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]

Key Takeaways3M shares soared as the conglomerate beat profit and sales estimates under new CEO William Brown. The company also raised its full-year earnings guidance.The gains came as the company refocused on growth following settlements of two big class-action lawsuits and the spinoff of its Solventum health care unit.The stock's surge was powering a 700-point gain for the Dow Jones Industrial Average in midday trading Friday. Shares of 3M (MMM) soared Friday after the maker of a wide array of commercial ...

A strong beat signals to markets that this slumbering industrial giant is back.Diversified manufacturer 3M (MMM 19.64%) easily topped Wall Street's quarterly expectations and raised the lower end of its full-year guidance.Investors are rallying into the shares, sending 3M up 17% as of 11:15 a.m. ET.A big beat thanks to improving margins3M has required patience from investors, losing nearly half of its value over the past five years as it dealt with a series of liability lawsuits and reworked its business. B ...

Blue chip 3M Co (NYSE:MMM) is surging, up 15.9% to trade at $119.75 at last check, after the company reported better-than-expected earnings and revenue for the second quarter.MMM earlies blasted through overhead pressure from the $105 level to hit a 52-week high of $121.60 earlier. Shares are also bouncing off long-term support from the 40-day moving average, and now sport a 30.9% year-to-date lead.Analysts have yet to chime in, with seven of the 11 in coverage calling 3M Stock a "hold" or worse, while the ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2024 or o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from __________ to __________ Commission file number: 1-3285 3M COMPANY (Exact name of registrant as specified in its charter) Delaware 41-0417775 (State or ...

3M’s NYSE: MMM rebound is gaining momentum because of surprisingly good results. Today’s story is that repositioning efforts are taking hold and driving improved profitability while litigation risks dwindle. The takeaways from the Q2 report include better-than-expected top and bottom-line results, organic sequential growth in all segments, improved margin, and increased guidance that affirms the shift in analysts' sentiment. That shift points to higher share prices and the potential for a sustained rally th ...

2024 Second Quarter Earnings (unaudited) Bill Brown Monish Patolawala Chief Executive Officer President and Chief Financial Officer Bruce Jermeland Senior Vice President, Investor Relations Forward-looking statements This presentation contains forward-looking statements. You can identify these statements by the use of words such as "plan," "expect," "aim," "believe," "project," "target," "anticipate," "intend," "estimate," "will," "should," "could," "would," "forecast" and other words and terms of similar m ...

3M (MMM) came out with quarterly earnings of $1.93 per share, beating the Zacks Consensus Estimate of $1.66 per share. This compares to earnings of $2.17 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 16.27%. A quarter ago, it was expected that this maker of Post-it notes, industrial coatings and ceramics would post earnings of $2.08 per share when it actually produced earnings of $2.39, delivering a surprise of 14.90%.Over t ...

