Earnings Summary: Highlights of 3M Company’s Q2 2024 report

3M Company (NYSE: MMM), a leading manufacturer and distributor of industrial products and solutions, announced second-quarter results, reporting an increase in adjusted profit and slightly lower sales.

• Second-quarter net sales came in at $6.3 billion, which is down 0.5% from the prior-year quarter
• The company reported adjusted sales of $6.0 billion, with organic growth of 1.2% year-over-year
• Earnings per share from continuing operations was $2.17 during the three months, vs. a loss of $12.94 per share in Q2 2023
• On an adjusted basis, earnings from continuing operations climbed 39% annually to $1.93 per share in Q2
• The company generated an operating cash flow of $1.0 billion, with an adjusted free cash flow of $1.2 billion, during the quarter
• It raised full-year 2024 guidance for earnings per share from continuing operations to $7.00-$7.30 from the earlier outlook of $6.80-$7.30