Business Separation and Solventum Impact - 3M completed the separation of its Health Care business on April 1, 2024, distributing 80.1% of Solventum Corporation shares to 3M stockholders, resulting in Solventum becoming an independent public company[116] - The company reported a Solventum ownership benefit from the change in value of $3.06 per share for the nine months ended September 30, 2024[119] - Solventum's separation from 3M in April 2024 resulted in a year-on-year benefit of $0.6 billion in Q3 2024 and $1.7 billion in the first nine months of 2024[147] - Net cash of $0.6 billion was transferred to Solventum as part of the separation process in 2024[177] Financial Performance and Earnings - Earnings (loss) from continuing operations per diluted share for the nine months ended September 30, 2024, was $(16.32), impacted by net costs for significant litigation of $20.64 and divestiture costs of $0.02[119] - 3M recorded a gain on business divestitures of $(0.05) per share for the nine months ended September 30, 2024[119] - Net sales for the three months ended September 30, 2024, were $6,270 million, with an operating loss of $3,096 million and an operating loss margin of 49.4%[126] - Adjusted net sales for the three months ended September 30, 2024, were $5,978 million, with adjusted operating income of $1,292 million and an adjusted operating income margin of 21.6%[126] - Adjusted net income from continuing operations for the three months ended September 30, 2024, was $934 million, with adjusted earnings per diluted share of $1.68[126] - Total Company GAAP net income was $(11,588) million, but adjusted net income (non-GAAP) improved to $3,215 million, a 18.2% increase[132] - Net income from continuing operations attributable to 3M was $1,801 million, with adjusted net income (non-GAAP) at $1,884 million, reflecting a 22.7% margin[131] - Total company net sales increased by 0.4% to $6,294 million in Q3 2024, while operating income was $1,316 million compared to a loss of $3,096 million in Q3 2023[139] Segment Performance - Net sales for the Transportation and Electronics segment for the three months ended September 30, 2024, were $2,171 million, with an operating income of $389 million and an operating income margin of 17.9%[126] - Adjusted net sales for the Transportation and Electronics segment for the three months ended September 30, 2024, were $1,879 million, with adjusted operating income of $494 million and an adjusted operating income margin of 26.3%[126] - Net sales for the Safety and Industrial segment for the three months ended September 30, 2024, were $666 million, with an operating income of $666 million and an operating income margin of 24.2%[126] - Adjusted net sales for the Safety and Industrial segment for the three months ended September 30, 2024, were $708 million, with adjusted operating income of $708 million and an adjusted operating income margin of 25.7%[126] - Transportation and Electronics segment sales declined by 1.5%, but adjusted sales (non-GAAP) grew by 1.8% after removing the impact of manufactured PFAS products[131] - Safety and Industrial segment operating income margin was 23.2% on a GAAP basis, improving to 23.7% on an adjusted (non-GAAP) basis[135] - Transportation and Electronics segment adjusted operating income margin (non-GAAP) increased to 24.4%, up from 21.1% on a GAAP basis[135] - Net sales for the Safety and Industrial segment increased by 0.5% to $2,767 million in Q3 2024 compared to $2,751 million in Q3 2023, while operating income decreased by 2.4% to $650 million[139] - Transportation and Electronics segment net sales decreased by 1.5% to $2,139 million in Q3 2024, but operating income increased by 11.8% to $436 million[139] - Consumer segment net sales decreased by 1.2% to $1,299 million in Q3 2024, with operating income declining by 2.5% to $263 million[139] - Sales in Safety and Industrial segment increased by 0.5% in U.S. dollars for the three months ended September 2024[155] - Business segment operating income margins for Safety and Industrial decreased by 2.4% year-on-year for the three months ended September 2024[155] - Sales in Transportation and Electronics segment decreased by 1.5% in U.S. dollars for the three months ended September 2024[157] - Adjusted sales in Transportation and Electronics segment increased by 1.8% in U.S. dollars for the three months ended September 2024[157] - Business segment operating income margins for Transportation and Electronics increased by 11.8% year-on-year for the three months ended September 2024[157] - Sales in Transportation and Electronics decreased by 0.4% in U.S. dollars, but adjusted for special items (non-GAAP), sales increased by 3.7%[159] - Consumer sales decreased by 1.2% in U.S. dollars in Q3 2024 and by 2.6% in the first nine months of 2024[161][162] Restructuring and Litigation Costs - Restructuring pre-tax charges for the first nine months of 2024 were $178 million, compared to $310 million in the same period last year[120] - Net costs for significant litigation amounted to $4,312 million