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1、eas70119_mod03.qxd2/9/051:32PMPage2MODULEAnalyzingand3InterpretingFinancialStatements3MCOMPANY3M’SRACETOTHETAPEJimMcNerneyistheChairmanandCEOof3M.Heisthefirstoutsidertotakethereinsof3Minitscentury-longhistory.McNerneyjoined3Mafterlosingathree-wayracetosucceedJo
2、hnF.WelchaschiefexecutiveofGeneralElectric.3Misamini-GEinmanyrespects.Bothcompaniesareindustrialconglomeratesthatseektobalanceslow-downsinoneindustrywithupturnsinothers.Bothcompaniesalsohavestrongtraditionsofdiscipline,qual-ity,andafocusonmeasuringandrewardingp
3、erformance.3Mhasproducedseveralworld-famousbrandssuchasScotch®tapeandPost-it®notes.Still,3Misprimarilyanuts-and-boltstypeproducer.Itprovidesducttape,turbines,andelectronicgearthatkeeptheindustrialworldhumming.Thekeyto3M’ssuccessisitsresearch.Overthedecades,3Msc
4、ientistsandengineershavedevelopedsandpaper,magneticaudiotape,moldsandgluesfororthodontia,lime-yellowtrafficsigns,respirators,floppydisks,andScotchgard™.Tothisday,3Mdrawsitsidentityfromitsresearchsuccess.3Mdevotesmorethan$1billiontoresearcheachyearandhas1,000sci
5、entistsandengineersaroundtheworldsearchingforthenextbreakthrough.Incomehasincreased35%sinceMcNerneytookcontrolin2001.3M’sincomefor2003toppedoffat$2.4billiononsalesof$18.23billion,yieldinga13.2%netprofitmargin.Importantly,itsreturnonequity(ROE),asshownbelowandde
6、finedasnetincome/averageequity,hascontinuedtoclimbsince2001,whenrestructuringcostscutinto3M’sincomeasthenewCEOrefocusedactivities.3MReturnonEquity(ROE)40%35%30%25%20%15%10%5%0%200320022001200019993-1eas70119_mod03.qxd2/9/051:32PMPage3RoslanRahman/GettyImages3M’
7、sincreaseinROEhasbeenaccompaniedbyasteadyincreaseinitsstockprice.Byearly2005,3Mshareswerevaluedatjustover$82pershare,whichis35%higherthanwhenMcNerneytookcontrol.TheDowJonesIndustrialAverage,bycontrast,showsnonet(percent)increaseforthesametimeperiod.WhatisMcNern
8、ey’ssecret?ThereisnodoubtthatoneofMcNerney’smosturgentproblemsat3Mwasitsballooningcosts.Costshadgrownattwicetherateofsalesintheyearspriortohisarrival.McNerney’scost-controle
