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Tuesday, April 30, 2024 9:20:28 AM
https://d1io3yog0oux5.cloudfront.net/_827c8a8b5aa9802496746200b47d1a06/3m/db/3222/30862/earnings_release/Q1+2024+Press+Release.pdf
3M spun off its healthcare segment into the new company, Solventum (Nasdaq: SOLV) on 4/1/23, so 3M’s 1Q24 results include that business segment. However, 3M’s new guidance for full-year 2024 results excludes the spun-off business and is on an apples-to-apples basis.
1Q24 sales were $8.0B, flat YoY. 1Q24 organic sales (excluding FX, acquisitions, and divestitures) were -1% YoY.
1Q24 non-GAAP EPS—which excludes the cost of the announced earplug and PFAS settlements and related legal expenses—was $2.39, up from $1.97 in 1Q23.
3M’s new ex-SOLV-spin 2024 guidance is as follows:
Non-GAAP EPS of $6.80-7.30. (The prior 2024 guidance including SOLV was $9.35-9.75; actual 2023 non-GAAP EPS was $9.24.)
Sales growth of -0.25% to +1.75%]/b].
Organic sales growth of 0-2.0%.
CC slides:
https://d1io3yog0oux5.cloudfront.net/_827c8a8b5aa9802496746200b47d1a06/3m/db/3222/30862/presentation/Q1+2024+Earnings+Presentation.pdf
Financial statements: https://d1io3yog0oux5.cloudfront.net/_827c8a8b5aa9802496746200b47d1a06/3m/db/3222/30862/financial_statement/Q1+2024+Supplemental+Financial+Schedules.pdf
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