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In the first quarter, 3M operating profit exceeded $1.7 billion, and operating profit margin was 22.8%, an increase of 0.9% over the same period last year. During the quarter, the company's net profit reached $1.2 billion, and the proportion of net profit converted to free cash flow was 66%.
During the quarter, 3M paid a dividend of US$652 million to shareholders, a 20% increase in dividends per share, and repurchased shares of US$886 million.
In the first quarter, the company's sales were measured in local currency, with the growth of the electronics and energy division 5.8%, the safety and labeling division growing 4.1%, the medical products division growing 3.0%, and the industrial products division growing 2.7%. The Consumer Products Division grew 2.1%. By region, the Asia-Pacific region grew by 5.6%, the Latin American/Canada local currency sales increased by 3.6%, the US mainland grew by 3.1%, and the EMEA region (including Europe, Middle East and Africa) grew by 0.3%.
Inge G. Thulin, Chairman, President and CEO of 3M, said: "In the face of the economic downturn in early 2015, the company's performance this quarter is still excellent. The strength of the US dollar exchange rate on the company's first quarter sales, earnings, and even the world Economic growth has had a negative impact. Despite the short-term challenges, we have achieved growth in the business segments of various business units and regions, and operating profit has increased by nearly 1%.
Thulin added: "We will continue to invest in research and development, commercialization and mergers and acquisitions to protect the long-term growth of the company's business. In February this year, 3M announced the acquisition of Polypore's divested media business for $1 billion, the acquisition will be enhanced Our existing filtration technology platform and help companies create new business growth opportunities."
Affected by foreign currency exchange rates, the company's pre-tax revenue decreased by approximately $90 million this quarter, equivalent to a decrease of $0.10 per share. Looking forward to 2015, 3M expects foreign currency exchange rate fluctuations will lead to earnings per share reduction from the previous forecast of 0.2 US dollars, further expanded to between 0.35 and 0.4 US dollars.
Taking into account the continued strength of the US dollar currency, 3M updated its financial forecast for 2015. The company expects full-year earnings per share range to be between $7.80 and $8.30 from the previous forecast of $8.00 to $8.30. The impact of foreign currency translation will result in a decrease of 6%-7% in sales growth for the full year of 2015, which is higher than the previous forecast of 4-5%. The company expects that the annual tax rate will be adjusted from 28.5%-29% to 28.5%-29.5%.
Looking forward to the full year of 2015, 3M maintained its expectation that the domestic currency sales growth due to internal business volume was between 3% and 6%. The company reconfirmed that the annual free cash flow conversion rate will be between 90% and 100%.
Abstract Recently, 3M (NYSE: MMM) released its first quarter 2015 results. In the quarter, the company achieved earnings per share of $1.85, up 3.4% from the same period last year. Sales fell 3.2% year-on-year to $7.6 billion. From the business...
Recently, 3M (NYSE: MMM) released its first quarter 2015 results, and the company achieved earnings per share of $1.85 in the quarter, up 3.4% from the same period last year. Sales fell 3.2% year-on-year to $7.6 billion. The sales of local currency generated from the business grew by 3.3%, and foreign exchange conversion led to a 6.5% year-on-year decrease in sales growth.