3M (MMM 0.46%) stock was holding up firmly this year until its quarterly earnings report came out this week. Despite surpassing earnings estimates, shares of the industrial conglomerate crashed this week and were trading 10.4% lower through 10:30 a.m. ET Friday, according to data provided by S&P Global Market Intelligence. While its outlook for 2024 fell short of analysts' estimates, the primary concern is that 3M could revise its guidance later in the year given two major events coming up.3M hopes to spin ...

Key PointsShares had been trending up since last October’s low, gaining 30%. This week’s earnings report has undone much of that hard work, but there remains upside potential. If shares can consolidate in the coming weeks, the bulls will likely want to take charge again. 5 stocks we like better than 3MHaving put in what looked like a bottom last October, investors in 3M Co NYSE: MMM would have been looking ahead to 2024 with bullish optimism. Sure, the stock had sunk 60% since the summer of 2021, but with e ...

PM Images The last two days have been an absolute bloodbath for shares of 3M Company (NYSE:MMM) as they fell through the $100 level and finished down 11.03% on Tuesday. It had looked as if shares had finally bottomed in October as MMM started to recover after reaching $85.35, which was the lowest level in more than a decade. Shares of MMM have been a destroyer of capital for long-term shareholders as they have been down more than -25% over the past decade, and have fallen more than -60% since reaching aroun ...

3M (MMM 0.08%) reported fourth-quarter 2023 earnings on Tuesday, and there wasn't a lot to like for investors. Travis Hoium covers everything you need to know in this video.*Stock prices used were end-of-day prices of Jan. 23, 2024. The video was published on Jan. 23, 2024. ...

Key TakeawaysThe S&P 500 gained 0.3% on Tuesday, Jan. 23, 2024, as the markets digested a mixed bag of earnings reports from companies in various sectors.Verizon shares moved higher as the telecom giant's wireless subscriber additions exceeded forecasts.Shares of 3M plummeted after the industrial conglomerate issued weaker-than-expected 2024 guidance.Major U.S. equities were mixed on Tuesday as the markets reacted to earnings reports released by companies across various sectors.The S&P 500 gained 0.3%, cont ...

Investors in 3M (MMM -11.48%) hoped the industrial giant's restructuring efforts would show up in its numbers for the fourth quarter and outlook for 2024. However, 3M continues to remind investors about the many problems it is dogged with, particularly legal issues that have weighed heavily on the company's growth and prospects in recent years. That explains why 3M stock crashed by double digits on Tuesday after earnings.To be fair, 3M still beat its earnings guidance in 2023 and exited the year with strong ...

Core Viewpoint - 3M Company (MMM) reported fourth-quarter 2023 results with revenues and earnings exceeding the Zacks Consensus Estimate, although revenues showed a slight decline year-over-year while earnings increased [1][2]. Financial Performance - Adjusted earnings for the fourth quarter were $2.42 per share, surpassing the Zacks Consensus Estimate of $2.31 and up from $2.18 in the same quarter last year [2]. - Net sales reached $8,013 million, exceeding the Zacks Consensus Estimate of $7,686 million, but declined by 0.8% year-over-year due to a 1.9% decrease in organic sales [2]. - Foreign currency translation positively impacted sales by 0.9%, while acquisitions contributed an additional 0.2% [2]. Segmental Results - Safety & Industrial segment revenues totaled $2,661 million, down 2.7% year-over-year, with a 3.9% decrease in organic revenues [3]. - Transportation & Electronics segment revenues were $1,769 million, reflecting a year-over-year increase of 4.5%, driven by a 2.7% improvement in organic sales [3]. - Health Care segment revenues were $2,037 million, down 0.3% year-over-year, impacted by a 1% decline in organic sales [4]. - Consumer segment revenues fell 1.6% year-over-year to $1,226 million, with organic sales decreasing by 2.2% [4]. Margin Profile - Cost of sales increased by 2% year-over-year to $4,678 million, while selling, general and administrative expenses decreased by 24.3% to $1,625 million [5]. - Operating income for the quarter was $1,243 million, significantly up from $632 million in the previous year, driven by a reduction in total operational expenses [5]. - Adjusted operating income rose 9.1% year-over-year to $1,608 million, with an adjusted operating margin of 20.9% compared to 19.1% in the prior year [5]. Balance Sheet and Cash Flow - At the end of the fourth quarter, 3M had cash and cash equivalents of $5,933 million, up from $3,655 million at the end of December 2022 [6]. - Long-term debt decreased to $13,088 million from $14,001 million at the end of December 2022 [6]. - The company generated net cash of $1,986 million from operating activities, a 3.3% increase from the previous year [7]. - Adjusted free cash flow at the end of the fourth quarter was $1,955 million, up 17.8% year-over-year, with a conversion rate of 145% [7]. 2024 Guidance - 3M expects adjusted earnings of $9.35-$9.75 per share for 2024, with a midpoint of $9.55, which is below the Zacks Consensus Estimate of $9.90 [8]. - Adjusted total sales are projected to grow between 0.25% and 2.25%, indicating an adjusted organic sales growth of 0% to 2% [8]. - The company estimates adjusted operating cash flow of $6.5-$7.1 billion, representing a 95-105% adjusted free cash flow conversion [8].

3M Company (NYSE:MMM) Q4 2023 Results Conference Call January 23, 2024 9:00 AM ET Company Participants Bruce Jermeland - Senior Vice President, Investor Relations Mike Roman - Chairman & Chief Executive Officer Monish Patolawala - President & Chief Financial Officer Conference Call Participants Andrew Kaplowitz - Citigroup Inc. Scott Davis - Melius Research Julian Mitchell - Barclays Nigel Coe - Wolfe Research Christopher Snyder - UBS Joseph Ritchie - Goldman Sachs Stephen Tusa - JPMorgan Jeff Sprague - Ver ...

About this content About Angela Harmantas Angela Harmantas is an Editor at Proactive. She has over 15 years of experience covering the equity markets in North America, with a particular focus on junior resource stocks. Angela has reported from numerous countries around the world, including Canada, the US, Australia, Brazil, Ghana, and South Africa for leading trade publications. Previously, she worked in investor relations and led the foreign direct investment program in Canada for the Swedish government ...

3M (MMM) came out with quarterly earnings of $2.42 per share, beating the Zacks Consensus Estimate of $2.31 per share. This compares to earnings of $2.28 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 4.76%. A quarter ago, it was expected that this maker of Post-it notes, industrial coatings and ceramics would post earnings of $2.34 per share when it actually produced earnings of $2.68, delivering a surprise of 14.53%.Over th ...