The Rising Influence of Rising Affluence

[DewDiligence]

3M posts solid quarter, retains 2015 guidance:

http://www.wsj.com/articles/3m-sales-grow-across-business-segments-1422363281

3M Co. reinforced its reputation as a steady performer in turbulent times by posting a 6.9% increase in profit for the fourth quarter and promising further growth in 2015.

The decline of the euro, yen and other currencies is hurting results at the St. Paul, Minn.-based industrial conglomerate in dollar terms. But the company is gaining from lower raw material costs, especially on plastics and other oil-derived materials used in making 3M’s adhesives and films.

…3M can mitigate the effect of the stronger dollar because it has large production capacities in Europe and Asia, allowing it to serve local markets without exporting in many cases.

2015 GAAP EPS guidance (unchanged from the Investor Day presentation in Dec 2014) is $8.00-8.30, 7-12% growth vs $7.49 in 2014. 2015 guidance for organic sales growth is 3-6% in local currencies.