for the three months ended September 30, 2024, impacting operating income[126] - The company faced significant legal and environmental liabilities, including $10.3 billion related to the PWS Settlement and $4.2 billion related to the CAE settlement[172] - Corporate special item net costs decreased year-over-year in Q3 and the first nine months of 2024, primarily due to lower net costs for significant litigation[163] Tax and Currency Impacts - The effective tax rate for the first nine months of 2024 was 19.0%, compared to 24.3% in the prior year, primarily due to litigation settlements and the tax rate associated with the Solventum ownership benefit[121] - 3M's adjusted effective tax rate for the first nine months of 2024 was 20.1%, a decrease of 1.1 percentage points compared to the same period last year[121] - Foreign currency impacts decreased operating income by approximately $91 million year-on-year for the first nine months of 2024[120] - Effective tax rate for the three months ended September 2024 was 20.3%, down from 23.5% in the same period last year[148] Cash Flow and Liquidity - The company repurchased $1,096 million of its common stock in the first nine months of 2024, compared to $31 million in the same period of 2023[142] - Total debt decreased by $2.9 billion from December 31, 2023, to September 30, 2024, due to debt maturities and repayments[166] - Cash, cash equivalents, and marketable securities increased to $7.3 billion as of September 30, 2024, up from $5.8 billion at the end of 2023[166] - Net debt (non-GAAP) decreased by $4.356 billion from December 31, 2023, to September 30, 2024[169] - The company maintains a strong liquidity profile with no commercial paper outstanding as of September 30, 2024, compared to $1.8 billion at the end of 2023[166] - Cash flows from operating activities decreased by $4.7 billion in the first nine months of 2024, driven by $4.5 billion in payments related to PFAS liabilities and the CAE legal settlement[172] - The company invested $890 million in property, plant, and equipment (PP&E) in the first nine months of 2024 to support growth and manufacturing efficiency[173] - Solventum issued $8.4 billion in debt in Q1 2024, partially offset by $2.9 billion in debt maturities, including $1.8 billion in commercial paper repayments[175] - 3M declared dividends of $1.51 per share in Q1 2024, followed by $0.70 per share in Q2 and Q3 2024 post-Solventum spin-off[176] - 3M's commercial paper outstanding decreased to $0 at September 30, 2024, from $1.8 billion at December 31, 2023[175] Regional Sales Performance - Americas region accounted for 55.4% of worldwide sales in Q3 2024, with net sales of $3,484 million and a total sales change of 0.7%[141] - Asia Pacific region net sales increased by 1.4% to $1,783 million in Q3 2024, driven by a 7% increase in organic sales in China[141][142] Cost Management and Productivity - Cost of sales as a percentage of net sales decreased by 1.4 percentage points to 57.9% in Q3 2024 compared to 59.3% in Q3 2023[144] - SG&A expenses as a percentage of net sales decreased significantly to 16.9% in Q3 2024 from 86.4% in Q3 2023, primarily due to settlement charges in 2023[144] - Organic growth, productivity, and restructuring contributed a net year-on-year increase of $0.79 per share for the first nine months of 2024[120] - Business segment operating income margins increased year-on-year, driven by productivity actions and strong spending discipline, partially offset by cost inefficiencies due to the spin of Solventum[159][162] Pension and Postretirement Expenses - Defined benefit pension and postretirement service cost expense for the first nine months of 2024 was $148 million, down from $167 million in the same period last year[151] - Total estimated continuing operations consolidated defined benefit pre-tax pension and postretirement expense for 2024 is approximately $1,025 million[151] Credit Ratings and Working Capital - 3M's credit ratings include A3 (stable) from Moody's, BBB+ (negative) from S&P, and A- (stable) from Fitch[166] - Working capital increased by $3.8 billion compared to December 31, 2023, primarily due to lower current liabilities, including discontinued operations and short-term borrowings[171] PFAS and Legal Risks - Manufactured PFAS products sales estimates for the three months ended September 30, 2024, were $210 million, with costs of sales at $210 million[124] - The company continues to face risks related to PFAS liabilities, legal proceedings, and the impact of the Solventum spin-off on its operations and financial performance[179] Other Financial Metrics - Income from unconsolidated subsidiaries, net of taxes, was $3 million for the three months ended September 2024, compared to $2 million in the same period last year[149] - Net income attributable to noncontrolling interest was $4 million for the three months ended September 2024, unchanged from the same period last year[150] - The company incurred Russia exit charges (benefits) of $(0.04) per share for the nine months ended September 30, 2024[119]

