3M reported fourth-quarter results with sales growing 2.1 percent year-on-year to $8.1 billion. Fourth-quarter GAAP earnings were $1.66 per share, a decrease of 27 percent year-on-year.
Sales grew 2.1 percent year-on-year to $8.1 billion.
Organic local-currency sales declined 2.6 percent.
Fourth-quarter GAAP earnings were $1.66 per share, a decrease of 27 percent year-on-year.
The company expects annual pre-tax savings of $110 million to $120 million, with $40 million to $50 million in 2020 from restructuring.
3M initiated its full-year 2020 guidance with earnings expected to be in the range of $9.30 to $9.75 per share. The company expects its full-year organic local-currency growth in the range of flat to 2 percent. 3M also expects its full-year free cash flow conversion to be in the range of 95 to 105 percent and return on invested capital of 18 to 21 percent
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