3M Co Annual Shareholders Meeting Transcript
Good morning and welcome to 3M's Annual Meetings for shareholders. Gregg Larson, our Corporate Secretary advises me that the quorum is present and that all shareholders of record have been sent a notice of this meeting. On the record date of March 19, 2019, there was approximately 576 million shares of common stock issued and outstanding. 87% are represented here today in person or by proxy. Therefore, I declare this meeting open for business.
We have 4 business items on the agenda for today, which Gregg Larson will conduct. First, however, I will make some brief comments about our 2018 performance.
In 2018, we posted organic growth of more than 3% with growth across all business groups and geographic areas. Our team expanded GAAP earnings per share by more than 12% to $8.89 or $10.46 on an underlying basis. We posted free cash flow conversion of 91% along with a return on invested capital of 22%. Beyond these financial results, we continued to deploy capital to grow the business and to return cash to you, our shareholders.
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