3M Company (MMM)

[DewDiligence]

3M reports 4Q23 results—issues (tepid) 2024 guidance:

https://investors.3m.com/news-events/press-releases/detail/1821/3m-delivers-strong-fourth-quarter-results-improves

4Q23 non-GAAP EPS—which excludes the cost of the announced earplug and PFAS settlements and related legal expenses —was $2.42, +11% YoY.

4Q23 sales were $8.0B, -0.8% YoY.

4Q23 organic sales growth (excluding FX, acquisitions, and divestitures) was -1.9% YoY.

3M issued 2024 non-GAAP EPS guidance—which excludes the cost of the announced earplug and PFAS settlements and related legal expenses—of $9.35-9.75, +1-6% YoY vs $9.24 in 2023.

2024 guidance for sales growth is 0.25-2.25%. 2024 guidance for organic sales growth is 0-2.0%.


3M’s healthcare spin-off, Solventum, is still slated to occur during 1H24; see #msg-173243340 for related info.


CC slides:
https://d1io3yog0oux5.cloudfront.net/_b81fdcf4b61b3aa85cc07b8e46d6f76a/3m/db/3222/30800/presentation/Q4+2023+Earnings+Slides.pdf

Financial statements:
https://d1io3yog0oux5.cloudfront.net/_b81fdcf4b61b3aa85cc07b8e46d6f76a/3m/db/3222/30800/financial_statement/Q4+2023+Financial+Statement+Information.pdf