board declared a 2-for-1 stock split, and the company reaffirmed its guidance for fiscal 2003.
The stock split will be distributed Sept. 29 to shareholders of record Sept. 22. The company also declared a quarterly dividend of 66 cents a share on a presplit basis, payable Sept. 12 to holders of record Aug. 22.
3M's last stock split was in 1994. The split means that 3M will no longer be the most heavily weighted stock in the
Dow Jones Industrial Average
. The weighting of the Dow is determined by the share price of its components, and 3M was easily the highest-priced stock among the 30 member companies.
Procter & Gamble
will now have the heaviest weighting.
The company said third-quarter earnings, which are scheduled for release Oct. 20, will be reported on a split-adjusted basis. 3M's previous earnings outlook of $1.56 to $1.60 a share for the quarter will now be 78 cents to 80 cents a share.
For the full year, the company's earnings estimate of $5.75 to $5.90 a share will translate to $2.88 to $2.95 a share. Excluding items, 3M's full-year profit forecast of $5.90 to $6.05 a share will now be $2.95 to $3.02 a share.
Shares of 3M were recently up $1.64, or 1.2%, to $141.59 on the
New York Stock Exchange