Categories Earnings, Industrials

Earnings Summary: Highlights of 3M Company’s Q1 2024 report

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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