Replies to post #639 on 3M Company (MMM)

[DewDiligence]

3M clarification—The 2024 guidance in the preceding post is on a pro forma basis including the healthcare segment being part of 3M for the full year. After the healthcare spinoff, slated for 1H24, 3M will issue updated 2024 guidance for the company excluding the healthcare segment.

[DewDiligence]

3M 4Q23 CC transcript:

https://finance.yahoo.com/news/q4-2023-3m-co-earnings-074558652.html

[DewDiligence]

3M reports 1Q24 results—issues 2024 ex-SOLV-spin guidance:

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