3M Expects Higher First-Quarter Earnings.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)--April 4, 2002 3M announced today it expects first-quarter earnings to be higher than previously indicated and above first quarter of last year. The company now expects first-quarter earnings, excluding non-recurring items, to be at or slightly above $1.20 per share, versus a previously expected range of $1.05 to $1.20 per share. In the first quarter last year, 3M earned $467 million, or $1.16 per share, excluding non-recurring items. "First-quarter results will be boosted by accelerating benefits from 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. , indirect cost reduction and other 3M initiatives which are driving stronger operational excellence across the company and fundamentally improving our competitive position," said Patrick D. Campbell, senior vice president and chief financial officer. "In addition, earnings will benefit from lower employment levels stemming from our previously announced restructuring plan." The company said that worldwide sales volumes declined about 4.5 percent in the first quarter, near the midpoint mid·point n. 1. Mathematics The point of a line segment or curvilinear arc that divides it into two parts of the same length. 2. A position midway between two extremes. of its expected range. Campbell will discuss first-quarter results and 3M's outlook for the remainder of 2002 in a teleconference April 22, 9 a.m. Eastern Time. This conference will be available via webcast at http://investor.3M.com. 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 diversified (di·verˑ·s 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 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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