3M Discusses Plans to Drive Growth; Reiterates Q2 and 2002 Earnings Outlook.Business Editors ST. PAUL St. Paul as a missionary he fearlessly confronts the “perils of waters, of robbers, in the city, in the wilderness.” [N.T.: II Cor. 11:26] See : Bravery , Minn.--(BUSINESS WIRE)--May 22, 2002 W. James McNerney Walter James "Jim" McNerney, Jr., is an American businessman. On June 30, 2005 he was named the CEO of The Boeing Company. Prior to that, McNerney was the Chairman and Chief Executive of 3M. He had been a member of the Boeing board of directors since 2001. , Jr., 3M chairman of the board and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. , today said the company expects earnings per share growth of 12 to 14 percent per year, on average, excluding non-recurring items, over the 2002 to 2004 time frame. McNerney said 3M continues to expect earnings for the second quarter of 2002, excluding non-recurring items, to be at or above the $1.23 per share the company earned in the first quarter of this year, and full-year 2002 earnings to be within a range of $4.80 to $5.10 per share, excluding non-recurring items. McNerney also said 3M is striving for double-digit sales growth over the 2002 to 2004 time period, but expects to achieve its earnings targets even if sales growth is held to mid-single digits by extended sluggishness in global economic conditions. The company is confident about its prospects "because of our leading market franchises and brands, diversified diversified (di·verˑ·s business portfolio, global presence, strong financial position, and the power of the initiatives we're driving to accelerate growth and increase operational efficiency," McNerney said. 3M employees, across businesses and around the world, are aggressively implementing five initiatives -- Six Sigma Not to be confused with Sigma 6. Six Sigma is a set of practices originally developed by Motorola to systematically improve processes by eliminating defects.[1] A defect is defined as nonconformity of a product or service to its specifications. , 3M Acceleration, Global Sourcing Effectiveness, eProductivity, and Indirect Cost Control. "Our performance initiatives are about more than just cost control and quality-improvement. They're about improving everything we do for our customers, employees and shareholders," McNerney said. "They haven't changed our innovation-driven strategy, but they are dramatically improving our ability to execute it," he said. McNerney made his comments at a meeting with securities analysts and portfolio managers. Other members of 3M's management team will address investors tomorrow, May 23, at 8 a.m. to 2 p.m. Central Time. A live audio webcast of the presentations, and the slide materials used, will be available on 3M's Investor Relations Investor relations The process by which the corporation communicates with its investors. web site at http://investor.3M.com. Replays of the CEO remarks and other presentations also will be available at the web site for 14 days. Forward-Looking Statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. This news release contains forward-looking statements that reflect current views and estimates of 3M's management of future economic circumstances, industry conditions, company performance and financial results. The statements are based on many assumptions and factors including: (1) worldwide economic conditions; (2) foreign currency exchange rates and fluctuations in those rates; (3) the timing and acceptance of new product offerings; (4) purchased components and materials, including shortages and increases in the costs of such components and materials; (5) 3M's ability to successfully manage acquisitions, divestitures and strategic alliances; and (6) legal proceedings All actions that are authorized or sanctioned by law and instituted in a court or a tribunal for the acquisition of rights or the enforcement of remedies. . Any changes in such assumptions or factors could produce significantly different results. About 3M 3M is a $16 billion diversified technology company with leading positions in health care, safety, electronics, telecommunications, industrial, consumer and office, and other markets. Headquartered in St. Paul, Minnesota, the company has operations in more than 60 countries and serves customers in nearly 200 countries. 3M businesses share technologies, manufacturing operations Manufacturing operations concern the operation of a facility, as opposed to maintenance, supply and distribution, health, and safety, emergency response, human resources, security, information technology and other infrastructural support organizations. , brands, marketing channels and other important resources. 3M, which marks its 100th anniversary this year, is one of the 30 stocks that make up the Dow Jones Industrial Average Dow Jones Industrial Average The best known U.S. index of stocks. A price-weighted average of 30 actively traded blue-chip stocks, primarily industrials including stocks that trade on the New York Stock Exchange. and also is a component of the Standard & Poor's 500 Index. For more information about 3M go to www.3M.com or www.3M.com/profile/pressbox/index.jhtml. |
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