$MMM (+0.69%) | 3M Company Q3'24 Earnings Highlights:
🔹 Adj EPS : $1.98 (Est. $1.90) 🟢; UP +18% YoY
🔹 Net Sales: $6.29B (Est. $6.06B) 🟢; UP +0.4% YoY
FY24 Outlook:
🔹 Adj EPS Guidance to $7.20–$7.30 (Previous: $7.00–$7.30; Est. $7.26) 🟢
🔹 Adj Total Sales Growth to ~1% (Previous: (0.25%) to +1.75%)
🔹 Adj Organic Sales Growth to ~1% (Previous: flat to +2%)
CEO William Brown's Commentary:
🔸 "The 3M team delivered another quarter of strong operational execution, resulting in a double-digit increase in adjusted earnings along with solid adjusted free cash flow generation. Our ongoing execution positions us well to deliver a strong finish to the year. I am confident that our work on advancing our three priorities – organic growth, operational excellence, and capital deployment – will deliver long-term value creation for our shareholders."
Operational Highlights:
🔹 Adjusted Operating Income Margin: 23.0%; UP +1.4 percentage points YoY
🔹 Adjusted Free Cash Flow: $1.5B
🔸Returned $1.1B to shareholders via dividends and share repurchases.
🔸 Cash from operations was negative $1.8B, driven by $3.6B net after-tax payments for costs of significant litigation, primarily Public Water Systems and Combat Arms Earplugs.
