3M (MMM.US) gains over 4.00% following the release of its quarterly results. The international conglomerate engaged in the production and sale of plastics, abrasives, electronics, and pharmaceuticals reported sales of $6.1 billion, a 1.0% year-over-year increase.
- Adjusted sales: $6.1 billion (up 1.5% year-over-year)
- GAAP EPS: $2.48 (up 154% year-over-year)
- Adjusted EPS: $1.98 (up 18% year-over-year)
- Adjusted operating margin: 23.0% (up 1.4 percentage points year-over-year)
- Free cash flow: $1.5 billion (adjusted)
Sales breakdown by sector:
- Safety and Industry: This segment reported sales of $2.77 billion, a slight increase compared to $2.75 billion in Q3 2023, with organic growth of 0.9%.
- Transportation and Electronics: Sales in this segment reached $1.91 billion ($1.88 billion a year ago). Organic growth was stronger at 2.0%, driven by single-digit growth in electronics and advanced materials, although automotive and aerospace fell by mid-single digits.
- Consumer: Sales in the consumer segment slightly declined to $1.30 billion compared to $1.32 billion in Q3 2023.
Operationally, 3M continued to focus on improving efficiency. The on-time-in-full (OTIF) delivery rate improved by 5 percentage points year-to-date. The company also increased its focus on accelerating new product launches (up 10%).
Start investing today or test a free demo
Open account Try demo Download mobile app Download mobile appForecasts
3M CEO William Brown highlighted the company's strong operational performance and reaffirmed confidence in a solid year-end finish. The company updated its full-year 2024 EPS forecasts to a range of $7.20 to $7.30, slightly improving from previous estimates ($7.00 - $7.30). The company expects flat to 2% adjusted sales growth.
Chart (D1 interval)
The company's stock is up 4.00% to $140 per share.
Source: xStation 5
This content has been created by XTB S.A. This service is provided by XTB S.A., with its registered office in Warsaw, at Prosta 67, 00-838 Warsaw, Poland, entered in the register of entrepreneurs of the National Court Register (Krajowy Rejestr Sądowy) conducted by District Court for the Capital City of Warsaw, XII Commercial Division of the National Court Register under KRS number 0000217580, REGON number 015803782 and Tax Identification Number (NIP) 527-24-43-955, with the fully paid up share capital in the amount of PLN 5.869.181,75. XTB S.A. conducts brokerage activities on the basis of the license granted by Polish Securities and Exchange Commission on 8th November 2005 No. DDM-M-4021-57-1/2005 and is supervised by Polish Supervision Authority.
