3M CEO: EPS to grow roughly 10 percent a year for next five years

Diversified U.S. manufacturer 3M Co (MMM.N) aims to grow earnings per share at a 9 percent to 11 percent average annual rate from 2013 through 2017, Chief Executive Inge Thulin told investors on Thursday.

The maker of products ranging from Post-It notes to films used in electronics expects organic revenue - a measure that excludes the effects of acquisitions, divestitures and currency fluctuations - to grow by 4 percent to 6 percent over the next five years.

To hit its growth targets, 3M plans both to make acquisitions and to sell or repair weaker-performing parts of the company, Thulin said. He noted that 3M has identified operations that generate about $2.5 billion in annual revenue - roughly 8 percent of the corporate total - that are neither financially nor strategically attractive.

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- Posted: 2012-11-08 13:21:11

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