3M’s NYSE: MMM rebound is gaining momentum because of surprisingly good results. Today’s story is that repositioning efforts are taking hold and driving improved profitability while litigation risks dwindle. The takeaways from the Q2 report include better-than-expected top and bottom-line results, organic sequential growth in all segments, improved margin, and increased guidance that affirms the shift in analysts' sentiment. That shift points to higher share prices and the potential for a sustained rally th ...

2024 Second Quarter Earnings (unaudited) Bill Brown Monish Patolawala Chief Executive Officer President and Chief Financial Officer Bruce Jermeland Senior Vice President, Investor Relations Forward-looking statements This presentation contains forward-looking statements. You can identify these statements by the use of words such as "plan," "expect," "aim," "believe," "project," "target," "anticipate," "intend," "estimate," "will," "should," "could," "would," "forecast" and other words and terms of similar m ...

3M (MMM) came out with quarterly earnings of $1.93 per share, beating the Zacks Consensus Estimate of $1.66 per share. This compares to earnings of $2.17 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 16.27%. A quarter ago, it was expected that this maker of Post-it notes, industrial coatings and ceramics would post earnings of $2.08 per share when it actually produced earnings of $2.39, delivering a surprise of 14.90%.Over t ...

Earnings Per Share (EPS) - Q2 2024 GAAP EPS from continuing operations is $2.17, up 117% YoY, compared to $(12.94) in Q2 2023[1][3] - Adjusted EPS from continuing operations for Q2 2024 is $1.93, up 39% YoY from $1.39 in Q2 2023[1][3] - Total Company adjusted earnings per share (non-GAAP) for Q2 2024 were $1.93, a 39% increase year-over-year[50] - Full-year 2024 adjusted EPS guidance updated to $7.00 to $7.30, from the previous range of $6.80 to $7.30[7] - 2024 full-year adjusted earnings per share (non-GAAP) forecast is between $7.00 and $7.30[59] - Q1 2024 diluted earnings per share was $1.27[81] - Q1 2024 adjusted diluted earnings per share (non-GAAP) was $1.71[86] - Full-Year 2023 diluted loss per share was $15.17[81] - Full-Year 2023 adjusted diluted earnings per share (non-GAAP) was $6.04[103] Sales Performance - Q2 2024 net sales are $6.255 billion, down 0.5% YoY, with organic sales down 0.3% YoY[2][5] - Adjusted sales for Q2 2024 are $6.019 billion, up 1.1% YoY, with adjusted organic sales up 1.2% YoY[2][5] - Total sales change for the three months ended June 30, 2024, was (0.5)% worldwide, with organic sales declining by (0.3)%[24] - Total sales change for the six months ended June 30, 2024, was (0.5)% worldwide, with organic sales declining by (0.3)%[25] - Total Company GAAP net sales for Q2 2024 were $6.255 billion, a decrease of 0.5% year-over-year, with adjusted net sales (non-GAAP) at $6.019 billion, reflecting a 1.1% increase[46][50] - Adjusted net sales for Q2 2024 are $6.019 billion, up from $5.951 billion in Q2 2023[72] - Full-year 2024 adjusted total sales growth forecast remains at (0.25%) to +1.75%, with adjusted organic sales growth flat to +2%[7] - Q1 2024 net sales were $6.016 billion[81] - Q1 2024 adjusted net sales (non-GAAP) were $5.735 billion[86] - Full-Year 2023 net sales were $24.610 billion[81] - Full-Year 2023 adjusted net sales (non-GAAP) were $23.321 billion[103] - Q2 2023 net sales were $6.283 billion[92] - Q2 2023 adjusted net sales (non-GAAP) were $5.951 billion[92] Operating Income and Margins - Adjusted operating income margin for Q2 2024 is 21.6%, up 4.4 percentage points YoY from 17.2% in Q2 2023[5] - Q2 2024 GAAP operating income margin is 20.3%, compared to (148.9)% in Q2 2023[5] - Total Company GAAP operating income for Q2 2024 was $1.272 billion, with an operating margin of 20.3%, while adjusted operating income (non-GAAP) was $1.303 billion, with a margin of 21.6%[46][50] - Transportation and Electronics segment adjusted operating income (non-GAAP) for Q2 2024 was $426 million, with a margin of 22.3%[46] - Safety and Industrial segment adjusted operating income (non-GAAP) for Q2 2024 was $623 million, with a margin of 22.6%[46] - Q1 2024 operating income was $1.149 billion, with an operating margin of 19.1%[81] - Q1 2024 adjusted operating income (non-GAAP) was $1.223 billion, with an adjusted operating margin of 21.3%[86] - Full-Year 2023 operating loss was $10.689 billion, with an operating margin of -43.4%[81] - Full-Year 2023 adjusted operating income (non-GAAP) was $4.344 billion, with an adjusted operating margin of 18.6%[103] - Q2 2023 operating loss was $9.358 billion, with an operating margin of N/M (not meaningful)[92] - Q2 2023 adjusted operating income (non-GAAP) was $1.021 billion, with an adjusted operating margin of 