3M realizes 2021 sales increases

3M (MMM), based in St. Paul, Minn., reported full year sales growth driven by management of the supply chain, control of costs and strong execution.

The company reported Q4 sales of $8.6 billion; up 0.3% year-on-year; and full year sales of $35.4 billion, up 9.9% year-on-year.

“3M delivered a solid fourth-quarter performance – with notable strength in December – as we maintained our relentless focus on serving customers in a challenging external environment,” said Mike Roman, 3M chairman and CEO. “Our team effectively managed supply chain disruptions, made good progress on pricing actions and controlled costs.”

For Q4 segments, Safety and Industrial sales were $3.1 billion, down 2.2% in U.S. dollars. The Transportation and Electronics segment had sales of $2.3 billion, down 1.5%. The Health Care segment recorded sales of $2.3 billion, up 0.7%. The Consumer segment showed sales of $1.5 billion, up 4.1%, all in U.S. dollars.

In Q4 on a geographic basis, total sales grew 2.1% in the Americas, and decreased 0.2% in Asia Pacific, and 4.5% in EMEA (Europe, Middle East and Africa).

The Bottom Line: 3M sales for the year moved ahead nearly 10% company-wide for 2021 to more than $35 billion.

What the CEO said: “Throughout 2021 we performed well, delivering full-year sales growth of 10%, robust cash flow and a strong increase in EPS. We also returned significant cash to shareholders, reduced debt and helped the world respond to COVID-19,” Roman said. “As we continue to actively manage our portfolio and improve our operations, we will prioritize investments in fast-growing end markets to drive long-term growth, as well as advance our commitment to sustainability.”

Company info: Click HERE to read the Q4 and full-year 2021 financial report from 3M.