For the quarter ended September 2024, 3M (MMM) reported revenue of $6.29 billion, down 24.3% over the same period last year. EPS came in at $1.98, compared to $2.68 in the year-ago quarter.The reported revenue represents a surprise of +3.18% over the Zacks Consensus Estimate of $6.1 billion. With the consensus EPS estimate being $1.93, the EPS surprise was +2.59%.While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall Street expectatio ...

Financial Performance - Sales of $6.3 billion, up 0.4% year-on-year, with adjusted sales of $6.1 billion, reflecting a 1.5% increase year-on-year[1][4] - GAAP EPS from continuing operations of $2.48, up 154% year-on-year, and adjusted EPS of $1.98, up 18% year-on-year[1][3] - Adjusted operating income margin increased to 23.0%, up 1.4 percentage points year-on-year[3] - Total Company GAAP net sales were $6,294 million, reflecting a 0.4% increase year-over-year[35] - Adjusted amounts (non-GAAP measures) for total company were $6,068 million, representing a 1.5% increase[35] - Operating income for total company was $1,316 million, with an operating income margin of 20.9%[35] - The adjusted operating income margin for the total company was 21.6% for the three months ended September 30, 2023[34] - Adjusted net income attributable to 3M for the three months ended September 30, 2023, was $934 million, with earnings per share of $1.68[34] Cash Flow and Debt Management - Operating cash flow of $(1.8) billion, primarily due to $3.6 billion in net after-tax payments for significant litigation costs[1][5] - Adjusted free cash flow for the quarter was $1.5 billion[1][5] - The company reported a net increase in cash and cash equivalents of $117 million for the nine months ended September 30, 2024, compared to an increase of $1,485 million in the same period of 2023[13] - The company’s long-term debt decreased from $13,088 million to $11,319 million, a reduction of 13.5%[11] - The company reported a total debt of $13,189 million as of September 30, 2024, down from $16,035 million at the end of December 2023[46] - Net debt decreased to $5,874 million as of September 30, 2024, compared to $10,230 million at the end of December 2023[47] Shareholder Returns - The company returned $1.1 billion to shareholders through dividends and share repurchases[5] - Full-year 2024 adjusted EPS guidance raised to a range of $7.20 to $7.30, up from the previous range of $7.00 to $7.30[1][6] - The forecast for 2024 adjusted earnings per share from continuing operations is projected to be between $7.20 and $7.30[37] Segment Performance - The Safety and Industrial segment reported net sales of $2,767 million for the three months ended September 30, 2023, up from $2,751 million in the same period of 2022[22] - The Transportation and Electronics segment had net sales of $2,139 million for the three months ended September 30, 2023, down from $2,171 million in the same period of 2022[22] - The Consumer segment reported net sales of $1,299 million for the three months ended September 30, 2023, slightly down from $1,315 million in the same period of 2022[22] - Business segment operating income for Safety and Industrial was $672 million in Q3 2024, compared to $708 million in Q3 2023[46] Litigation and Special Items - Corporate special items included net costs for significant litigation of $(25) million for the three months ended September 30, 2023, compared to $(4,241) million in the same period of 2022[23] - The company continues to focus on corporate special items related to litigation and divestiture costs, impacting overall financial performance[24] - In Q3 2024, 3M made net pre-tax payments of approximately $3.7 billion related to significant litigation costs, compared to $416 million in Q3 2023[49] - For the first nine months of 2024, 3M's net pre-tax payments for significant litigation costs totaled approximately $4.5 billion, up from $618 million in the same period of 2023[49] - The total special items for the nine months ended September 30, 2023, included net costs for significant litigation amounting to $14,803 million[36] Organic Sales Growth - Organic sales growth was reported at 1.0% year-on-year, despite a slight decline in total organic sales[4][5] - The company anticipates adjusted organic sales growth to be flat to +2% for the full year 2024[6] - Total company organic sales decreased by 0.2% for the nine months ended September 30, 2024, with total sales change also at (0.2)%[39] - Adjusted total company organic sales increased by 1.0% for the nine months ended September 30, 2024, excluding the impact of manufactured PFAS products[39] Strategic Focus - The company is focusing on three priorities: organic growth, operational excellence, and capital deployment for long-term value creation[2] - The former Health Care business segment was eliminated in the second quarter of 2024 due to the separation of Solventum, impacting the overall segment reporting[19] - The company created new divisions within its business segments, including Industrial Specialties and Commercial Branding and Transportation, to enhance operational focus[20] Tax and Regulatory Matters - The effective tax rate for the company was 20.3%[35] - The adjusted effective tax rate for 2024 is expected to be between 19% and 20%[37] - The company reported a provision for income taxes of $348 million in Q3 2024, compared to a tax benefit of $(777) million in Q3 2023[44]

