3M Co (NYSE:MMM) President and CEO Inge Thulin sees a positive future for the company.
“Moving into 2017, we are continuing to increase investments in targeted growth opportunities, which will help us deliver another year of efficient growth and strong cash flow,” Thulin said in a statement. “Equally important, our enterprise is well-positioned for long-term success, and we will capitalize as growth conditions improve.”
The 3M Co CEO will release details about the tech company’s plans to for success in 2017 at its annual outlook meeting in New York City. He will also discuss how MMM intends to continue its positive results in the years beyond 2017.
3M Co has been working to makes itself more profitable. This includes reorganizing its number of businesses from 40 to 25. It has also been making acquisitions and divestitures when it sees them as strategically beneficial. Plus, the company is investigating in further research and development.
MMM is planning to spend $1.8 billion in research and development in 2017. It says this will help with organic growth and will enhance its margins and return on invested capital.
3M Co also recently gave an update for its guidance in 2017. The tech company is expecting earnings per share for the full year to be in the range of $8.45 to $8.80. Wall Street is expecting earnings per share for that period to be $8.64.
3M Co is looking for organic local-currency sales growth of 1% to 3% during 2017. It is also expecting free cash flow conversion to range from 95% to 105% during the year. This is based on operating cash flow between $6.1 billion to $7.1 billion.
MMM stock was down slightly as of Noon Tuesday.