Earnings Per Share (EPS) - Q2 2024 GAAP EPS from continuing operations is $2.17, up 117% YoY, compared to $(12.94) in Q2 2023[1][3] - Adjusted EPS from continuing operations for Q2 2024 is $1.93, up 39% YoY from $1.39 in Q2 2023[1][3] - Total Company adjusted earnings per share (non-GAAP) for Q2 2024 were $1.93, a 39% increase year-over-year[50] - Full-year 2024 adjusted EPS guidance updated to $7.00 to $7.30, from the previous range of $6.80 to $7.30[7] - 2024 full-year adjusted earnings per share (non-GAAP) forecast is between $7.00 and $7.30[59] - Q1 2024 diluted earnings per share was $1.27[81] - Q1 2024 adjusted diluted earnings per share (non-GAAP) was $1.71[86] - Full-Year 2023 diluted loss per share was $15.17[81] - Full-Year 2023 adjusted diluted earnings per share (non-GAAP) was $6.04[103] Sales Performance - Q2 2024 net sales are $6.255 billion, down 0.5% YoY, with organic sales down 0.3% YoY[2][5] - Adjusted sales for Q2 2024 are $6.019 billion, up 1.1% YoY, with adjusted organic sales up 1.2% YoY[2][5] - Total sales change for the three months ended June 30, 2024, was (0.5)% worldwide, with organic sales declining by (0.3)%[24] - Total sales change for the six months ended June 30, 2024, was (0.5)% worldwide, with organic sales declining by (0.3)%[25] - Total Company GAAP net sales for Q2 2024 were $6.255 billion, a decrease of 0.5% year-over-year, with adjusted net sales (non-GAAP) at $6.019 billion, reflecting a 1.1% increase[46][50] - Adjusted net sales for Q2 2024 are $6.019 billion, up from $5.951 billion in Q2 2023[72] - Full-year 2024 adjusted total sales growth forecast remains at (0.25%) to +1.75%, with adjusted organic sales growth flat to +2%[7] - Q1 2024 net sales were $6.016 billion[81] - Q1 2024 adjusted net sales (non-GAAP) were $5.735 billion[86] - Full-Year 2023 net sales were $24.610 billion[81] - Full-Year 2023 adjusted net sales (non-GAAP) were $23.321 billion[103] - Q2 2023 net sales were $6.283 billion[92] - Q2 2023 adjusted net sales (non-GAAP) were $5.951 billion[92] Operating Income and Margins - Adjusted operating income margin for Q2 2024 is 21.6%, up 4.4 percentage points YoY from 17.2% in Q2 2023[5] - Q2 2024 GAAP operating income margin is 20.3%, compared to (148.9)% in Q2 2023[5] - Total Company GAAP operating income for Q2 2024 was $1.272 billion, with an operating margin of 20.3%, while adjusted operating income (non-GAAP) was $1.303 billion, with a margin of 21.6%[46][50] - Transportation and Electronics segment adjusted operating income (non-GAAP) for Q2 2024 was $426 million, with a margin of 22.3%[46] - Safety and Industrial segment adjusted operating income (non-GAAP) for Q2 2024 was $623 million, with a margin of 22.6%[46] - Q1 2024 operating income was $1.149 billion, with an operating margin of 19.1%[81] - Q1 2024 adjusted operating income (non-GAAP) was $1.223 billion, with an adjusted operating margin of 21.3%[86] - Full-Year 2023 operating loss was $10.689 billion, with an operating margin of -43.4%[81] - Full-Year 2023 adjusted operating income (non-GAAP) was $4.344 billion, with an adjusted operating margin of 18.6%[103] - Q2 2023 operating loss was $9.358 billion, with an operating margin of N/M (not meaningful)[92] - Q2 2023 adjusted operating income (non-GAAP) was $1.021 billion, with an adjusted operating margin of 17.2%[92] Segment Performance - Safety and Industrial segment operating income was $612 million for the three months ended June 30, 2024, up from $534 million in the same period last year[32] - Transportation and Electronics segment operating income was $428 million for the three months ended June 30, 2024, up from $410 million in the same period last year[32] - Consumer segment operating income was $219 million for the three months ended June 30, 2024, down from $235 million in the same period last year[32] - Net sales for the Safety and Industrial segment were $2,759 million for the three months ended June 30, 2024, compared to $2,765 million in the same period last year[32] - Net sales for the Transportation and Electronics segment were $2,143 million for the three months ended June 30, 2024, compared to $2,191 million in the same period last year[32] - Transportation and Electronics segment GAAP net sales for Q2 2024 were $2.143 billion, down 2.2% year-over-year, with adjusted net