Summary by Moomoo AI
On October 22, 2024, 3M Company reported its third-quarter financial results, revealing a slight increase in sales and a significant rise in earnings per share (EPS) from continuing operations. The company announced sales of $6.3 billion, a 0.4% increase year-over-year (YoY), and an adjusted EPS from continuing operations of $1.98, up 18% YoY. 3M also reported a GAAP EPS from continuing operations of $2.48, which is a substantial 154% increase YoY. The company's operating cash flow was negative $1.8 billion, primarily due to net after-tax payments for significant litigation, but it managed an adjusted free cash flow of $1.5 billion. As a result of strong performance, 3M updated its full-year 2024 adjusted EPS guidance to $7.20 to $7.30, up from the previous range of $7.00 to $7.30. CEO William Brown expressed confidence in the company's ability to finish the year strongly and create long-term shareholder value. The company's stock is traded on the New York Stock Exchange under the symbol MMM, and its common stock is also traded on the SWX Swiss Exchange.