3M Company reported unaudited consolidated financial results for the fourth quarter and full year ended Dec. 31, 2016. For the quarter, the company's sales increased 0.4% year-on-year to $7.3 billion against $7.298 billion for the same period of last year. Organic local-currency sales increased 1.6% while divestitures reduced sales by 0.4%. Operating income was $1.7 billion against $1.5 billion for the same period of last year. Net income was $1.2 billion against $1.038 billion for the same period of last year. Operating cash flow was $2.2 billion against $2.338 billion for the same period of last year. Income before income taxes was $1,610,000 against $1,463,000 for the same period of last year. Net income attributable to the company was $1,155,000 against $1,038,000 for the same period of last year. Earnings per diluted share attributable to the company common shareholders was $1.88 against $1.66 for the same period of last year. Purchases of property, plant and equipment was $436,000 against $446,000 for the same period of last year.

For the year, the company's sales decreased 0.5% to $30.1 billion against $30.274 billion for the same period of last year. Organic local-currency sales declined 0.1%. Acquisitions, net of divestitures, increased sales 0.8%. Foreign currency translation reduced sales by 1.2%. The company's operating cash flow was $6.7 billion against $6.420 billion for the same period of last year. Operating income was $7.223 billion against $6.946 billion for the same period of last year. Income before income taxes was $7,053,000 against $6,823,000 for the same period of last year. Net income attributable to the company was $5,050,000 against $4,833,000 for the same period of last year. Earnings per diluted share attributable to the company common shareholders was $8.16 against $7.58  for the same period of last year. Purchases of property, plant and equipment was $1,420,000 against $1,461,000 for the same period of last year. Net debt as at December 31, 2016 was $8,955 million against $8,872 million as at December 31, 2017. The company generated 22.6% return on invested capital.

The company affirmed its 2017 full-year performance expectations. The company expects 2017 earnings to be in the range of $8.45 to $8.80 per share with organic local-currency sales growth of 1 to 3%. For 2017, the company expects capital expenditures to be in the range of $1.3 billion to $1.5 billion, net cash provided by operating activities to be in the range of $6.1 billion to $7.1 billion and free cash flow to be in the range of $4.8 billion to $5.6 billion. The company expects net income attributable to the company of $5.1 billion to $5.3 billion.