sales (non-GAAP) at $1.907 billion, showing a 2.6% increase[46] - Safety and Industrial segment GAAP net sales for Q2 2024 were $612 million, up 22.2% year-over-year, with adjusted net sales (non-GAAP) at $623 million, reflecting a 22.6% increase[46] - Safety and Industrial segment adjusted EBITDA for Q2 2024 is $760 million, up from $746 million in Q2 2023[71] - Transportation and Electronics segment adjusted EBITDA for Q2 2024 is $510 million, up from $446 million in Q2 2023[71] - Consumer segment adjusted EBITDA for Q2 2024 is $258 million, down from $273 million in Q2 2023[71] Cash Flow and Financial Position - Operating cash flow for Q2 2024 is $1.0 billion, with adjusted free cash flow of $1.2 billion[3][5] - Adjusted free cash flow for Q2 2024 is $1.165 billion, down from $1.463 billion in Q2 2023[69] - Net cash provided by investing activities was $(856) million, compared to $(619) million in the previous period[22] - Net cash provided by financing activities was $3,263 million, compared to $(1,519) million in the previous period[22] - Net debt as of June 30, 2024 is $2.711 billion, down from $10.230 billion at the end of 2023[78] Adjusted EBITDA - Adjusted EBITDA for Q2 2024 is $1.576 billion, up from $1.301 billion in Q2 2023[71] - Adjusted EBITDA margin for Q2 2024 is 26.2%, compared to 21.9% in Q2 2023[71] Net Income - Net income attributable to 3M for Q2 2024 is $1.145 billion, compared to a loss of $6.841 billion in Q2 2023[69] - Total Company adjusted net income (non-GAAP) for Q2 2024 was $1.070 billion, a 39% increase year-over-year[50] - Q1 2024 net income from continuing operations attributable to 3M was $705 million[81] - Q1 2024 adjusted net income from continuing operations attributable to 3M (non-GAAP) was $951 million[86] - Full-Year 2023 net loss from continuing operations attributable to 3M was $8.402 billion[81] - Full-Year 2023 adjusted net income from continuing operations attributable to 3M (non-GAAP) was $3.346 billion[103] Litigation and Divestiture Costs - Net costs for significant litigation in Q2 2024 were approximately $428 million, compared to $129 million in Q2 2023[109] - Total payments for significant litigation in the first six months of 2024 were approximately $799 million, compared to $202 million in the same period of 2023[109] - Divestiture costs in Q2 2024 were approximately $58 million, compared to $94 million in Q2 2023[110] - Total divestiture costs in the first six months of 2024 were approximately $192 million, compared to $148 million in the same period of 2023[110] - Divestiture-related restructuring actions in the first six months of 2024 resulted in payments of approximately $2 million, compared to $8 million in the same period of 2023[111] Tax and Other Adjustments - Payments related to the Tax Cuts and Jobs Act (TCJA) in Q2 2024 were approximately $193 million, compared to $126 million in Q2 2023[111] - 2024 adjusted effective tax rate (non-GAAP) forecast is between 19% and 20%[59] - Total special items adjustments for Q2 2024 are $2 million, compared to $10.348 billion in Q2 2023[73] - In Q2 2024, 3M recorded a non-cash pension settlement charge due to transferring a portion of its U.S. pension payment obligations to an insurance company[112] - The change in value of 3M's retained ownership interest in Solventum common stock was reflected in other expense (income), net[112] - 3M completed the separation of Solventum in April 2024, with associated tax costs and restructuring actions impacting financial results[110][111] Strategic Initiatives - 3M plans to exit manufactured PFAS products by the end of 2025, with impacts reflected in the Transportation and Electronics business segment[112] Shareholder Returns - 3M returned $786 million to shareholders in Q2 2024 via dividends and share repurchases[5]

Sales of $6.3 billion, down 0.5% YoYAdjusted sales of $6.0 billion with organic growth up 1.2% YoYGAAP EPS from continuing operations of $2.17, up 117% YoYAdjusted EPS from continuing operations of $1.93, up 39% YoYOperating cash flow of $1.0 billion with adjusted free cash flow of $1.2 billionUpdates full-year 2024 adjusted EPS from continuing operations to $7.00 to $7.30 from $6.80 to $7.30ST. PAUL, Minn., July 26, 2024 /PRNewswire/ -- 3M (NYSE: MMM) today reported second-quarter results."We delivered ano ...