3M Delivers Strong Fourth-Quarter Results; Announces First-quarter Dividend

3M has reported its fourth-quarter and full-year 2023 results, with the board declaring a dividend.

The company says the results reflect strong operational execution, progress on restructuring, and spending discipline. 3M says it is well-positioned to continue improving performance, including continued expansion of adjusted operating margins in 2024. The Health Care spin-off remains on track for the first half of 2024.

"The fourth quarter capped a strong year for 3M," said 3M chairman and CEO Mike Roman. "Throughout 2023, we executed our priorities and delivered on our commitments – including expanding underlying operating margins and cash flow. We initiated actions to restructure our organisation and simplify our supply chain while progressing our Health Care spin and addressing legal matters."

"Our team remains focused on further improving our operational performance, optimising our portfolio, and reducing risk," Roman continued. "We will continue to invest in high-growth markets where 3M's unique capabilities can make a difference, including automotive electrification, climate technology, and industrial automation. I am confident we will deliver a successful 2024."

The Board also declared a dividend on the company's common stock of $1.51 per share for the first quarter of 2024. The dividend is payable March 12, 2024, to shareholders of record at the close of business on Feb. 16, 2024.

3M has paid dividends to its shareholders without interruption for more than one hundred years. The first quarter dividend reflects the company's continued strong cash flow generation in 2023.

As of Dec. 31, 2023, 3M had 552,581,136 common shares outstanding and 59,969 shareholders of record