3M Delivers Strong Second-Quarter Results

• Sales of $6.3 billion, down 0.5% YoY
• Adjusted sales of $6.0 billion with organic growth up 1.2% YoY
• GAAP EPS from continuing operations of $2.17, up 117% YoY
• Adjusted EPS from continuing operations of $1.93, up 39% YoY
• Operating cash flow of $1.0 billion with adjusted free cash flow of $1.2 billion
• Updates full-year 2024 adjusted EPS from continuing operations to $7.00 to $7.30 from $6.80 to $7.30

3M has released its second-quarter results.

"We delivered another strong quarter with adjusted earnings growth up double-digits and robust cash generation. I want to thank 3M employees for their exceptional execution, which we expect to continue in the second half of the year," said William Brown, 3M Chief Executive Officer.

"As I look ahead, I am focused on three priorities: driving sustained organic revenue growth, increasing operational performance, and effectively deploying capital. I have long admired 3M's track record of innovation and am excited to be leading this great company and by the opportunities ahead."

Second-Quarter Highlights:

GAAP EPS of $2.17 and operating margin of 20.3%.

Adjusted EPS of $1.93, up 39% year-on-year.

Adjusted operating income margin of 21.6%, an increase of 4.4 percentage points year-on-year.

Sales of $6.3 billion, down 0.5% year-on-year, with organic sales down 0.3% year-on-year.

Adjusted sales of $6.0 billion, up 1.1% year-on-year with adjusted organic sales up 1.2% year-on-year.

Operating cash flow of $1.0 billion; adjusted free cash flow of $1.2 billion.

3M returned $786 million to shareholders via dividends and share repurchases.