to US$8.6 billion, while organic local-currency sales increased 1.3 per cent.

Sales grew 2.1 per cent in the Americas, while decreasing 0.2 per cent in Asia Pacific and 4.5 per cent in EMEA (Europe, Middle East and Africa). Organic local-currency sales grew 2.2 per cent in the Americas and 1.4 per cent in Asia Pacific, but decreased 1.9 per cent in EMEA.

3M said it returned US$1.8 billion to shareholders in the fourth quarter, including US$848 million in cash dividends and US$938 million in gross share repurchases.

Full-year sales increased 9.9 per cent year-on-year to US$35.4 billion. Organic local-currency sales increased 8.8 per cent while acquisitions net of divestitures decreased sales by 0.5 per cent.

For the full year, 3M paid US$3.4 billion in cash dividends to shareholders and repurchased US$2.2 billion of its own shares.

“3M delivered a solid fourth-quarter performance, with notable strength in December, as we maintained our relentless focus on serving customers in a challenging external environment,” said 3M Chairman and Chief Executive Officer Mike Roman. “Our team effectively managed supply chain disruptions, made good progress on pricing actions, and controlled costs.

“Throughout 2021 we performed well, delivering full-year sales growth of 10 per cent, robust cash flow and a strong increase in EPS. We also returned significant cash to shareholders, reduced debt and helped the world respond to COVID-19.

“As we continue to actively manage our portfolio and improve our operations, we will prioritise investments in fast-growing end markets to drive long-term growth as well as advance our commitment to sustainability. As we enter 2022, I am confident we will continue to grow our business and find new ways to apply science to improve lives.”