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3M Sets 2-for-1 Split with Shares at Record High

3M also adjusted its third-quarter earnings-per-share outlook to account for the split, saying it was confident it could continue to deliver "solid results" despite a cautious view of global markets.

It was 3M's first stock split in nine years. Other splits occurred in 1987 and 1972.

The stock has gained nearly 40 percent since the Dow peaked in January 2000 and is one of only five Dow components to be up since that peak. Among the Dow stocks, 3M's P/E ratio of 23.3 times estimated 2003 earnings is the eighth highest.

St. Paul, Minnesota-based 3M said the split will be in the form of a dividend to be distributed Sept. 29 to shareholders of record as of the close of business on Sept. 22.

The company said its third-quarter earnings per share, to be reported on a split-adjusted basis on Oct. 20, will range from 78 cents to 80 cents, half its earlier projection of $1.56 to $1.60 per share. For the full year, it now expects earnings of between $2.88 and $3.02 per share, compared with the prior range of $5.75 to $5.90 per share.

After the split announcement, made on August 11, shares of 3M gained $1.95, or about 1.4 percent, to close at $141.90, a new all-time high, on the New York Stock Exchange.

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