3M Company (NYSE: MMM), a leading manufacturer and distributor of industrial products and solutions, Tuesday announced first-quarter results, reporting an increase in adjusted profit and flat sales.
- First-quarter sales remained broadly unchanged year-over-year at $8.0 billion, organic sales grew around 1% YoY
- Earnings, on a per-share basis, decreased 5% annually to $1.67 in Q1; adjusted earnings climbed 21% to $2.39 per share
- Adjusted operating income margin was 21.9%, an increase of 4 percentage points year-on-year
- 3M generated operating cash flow of $0.8 billion in Q1; adjusted free cash flow was $0.8 billion
- During the quarter, around $835 million was returned to shareholders in the form of dividends
- Recently, the company completed the spin-off of its healthcare business Solventum
- It has named William Brown as CEO effective May 1st; Mike Roman will become Executive Chairman
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