December 2007
ST. PAUL, Minn.- At an institutional investor and analyst meeting in New York, 3M expressed confidence in its ability to achieve double-digit earnings growth again in 2008, excluding special items recorded in 2007(a). 3M chairman, president and CEO George Buckley told investors and analysts that the company’s strategy to accelerate growth while maintaining premium returns and margins is working.
“Our growth agenda is taking hold, with more of our businesses growing at accelerated rates,” Buckley said. “We have done much to bolster our growth capability in the past two years, and it is paying off.”
Buckley reaffirmed the company’s commitment to strengthening its traditional core businesses and enduring franchises through continued investment in R&D, “tuck in” acquisitions and supply chain optimization.
He also expects growth in emerging economies, which has exceeded 19 percent per annum since 2002, to continue adding significantly to 3M’s revenue expansion.
Buckley also affirmed 3M’s commitment to improving productivity throughout its diverse portfolio of businesses. “We are driving operational excellence in every business, in every country in the world,” he said.
“Plain and simple, this is a way of life at our company as it provides the seed money that sprouts future growth.”
In 2008, the company expects double-digit growth in earnings per share, excluding special items recorded in 2007.
Sales are also expected to grow at double-digit rates, with organic local currency growth of 5 to 8 percent and acquisitions adding more than 3 percent.
Foreign currency impacts are expected to add 2 to 3 points of growth at current exchange rates.
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