Sales and per-share earnings increased 8.3% and 20.5% sequentially, combined with a strong increase in free cash flow. (Year-over-year sales and per-share earnings were down 5.6% and 4.3%, respectively, but investors appeared not to care so much about these figures.)
Despite much better than expected earnings released the day prior, CEO George Buckley said the company's sales growth could flatten out in Q4 2009 as the company's restocking of inventory is completed.
3M Company declared a dividend on the Company's common stock of $0.51 per share for the third quarter of 2009, payable on September. 12, 2009, to shareholders of record at the close of business on August 21, 2009.
3M declared a 51 cent per share dividend for Q2 2009 and elected ten directors to the its board.
The employees allege age discrimination for employees over the age of 46. The lawsuit currently involves 50 employees, but could be expanded to include 60000 current and former employees
A judge limited a lawsuit charging that chemicals manufactured by 3M polluted water in Washington County, Minnesota. The judge ruled PFCs do not legally qualify as a "nuisance."
3M gained exclusive rights to provide Clearfield's range of fiber optic management products in Canada
3M looks to increase its presence in the growing solar and other alternative-energy markets and offset pressures on its other businesses. The company alreayd generates about $200 million annually from its solar energy products, a figure that is growing 20% annually.
3M said net income fell 37 percent to $536 million. The company is halting stock repurchases and cutting capital expenditures by 30% to save on costs.
3M is expanding its product offerings through an acquisition of Compac Corp's pressure sensitive adhesive tape assets.
3M is consolidating its Guin, Alabama plant with a facility that's closing in Poca, West Virginia. The company will slow a previously announced expansion project at its 800-employee plant in Decatur. The company has already announced plans to cut 1800 jobs worldwide to save costs.
Declining economic conditions have forced 3M to announce it would cut 1,800 jobs worldwide, force some workers to take vacations during the holidays, and freeze some pay increases until at least the early part of next year.
Shares of 3M fell after Citi downgraded 3M to sell, citing a strengthening dollar and a weakening consumer market
Illinois Tool Works (ITW) agreed to recognize 3M's paint preparation system patents and license them.
Q2 2008 sales grew 10% to $6.7 billion- although excluding the effects of a weaker dollar, local currency sales only increased 4.6%. Net profit for the quarter increased 2.5% to $945 million. Sales and profits increased for all divisions except Display and Graphics.[1]
Sirit and 3M Brazil announced a strategic supply agreement to support transportation projects in Brazil. Sirit makes radio frequency ID (RFID) products, which can be used to monitor cars on toll roads.
3M stock struggled after lower than expected sales volumes and higher than anticipated new capacity
Only company on Dow to net increase on this day.
Stock price rose coming off some new acquisitions and a strong quarter above analyst expectations.
Shares of 3M fell 5.4% on 1/30 when the company forecast per-share profit for 2007 below analysts'
