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3M Reports Third-Quarter Results
4 November 2024
3M Reports Third-Quarter Results
- 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
3M has reported its 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:
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GAAP |
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Adjusted (Non-GAAP) |
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Net sales (Millions) |
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$6,294 |
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$6,068 |
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Sales change |
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Total sales |
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0.4 % |
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1.5 % |
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Components of sales change: |
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Organic sales1 |
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(0.1) % |
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1.0 % |
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Acquisitions/divestitures |
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0.8 % |
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0.9 % |
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Translation |
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(0.3) % |
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(0.4) % |
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Adjusted sales excludes manufactured PFAS products. |
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1Above adjusted organic sales increase includes a 100-basis point headwind from product portfolio initiatives and exit of certain small countries. |
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- Sales of $6.3 billion, up 0.4% year-on-year, with organic sales down 0.1% year-on-year.
- Adjusted sales of $6.1 billion, up 1.5% year-on-year with adjusted organic sales up 1.0% year-on-year.
- 3M returned $1.1 billion to shareholders via dividends and share repurchases.
- Cash from operations of $(1.8) billion, driven by $3.6 billion net after tax payments for costs of significant litigation, primarily Public Water Systems and Combat Arms Earplugs.
- Adjusted free cash flow of $1.5 billion.
