3M Co

MMM

Equity

ISIN US88579Y1010 / Valor 1405105

New York Stock Exchange, Inc (2024-09-17)

USD 133.57-0.77%

3M Co
UMushroom community rating:

0.00 0 votes No rating yet

NegativeNeutralPositive

About company

3M Co, originally known as Minnesota Mining and Manufacturing Company, is a diversified global enterprise that has significantly evolved since its inception in 1902. Starting as a small mining venture, 3M has grown into a multinational conglomerate that produces over 60,000 products used across various industries including healthcare, consumer markets, electronics, and transportation. The company's vast product line encompasses a wide range of goods such as adhesives, abrasives, laminates, passive fire protection, personal protective equipment, dental and orthodontic products, electronic materials, medical products, car-care products, and electronic circuits. 3M is renowned for its culture of innovation, with a third of its sales generated from products developed within the last five years. This innovation is supported by a substantial investment in research and development, employing thousands of researchers and scientists worldwide. With operations in 70 countries and products sold in 200, 3M has established itself as a staple on the Fortune 500 list, demonstrating its enduring success and global impact.

Summarized from source with an LLMView SourceSector: Consumer Cyclicals

Latest Results (23.05.2024):

#### Q3 2023 Earnings Summary

3M Co reported its third quarter 2023 results, highlighting a GAAP loss per share of $3.74, primarily due to a significant pre-tax charge related to the Combat Arms Earplug settlement. Despite this, the adjusted earnings per share (EPS) was $2.68, reflecting a 3% increase from the previous year, driven by strong operational execution and disciplined spending.

#### Revenue Details

In the third quarter of 2023, 3M Co experienced a decrease in total sales by 3.6% year-on-year, amounting to $8.3 billion. The decline in organic sales was 3.7%, influenced by a decrease in disposable respirator demand and the company's exit from Russia in 2022. Adjusted sales, excluding manufactured PFAS products, stood at $8.0 billion, down 3.0% year-on-year.

#### Cash Flow and Dividends

3M Co demonstrated a robust cash generation in the third quarter of 2023, with operating cash flow rising by 25% year-on-year to $1.9 billion. The adjusted free cash flow saw an impressive increase of 39% year-on-year. Additionally, the company returned $828 million to shareholders through dividends, underscoring its commitment to delivering shareholder value.

#### Full-Year 2023 Outlook

Based on its performance in the first three quarters of 2023, 3M Co has raised its full-year expectations for adjusted EPS and adjusted free cash flow conversion. The company now anticipates an adjusted EPS in the range of $8.95 to $9.15 and adjusted operating cash flow between $6.5 billion and $6.9 billion, aiming for a free cash flow conversion rate of 100 to 110%.

#### Legal and Restructuring Updates

3M Co continues to address its legal challenges, having reached a settlement in the Combat Arms Earplug litigation with a pre-tax charge of $4.2 billion recorded in the third quarter. The company is also progressing with its plan to spin off its Health Care business, expected to be completed in the first half of 2024, as part of its strategic realignment to enhance operational efficiency and focus on core business areas.

Summarized from source with an LLMView Source

Key figures

57.8%1Y

-12.1%3Y

-5.09%5Y

Performance

32.5%1Y

28.8%3Y

29.4%5Y

Volatility