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3M Reports Third-Quarter Results; Raises Full-Year 2024 Earnings Guidance

Sales of $6.3 billion, up 0.4% YoY

Adjusted sales of $6.1 billion with organic growth up 1.0% YoY

GAAP EPS from continuing operations of $2.48, up 154% YoY

Adjusted EPS from continuing operations of $1.98, up 18% YoY

Operating cash flow of $(1.8) billion with adjusted free cash flow of $1.5 billion

Updating full-year 2024 adjusted EPS from continuing operations to $7.20 to $7.30 from $7.00 to $7.30

ST. PAUL, Minn., Oct. 22, 2024 /PRNewswire/ -- 3M (NYSE:MMM) today reported third-quarter results.

"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," said William Brown, 3M Chief Executive Officer. "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."

Third-Quarter Highlights:

Q3 2024

Q3 2023

GAAP EPS from continuing operations (GAAP EPS)

$          2.48

$        (4.56)

Special items:

Net costs for significant litigation

0.51

6.13

(Increase) decrease in value of Solventum ownership

(1.05)

—

Other special items, net

0.04

0.11

Adjusted EPS from continuing operations (Adjusted EPS)

$          1.98

$          1.68

Memo:

GAAP operating income margin

20.9 %

(49.4) %

Adjusted operating income margin