17.2%[92] Segment Performance - Safety and Industrial segment operating income was $612 million for the three months ended June 30, 2024, up from $534 million in the same period last year[32] - Transportation and Electronics segment operating income was $428 million for the three months ended June 30, 2024, up from $410 million in the same period last year[32] - Consumer segment operating income was $219 million for the three months ended June 30, 2024, down from $235 million in the same period last year[32] - Net sales for the Safety and Industrial segment were $2,759 million for the three months ended June 30, 2024, compared to $2,765 million in the same period last year[32] - Net sales for the Transportation and Electronics segment were $2,143 million for the three months ended June 30, 2024, compared to $2,191 million in the same period last year[32] - Transportation and Electronics segment GAAP net sales for Q2 2024 were $2.143 billion, down 2.2% year-over-year, with adjusted net sales (non-GAAP) at $1.907 billion, showing a 2.6% increase[46] - Safety and Industrial segment GAAP net sales for Q2 2024 were $612 million, up 22.2% year-over-year, with adjusted net sales (non-GAAP) at $623 million, reflecting a 22.6% increase[46] - Safety and Industrial segment adjusted EBITDA for Q2 2024 is $760 million, up from $746 million in Q2 2023[71] - Transportation and Electronics segment adjusted EBITDA for Q2 2024 is $510 million, up from $446 million in Q2 2023[71] - Consumer segment adjusted EBITDA for Q2 2024 is $258 million, down from $273 million in Q2 2023[71] Cash Flow and Financial Position - Operating cash flow for Q2 2024 is $1.0 billion, with adjusted free cash flow of $1.2 billion[3][5] - Adjusted free cash flow for Q2 2024 is $1.165 billion, down from $1.463 billion in Q2 2023[69] - Net cash provided by investing activities was $(856) million, compared to $(619) million in the previous period[22] - Net cash provided by financing activities was $3,263 million, compared to $(1,519) million in the previous period[22] - Net debt as of June 30, 2024 is $2.711 billion, down from $10.230 billion at the end of 2023[78] Adjusted EBITDA - Adjusted EBITDA for Q2 2024 is $1.576 billion, up from $1.301 billion in Q2 2023[71] - Adjusted EBITDA margin for Q2 2024 is 26.2%, compared to 21.9% in Q2 2023[71] Net Income - Net income attributable to 3M for Q2 2024 is $1.145 billion, compared to a loss of $6.841 billion in Q2 2023[69] - Total Company adjusted net income (non-GAAP) for Q2 2024 was $1.070 billion, a 39% increase year-over-year[50] - Q1 2024 net income from continuing operations attributable to 3M was $705 million[81] - Q1 2024 adjusted net income from continuing operations attributable to 3M (non-GAAP) was $951 million[86] - Full-Year 2023 net loss from continuing operations attributable to 3M was $8.402 billion[81] - Full-Year 2023 adjusted net income from continuing operations attributable to 3M (non-GAAP) was $3.346 billion[103] Litigation and Divestiture Costs - Net costs for significant litigation in Q2 2024 were approximately $428 million, compared to $129 million in Q2 2023[109] - Total payments for significant litigation in the first six months of 2024 were approximately $799 million, compared to $202 million in the same period of 2023[109] - Divestiture costs in Q2 2024 were approximately $58 million, compared to $94 million in Q2 2023[110] - Total divestiture costs in the first six months of 2024 were approximately $192 million, compared to $148 million in the same period of 2023[110] - Divestiture-related restructuring actions in the first six months of 2024 resulted in payments of approximately $2 million, compared to $8 million in the same period of 2023[111] Tax and Other Adjustments - Payments related to the Tax Cuts and Jobs Act (TCJA) in Q2 2024 were approximately $193 million, compared to $126 million in Q2 2023[111] - 2024 adjusted effective tax rate (non-GAAP) forecast is between 19% and 20%[59] - Total special items adjustments for Q2 2024 are $2 million, compared to $10.348 billion in Q2 2023[73] - In Q2 2024, 3M recorded a non-cash pension settlement charge due to transferring a portion of its U.S. pension payment obligations to an insurance company[112] - The change in value of 3M's retained ownership interest in Solventum common stock was reflected in other expense (income), net[112] - 3M completed the separation of Solventum in April 2024, with associated tax costs and restructuring actions impacting financial results[110][111] Strategic Initiatives - 3M plans to exit manufactured PFAS products by the end of 2025, with impacts reflected in the Transportation and Electronics business segment[112] Shareholder Returns - 3M returned $786 million to shareholders in Q2 2024 via dividends and share repurchases[5]

