MMM - 3M Delivers Familiar First In First Out Performance And Still Offers Some Value

• 3M is typically one of the first companies to return to growth after downturns, and while underlying demand remains very lumpy, 3M has returned to organic revenue growth.
• Overall margins were better than expected; weaker Health Care margins are worth monitoring, and it remains to be seen how much margin improvement management can maintain in a recovery.
• While 3M has been under-executing, I still believe the underlying business has a lot of value and execution will improve, either from internal initiatives or activist investor involvement.
• 3M shares look priced for a worthwhile return relative to both the industrial sector and the S&P 500.

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