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3M | 8-K: 3M Reports Third-Quarter Results; Raises Full-Year 2024 Earnings Guidance

SEC ·  Oct 22 06:38

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.
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.
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