Investors are excited about the new CEO's plans to improve the company's performance.Shares in industrial giant 3M (MMM -0.97%) rose by a startling 24.8% in July, according to data from S&P Global Market Intelligence. This is a remarkable move, because it nearly all occurred on the day of the company's second-quarter earnings release.Why 3M stock soared in JulyThe second-quarter results were better than expected, and management upgraded its full-year margin growth guidance, leading to an increase in the low ...

Anurag Maheshwari to join 3M on September 1ST. PAUL, Minn., Aug. 1, 2024 /PRNewswire/ -- 3M (NYSE:MMM) announced today that Anurag Maheshwari is appointed Executive Vice President and Chief Financial Officer (CFO), effective September 1, 2024.Maheshwari currently serves as Executive Vice President and Chief Financial Officer for Otis Worldwide Corporation (Otis), a global leader in the manufacture, installation, and servicing of elevators and escalators, with customers and passengers in more than 200 countr ...

CHINA - 2024/07/16: In this photo illustration, 3M logo is displayed on a smartphone with a laptop ... [+] keyboard background. (Photo Illustration by Serene Lee/SOPA Images/LightRocket via Getty Images)SOPA Images/LightRocket via Getty Images3M (NYSE: MMM) recently reported its Q2’24 results, with revenues and earnings beating the street estimates. The company reported adjusted revenue of $6.0 billion and earnings of $1.93 on a per-share and adjusted basis, compared to the consensus estimates of $5.9 billi ...

Kajdi Szabolcs/E+ via Getty Images Introduction I make mistakes. One of my biggest financial mistakes was underestimating the power of the surge in tech stocks that started last year, fueled by falling inflation rates and the exploding popularity of artificial intelligence. However, in general, I am quite happy with the way things are going, especially with regard to my most recent call, which was to expect a rotation from "growth" to "value" stocks and a general broadening of market strength. In recent mon ...

Key Takeaways3M shares recorded their largest ever one-day percentage gain on Friday after the maker of Scotch tape and Post-it Notes reported better-than-expected quarterly results and boosted its full-year profit outlook.The share price broke out from a pennant pattern on the highest weekly trading volume since early March, indicating a continuation of the current uptrend.Amid further upside, 3M shares may encounter overhead resistance on the chart at key levels including $128, $152, and $175.A pullback c ...

AP Photo/Richard Drew, FileCopyright 2019 The Associated Press. All rights reservedThe market appears to be in a rolling correction. This occurs when one group or sector fades and another begins a rally. This bull market has gone to an historic split between the tech leaders and the rest of the market.This tech correction is likely not completed. There are two reasons for this point of view:· The open interest put/call ratio remains over two and near its highs. This tells us that traders remain bullish desp ...

josefkubesWhile there is still some work left to do, today was a win for 3M Company (NYSE:MMM) and its shareholders. MMM experienced a long retracement as shares declined from around $170 in May of 2021 to the low $70s in October of 2023. Some shareholders weren't excited about MMM spinning off its healthcare business, which formed Solventum Corporation (SLOV) in the fall of 2024, and the resetting of the quarterly dividend from $1.26 to $0.70. Shareholders that stuck with MMM experienced MMM's best day ...

U.S. stocks traded higher toward the end of trading, with the S&P 500 gaining more than 1% on Friday.The Dow traded up 1.66% to 40,598.17 while the NASDAQ rose 1.07% to 17,365.04. The S&P 500 also rose, gaining, 1.17% to 5,462.66.Check This Out: Jim Cramer Is ‘Mystified’ By Five Below, Predicts CrowdStrike ‘Is Going To Bottom Here’Leading and Lagging SectorsIndustrials shares jumped by 2% on Wednesday.In trading on Wednesday, energy shares rose by just 0.6%.Top Headline3M Company MMM shares jumped around 21 ...

3M Company (MMM) has reported second-quarter 2024 results, wherein revenues and earnings surpassed the Zacks Consensus Estimate. The bottom and top lines (on an adjusted basis) increased on a year-over-year basis. It is worth noting that in April 2024, the company completed the spin-off of its Healthcare business into a separate public company. Inside the Headlines 3M delivered adjusted earnings of $1.93 per share, which surpassed the Zacks Consensus Estimate of $1.66. The metric increased from earnings of ...

Financial Data and Key Metrics Changes - The company reported non-GAAP earnings per share of $1.93, an increase of nearly 40% year-over-year, with organic revenue growth of 1% [6][19] - Adjusted free cash flow was $1.2 billion, with a conversion rate of 109% [6][24] - Adjusted operating margins expanded by 440 basis points year-on-year to 21.6% [20][21] Business Segment Data and Key Metrics Changes - Safety and Industrial business posted sales of $2.8 billion, up 1.1% organically, with adjusted operating income of $623 million and margins of 22.6% [27][28] - Transportation and Electronics reported adjusted sales of $1.9 billion, up 3.3% organically, with adjusted operating income of $426 million and margins of 22.3% [29][30] - Consumer business sales were $1.3 billion, with organic sales declining 1.4% year-on-year and operating income of $219 million, down 7% [30][31] Market Data and Key Metrics Changes - Industrial markets grew low single digits in the U.S. and Asia Pacific, while EMEA experienced low single-digit declines [27] - The electronics business outperformed the market with low double-digit organic growth, while the auto OEM business increased nearly 5% [29] Company Strategy and Development Direction - The company is focusing on driving sustained top-line organic growth, improving operational performance, and effectively deploying capital [8][16] - A shift from a geographic to a global business unit structure has been implemented, along with centralizing global supply chain activities [7] - The company aims to balance investments in high-growth markets while sustaining core product investments [11][12] Management's Comments on Operating Environment and Future Outlook - Management acknowledged significant macro uncertainty but noted that business segment and market trends are largely as expected [33] - The company expects full-year adjusted earnings guidance to be raised to a range of $7 to $7.30, reflecting a year-on-year increase of 16% to 21% [33] - Management emphasized the need to improve organic growth, which has been below market indices and peers over several years [9][33] Other Important Information - The company incurred a non-cash charge of approximately $800 million related to a pension risk transfer [26] - Total combined payments of $3.7 billion related to legal settlements were expected in July [25] Q&A Session Summary Question: Actions on organic growth initiatives - Management is focusing on driving innovation and improving the efficiency of R&D spending to enhance organic growth [38][40] Question: Operational excellence and restructuring - Current operational improvements are seen as incremental and do not require significant restructuring beyond what has already been completed [44] Question: Factory and distribution footprint - The company is evaluating its factory and distribution network for potential reductions in complexity and effective capacity [46] Question: Reinvestment and margin growth - Management believes it can reinvest in the business while still achieving reasonable margin expansion [59] Question: Insurance recovery and legal settlements - Ongoing negotiations with multiple insurance providers for recoveries related to legal settlements are in progress [50]