Sales of $6.3 billion, down 0.5% YoYAdjusted sales of $6.0 billion with organic growth up 1.2% YoYGAAP EPS from continuing operations of $2.17, up 117% YoYAdjusted EPS from continuing operations of $1.93, up 39% YoYOperating cash flow of $1.0 billion with adjusted free cash flow of $1.2 billionUpdates full-year 2024 adjusted EPS from continuing operations to $7.00 to $7.30 from $6.80 to $7.30ST. PAUL, Minn., July 26, 2024 /PRNewswire/ -- 3M (NYSE: MMM) today reported second-quarter results."We delivered ano ...

3M Company MMM will release its financial results for the second quarter, before the opening bell on Friday, July 26.Analysts expect the Saint Paul, Minnesota-based company to report quarterly earnings at $1.68 per share, down from $2.17 per share in the year-ago period. 3M is expected to post revenue of $5.88 billion, compared to $7.87 billion a year earlier, according to data from Benzinga Pro.On July 16, 3M completed a strategic investment in Ohmium International, a developer of electrolyzer systems for ...

3M Company (MMM) is scheduled to release second-quarter 2024 results on Jul 26, before market open.The Zacks Consensus Estimate for second-quarter 2024 earnings is pegged at $1.66 per share, reflecting a decline of 2.9% in the past 60 days. The consensus mark implies a 23.5% decline from the year-ago actual. The Zacks Consensus Estimate for second-quarter 2024 revenues is pegged at $5.89 billion, suggesting a 29.3% decrease from the year-ago actual.It is worth noting that in April 2024, 3M completed the spi ...

Industrial giant 3M just spun off a growth business, leaving it with a less attractive portfolio...and large legal headwinds.There is no way to sugarcoat it: 3M (MMM -0.10%) has not been a particularly rewarding investment over the past decade, with the price currently about 15% lower than where it was 10 years ago. But the real turning point came in 2018, when the industrial giant's legal and regulatory headwinds started to pick up. Since that high-water mark, the stock price has been cut in half. Is this ...

jetcityimage 3M: Investors Looked Past Peak Pessimism Industrial stocks like 3M Company (NYSE:MMM) have performed well recently, as the sector rotation has bolstered the sector. Investors have remained calm even as MMM revised its dividend per share payout downwards. As a reminder, the dividend revision is necessary for 3M to reignite a healthier recovery trajectory as a "reset" from spinning off Solventum (3M's previous healthcare business). As a result, the company's decision to downgrade its payout ratio ...

3M (MMM) is expected to deliver a year-over-year decline in earnings on lower revenues when it reports results for the quarter ended June 2024. This widely-known consensus outlook gives a good sense of the company's earnings picture, but how the actual results compare to these estimates is a powerful factor that could impact its near-term stock price.The stock might move higher if these key numbers top expectations in the upcoming earnings report, which is expected to be released on July 26. On the other ha ...