share_log

3M | 8-K: 3M Delivers Strong Fourth-Quarter Results and Improves Operational Performance and Exceeds Earnings and Cash Flow Expectations

SEC announcement ·  Jan 23 13:00
Summary by Futu AI
On January 23, 2024, 3M Company reported its financial results for the fourth quarter and full year of 2023, and provided its financial outlook for 2024. The company announced GAAP earnings per share of $1.70 for Q4 and an adjusted EPS of $2.42, reflecting an 11 percent increase year-on-year. The adjusted operating income margin expanded by 1.8 percentage points to 20.9%. For the full year, 3M reported a GAAP loss per share of $12.63, primarily due to significant litigation charges related to Combat Arms Earplugs and PFAS settlements. However, the adjusted EPS for the year stood at $9.24. The company's total sales for Q4 were $8.0 billion, a 0.8 percent decrease from the previous year, with an organic sales decline of 1.9 percent. Adjusted sales for the full year were $31.4 billion, down 4.5 percent year-on...Show More
On January 23, 2024, 3M Company reported its financial results for the fourth quarter and full year of 2023, and provided its financial outlook for 2024. The company announced GAAP earnings per share of $1.70 for Q4 and an adjusted EPS of $2.42, reflecting an 11 percent increase year-on-year. The adjusted operating income margin expanded by 1.8 percentage points to 20.9%. For the full year, 3M reported a GAAP loss per share of $12.63, primarily due to significant litigation charges related to Combat Arms Earplugs and PFAS settlements. However, the adjusted EPS for the year stood at $9.24. The company's total sales for Q4 were $8.0 billion, a 0.8 percent decrease from the previous year, with an organic sales decline of 1.9 percent. Adjusted sales for the full year were $31.4 billion, down 4.5 percent year-on-year. 3M also returned $828 million to shareholders through dividends in Q4 and $3.3 billion over the full year. The company's Health Care spin remains on track for the first half of 2024. For the upcoming year, 3M expects adjusted total sales growth in the range of 0.25 to 2.25 percent and an adjusted EPS in the range of $9.35 to $9.75. The company's chairman and CEO, Mike Roman, expressed confidence in delivering a successful 2024, highlighting the company's focus on operational performance, portfolio optimization, and investment in high-growth markets.

This announcement is a separate document:

Doc 1

Doc 2

The information provided by Futu AI is automatically generated by third-party artificial intelligence (AI) software based on news content. It is only available to users located outside of China mainland.


The above content is for informational or educational purposes only and does not constitute any investment advice related to Futu. Although we strive to ensure the truthfulness, accuracy, and originality of all such content, we cannot guarantee it.