3M Expects Higher Second-Quarter Earnings; Results to Exceed Previous Expectations.Business Editors 3M announced today it expects second-quarter earnings, excluding non-recurring items, to be at least $1.33 per share, higher than previously expected and above the current First Call consensus of $1.25 per share. In the second quarter last year, 3M earned $1.12 per share, excluding non-recurring items. "Earnings for the second quarter will benefit from improved sales volumes, primarily in the Asia Pacific area, and from continued improvements in our overall operating performance," said Patrick D. Campbell, senior vice president and chief financial officer. "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. , global sourcing effectiveness, indirect cost reduction and other 3M initiatives are taking us to new levels of operational excellence and boosting our competitive position." On a reported basis, 3M anticipates second-quarter earnings to be at least $1.13 per share. Reported earnings in the second quarter of 2001 totaled $0.50 per share. Non-recurring items in the second quarter of both years relate to employee separation costs and accelerated depreciation Accelerated Depreciation Any method of depreciation used for accounting or income tax purposes that allows greater deductions in the earlier years of the life of an asset. Notes: The straight-line depreciation method spreads the cost evenly over the life of an asset. charges associated with 3M's previously announced restructuring restructuring - The transformation from one representation form to another at the same relative abstraction level, while preserving the subject system's external behaviour (functionality and semantics). plan. Campbell will discuss 3M's second-quarter results and outlook for the remainder of 2002 in a teleconference July 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 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 , 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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