MMM
#Hi, <UNK>.
<UNK>, for the total year we guided approximately $0.10 benefit.
Our view is that will be quite evenly distributed over the four quarters.
For the first quarter, roughly one quarter of that $0.10 benefit.
That's inclusive of the impact of the most recent portfolio action that we announced a few days ago with a small business in our industrial business.
<UNK> ---+
You're trying to get us in to give quarterly guidance, right.
<UNK>, we've talked about the organic growth that we are expecting in the first quarter.
That is a quarter that I would expect will be more challenged also from an earnings-per-share growth.
Everything else being equal, there's not one outlier that will compensate for what we've already said about the organic growth in the first quarter.
Our appetite is pretty well reflected by the 4 to 6 guidance that we stated.
I will reiterate our approach is there's a certain amount where we're in the market every day buying, and then there's a portion that we are flexing up and down depending on the relative value we see of 3M stock.
We continue to follow that play book in how we repurchase our shares in 2016.
Hi, <UNK>.
We have ---+ as you know, we work on those platforms daily with our customers.
I think that when we have laid out our plan for the year, we have good understanding relative to when new introductions will come and our position on them.
We have a good position, as you know.
We got a hit now, of course, not because of that.
We were spec'd out on most anything just because the market was down.
It's estimated to be down in Q1, as well, as you have seen in media.
I think we will see an uptick coming in the second half of the year, hopefully with orders coming in.
We say in terms of end of second quarter is where we will start to see orders coming in to us for launch later in the year.
Yes.
Well, we are aware of competition in terms of technologies to LCD, such as OLED, which is the one you referred to.
We have known that for a long time.
That's also one of the reasons why we realigned our organization to form our display materials and system business in early 2014.
There's an integration of those businesses into what I would call display technologies, which is a goal for the future for us to expand into.
We have already products that is going into equipment that they're using all that.
We are not behind in any ways.
We have on every equipment today that they're using OLED, we have multiple applications in them.
There's more to come in that area.
But we have been working on this area for quite some time, and that's part of our model, right.
That's why I would say the strength of 3M through our technology platforms, this is exactly what it is.
I see more opportunities as you go ahead over the longer term as we are working with our customers on it.
Yes, <UNK>.
That 150, that's still a good ball park.
There's a lot of things that are going into that, including our estimate of 1% to 3% organic growth.
Some productivity coming from things such as our business transformation investment, our pension expense, as well as some strategic investments.
All in, we're seeing many of those things play out exactly as we guided in December.
The 150 is still a good number.
Yes, it is very strong.
I think there is a couple of things that is important to think about relative to 3M and our position in the market.
We have ---+ we are very strong in United States in our consumer business, so we have a stronger and better penetration in United States than we have outside of United States.
That is also then talking to our opportunities as we move ahead to expand more with consumer outside of United States.
If you look upon United States specifically, and you look upon data and facts, which is a key indicator for us relative to potential growth rates, we all know that there is a challenge on IPI as we go into 2016, and the facts there is saying that it's a slower Q1, Q2, maybe Q3, and the Q4, it will pick up again, on IPI year over year.
If you look upon retail sales index, it's actually different.
It's very robust as we go in already to Q1 and Q2 and for the rest of the year.
I would say that our business there is in a good position, and we feel very good about it.
We have very good brands.
We add a lot of value into the channels, and we are managing a lot of categories in that business.
The same goes for health care.
Health care is the same.
Health care for us ---+ I'm not talking US versus outside of US there.
I'm talking about developed economies versus developing economies.
80% of our portfolio in health care is in developed economies, meaning developing is still a huge opportunity for us, and we are growing very well there, and our margins are very high.
I think that's coming back to, in times like this, where you see some challenges in some economies around the world, if that's in industrial or electronics or even in safety, we have the advantage that we have domestic-driven businesses in consumer and health care that this carries on.
You saw that this quarter.
Again, health care had almost 5% organic local currency, the strongest for the year and with margin expansion.
It's a fantastic business for us.
The same go for consumers.
We feel very good about them, and it's sustainable.
I think that's the important thing.
It is a sustainable business model for us based on world-class product solutions.
Good morning, <UNK>.
No, I don't ---+ I would say that there are certain pieces in our business that are doing very well.
I can ---+ 3M Purification is doing extremely well, had a growth rate in the quarter of 10% and for the full year 8%.
Automotive OEM is doing very well for us, had a growth in the quarter of 7%, and in fact for the whole year is around 7%.
Then I think that some ---+ where the pressure is yes now I would say general manufacturing.
Then that goes broad-based, right.
I don't ---+ I will not say short term.
As we are talking here in the next quarter or next five months, I don't see that we will see a big tick up.
I think it will be very similar in Q1 versus Q4.
Some businesses doing very well, automotive OEM and purification doing extremely well.
But we have also to think about it in terms of growth on a global base.
So United States there was pressure this quarter, down 6%, but we were growing in many other cases around the world.
I think that's important to think about in terms of us as a global growth company.
We had organic growth in India, China.
We grew 6% in China.
If you think about that, it's a big market ---+ second biggest subsidiary for 3M outside of United States, and the second biggest economy in the world.
Still for us, our industrial business in the quarter, 6% growth.
We had 3% growth in Japan, and United States was an issue.
I think we have to balance it out in terms of how we look upon the future here.
We have decided, and we are a global growth company.
I will say that as you go into the year, we should see an uptick coming into the second half of 2016 for industrial.
Yes, <UNK>, the benefits, in fact, will not be second-half weighted.
From a comp standpoint, yes, with the fact the charge all came in the fourth quarter of 2015; but the actual benefits going forward will be quite evenly weighted across the four quarters of 2016.
Thanks, <UNK>.
No, they are sustainable.
If you think about it, you're going to look upon the facts.
We have now for three to four years outgrown the automotive production on a global base.
Our growth is always more robust than the total output of cars produced.
That is indicating that we penetrate and take more application per car.
That is sustainable by definition due to the fact that we provide solutions that is helping automotive industries with technology conversion.
Don't view us as a commodity player that is coming in.
He has to try to replace someone.
For us it's about technology conversion moving you to the next level on your specific retail in order for you to be able to compete in the market place.
That is sustainable by definition, and that's what 3M is all about.
I would not say, today, that I see any differentiation with someone becoming much stronger geographically, some other weaker geographically, in terms of production of cars.
That is were we play, right.
We just sign in and spec in always at the headquarters of companies ---+ if that's in Germany, Japan, or United States.
Then where the car is produced, that is where we have the teams to put the application in place.
It's a type of development and deployment.
I don't feel there is any differentiation there on a geographical basis.
But our model is sustainable.
Thanks, <UNK>.
Thank you.
To wrap up, 2015 was an important year for 3M, as we made investments and took actions to prepare ourselves for the future.
As a result, we are well-positioned to drive efficient growth and create greater value for our shareholders in 2016 and beyond.
I thank you for joining us, and we look forward to seeing you all here in St.
Paul in March.
Have a great day.
