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ST. PAUL, Minn.--(BUSINESS WIRE)--At an institutional investor and analyst meeting in New York later today, 3M chairman, president and CEO George Buckley will outline the company’s ongoing commitment to investing in its core businesses while continuing to focus on cash generation in light of the still uncertain global economy.
Buckley will cite 3M’s 2009 performance as evidence of the success of the company’s plan to overcome the global downturn.
“3M’s recent performance should erase any doubt about the company’s ability to manage effectively without compromising our investments in the future,” Buckley said. “Our primary mission now is to properly prepare to take full advantage of growth opportunities as economies slowly recover.”
Buckley will state 3M’s intention to increase investment in research and development and new product development as a means to gain market share.
“Innovation is 3M’s primary differentiator,” he said. “We’ll continue to invest aggressively in our core and at the same time continue to make modest acquisitions at about the same rate we’ve been making in recent years.”
“As always, we will continue to carefully manage our costs as we invest,” added Buckley.
Buckley, along with Pat Campbell, CFO; Brad Sauer, Executive Vice President, Health Care, Inge Thulin, Executive Vice President, International Operations and Kenneth Yu, Managing Director China Region and 3M China, will describe 3M growth opportunities such as higher penetration in emerging markets, electronics and software, renewable energy as well as in core businesses such as health care and respiratory protection.
3M also provided its 2010 sales and earnings outlook. The company anticipates sales of $24.5 billion to $25.5 billion, with organic sales volumes growing 5 to 7 percent and currency effects adding 2 to 3 percent to sales for the year. 3M also expects that 2010 earnings will be between $4.85 and $5.00 per share. 2009 earnings per share are expected to be between $4.30 to $4.35 per share, or $4.50 to $4.55 per share excluding special items. Refer to 3M’s October 22, 2009 press release for a complete list and explanation of special items for the first nine months of 2009.
A live webcast of the 8 a.m. (Eastern Time) meeting will be available on 3M’s Investor Relations home page at http://investor.3m.com. Replays will also be available after the meeting.