Sales of $6.3 billion, up 0.4% YoYAdjusted sales of $6.1 billion with organic growth up 1.0% YoYGAAP EPS from continuing operations of $2.48, up 154% YoYAdjusted EPS from continuing operations of $1.98, up 18% YoYOperating cash flow of $(1.8) billion with adjusted free cash flow of $1.5 billionUpdating full-year 2024 adjusted EPS from continuing operations to $7.20 to $7.30 from $7.00 to $7.30ST. PAUL, Minn., Oct. 22, 2024 /PRNewswire/ -- 3M (NYSE: MMM) today reported third-quarter results."The 3M team deli ...

3M Company MMM will release earnings results for its third quarter, before the opening bell on Tuesday, Oct. 22.Analysts expect the Saint Paul, Minnesota-based company to report quarterly earnings at $1.9 per share, down from $2.44 per share in the year-ago period. 3M projects to report revenue of $6.06 billion for the quarter, compared to $7.32 billion a year earlier, according to data from Benzinga Pro.On Aug. 1, 3M named Anurag Maheshwari as Executive Vice President and CFO.3M shares fell 0.2% to close a ...

HONG KONG, CHINA - 2024/06/23: In this photo illustration, the American company specializing in ... [+] worker safety, U.S. health care, and consumer goods, 3M (NYSE: MMM), logo seen displayed on a smartphone with an economic stock exchange index graph in the background. (Photo Illustration by Budrul Chukrut/SOPA Images/LightRocket via Getty Images)SOPA Images/LightRocket via Getty Images3M (NYSE: MMM) will report its Q3 2024 results on Tuesday, October 22. We expect the company to post mixed results, with ...

I'm replacing a dividend cutter with a company that pays a more sustainable dividend.I enjoy investing in dividend stocks. I like to see the income flow into my portfolio. It gives me more money to reinvest into income-generating investments. That grows my passive income stream toward my ultimate goal of eventually reaching the level where it can offset my regular expenses. I've hit a few speed bumps in achieving that goal over the years because companies I owned cut their dividends. One of those disappoint ...

3M Company (MMM) is scheduled to release third-quarter 2024 results on Oct. 22, before market open.Stay up-to-date with all quarterly releases: See Zacks Earnings Calendar.The Zacks Consensus Estimate for earnings is pegged at $1.93 per share, reflecting an increase of 0.5% in the past 60 days. The consensus mark implies a 28% decline from the year-ago reported actuals. The Zacks Consensus Estimate for revenues is pegged at $6.1 billion, indicating a 26.6% decrease year over year.Estimate MovementImage Sour ...

Wall Street analysts expect 3M (MMM) to post quarterly earnings of $1.93 per share in its upcoming report, which indicates a year-over-year decline of 28%. Revenues are expected to be $6.1 billion, down 26.6% from the year-ago quarter.The current level reflects an upward revision of 2.8% in the consensus EPS estimate for the quarter over the past 30 days. This demonstrates how the analysts covering the stock have collectively reappraised their initial projections over this period.Ahead of a company's earnin ...

ST. PAUL, Minn. and CHARLOTTE, N.C., Oct. 16, 2024 /PRNewswire/ -- 3M (@3M) and Discovery Education (@DiscoveryEd) named Sirish Subash, a 9th grader at Gwinnett School of Mathematics, Science, and Technology in Snellville, Georgia, the winner of the 2024 3M Young Scientist Challenge, the nation's premier middle school science competition. Sirish set himself apart with an AI handheld pesticide detector. As the grand prize winner, he received a $25,000 cash prize and the prestigious title of "America's Top Yo ...