[Based on the midpoint of the 2012 EPS guidance range of $6.25-6.50, the current share price has a P/E of only 12x. Despite recovering about 15% from the October low (in line with the broad market) and reporting two consecutive tepid quarters, 3M remains a core technology holding and a strong buy, IMO.
NEW YORK--(BUSINESS WIRE)-- At a meeting of analysts and institutional investors today, 3M (NYSE: MMM) will affirm its 2011 earnings-per-share expectation of $5.85 to $5.95 and provide a roadmap for the company’s 2012 earnings-per-share expectation of $6.25 to $6.50.
George W. Buckley, 3M chairman, president and chief executive officer, will analyze the current economic environment and its implications for 3M as he reinforces the company’s strategy for accelerated global growth. Inge Thulin, 3M chief operating officer, will discuss the intricacies of transforming 3M’s growth strategy into tangible results.
In addition, Chris Holmes, executive vice president, Industrial and Transportation, Paul Steece, vice president, Electrical Markets, and Stefan Gabriel, president, 3M New Ventures, will punctuate the growth strategy with winning examples of 3M innovation and ingenuity.
3M CFO David Meline will detail the company’s 2012 financial outlook and ongoing actions to enhance shareholder value. The company anticipates 2012 sales of $30.2 billion to $31.5 billion, operating margins of 21 percent to 22.5 percent and earnings of $6.25 to $6.50 per share.
“In uncertain economic times, it’s even more important to consistently innovate and differentiate ourselves,” Buckley said. “Certainly current circumstances require increased attention to the bottom line, but whatever 2012 holds, we intend to catapult ourselves ahead of the pack. Our overriding focus remains oriented towards higher growth.”
A live webcast of the 8:00 a.m. ET meeting will be available on 3M’s Investor Relations home page at http://investor.3m.com. Replays will also be available after the meeting.‹
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