3M Affirms Long-Term Sales and Earnings Growth Objectives, Addresses 2015 Outlook

This morning, 3M Chairman, President and CEO Inge G. Thulin will speak to investors and analysts at the 2015 outlook meeting in New York City. Thulin will emphasize that the company is well-positioned for long-term success. The company is on track to deliver its long-term financial targets, organic growth remains strong, and productivity is improving margins in 2014 and 2015. Three key strategic levers continue to drive the company forward: portfolio management, investing in innovation and business transformation. These levers, combined with more aggressive capital deployment, will drive enhanced value creation. 3M will reiterate its 2013-17 financial objectives: * Grow earnings per share 9 to 11 percent per year, on average * Grow organic sales 4 to 6 percent per year, on average * Achieve return on invested capital of approximately 20 percent * Convert approximately 100 percent of net income to free cash flow Senior Vice President and Chief Financial Officer Nicholas C. Gangestad will provide an update on 3M's 2015 earnings outlook, along with its actions to enhance capital structure and increase capital deployment. Strong investments in research and development and capital expenditures remain paramount to 3M's organic growth-driven business model. The company also seeks acquisitions to strengthen the business and augment organic growth. Further demonstrating confidence in the business, 3M announced that its board of directors has declared a dividend increase of 20 percent for the first quarter of 2015. A steadily rising dividend and premium margins are hallmarks of 3M. Next year marks 57 consecutive years of annual dividend increases, and 3M has paid dividends without interruption for 98 years. “The strength of 3M's business model, including the ingenuity of our scientists, continues to generate premium and sustainable value for both our customers and shareholders,” Thulin said. “We are delivering strong results quarter to quarter, and remain on track to meet our long-term financial targets.” For 2015, 3M anticipates earnings to be in the range of $8.00 to $8.30 per share with organic local currency sales growth of 3 to 6 percent. The company expects that free cash flow conversion will be in the range of 90 to 100 percent. Today's meeting will be webcast live beginning at 8 a.m. EST and is scheduled to adjourn at approximately 11 a.m. EST. Investors can access this meeting via the following: * Live webcast at http://investor.3M.com. * Webcast replay: Go to 3M's Investor Relations website at http://investor.3M.com and click on “3M 2015 Outlook Meeting.”