3M reported second quarter 2024 results with net income of $1.2 billion, or $2.17 per share, compared to a loss of $7.2 billion in Q2 2023. Sales decreased 0.5% year-over-year to $6.3 billion, while operating income margin improved to 20.3%. The company successfully completed the separation of its healthcare business Solventum on April 1, 2024.Operating performance showed strength across segments, with Safety & Industrial operating margins increasing to 22.2% and Transportation & Electronics margins rising to 20.0%. The company benefited from productivity initiatives, lower raw material costs, and reduced restructuring charges. However, Consumer segment sales declined 2.4% due to softer discretionary demand.The company made significant progress on strategic initiatives, including the Combat Arms Earplugs settlement with over 99% claimant participation and continued execution of its PFAS manufacturing exit plan. 3M maintained strong liquidity with $10.4 billion in cash and marketable securities as of June 30, 2024. The quarterly dividend was reset to $0.70 per share following the Solventum spin-off.

3M reported second quarter 2024 results with net income of $1.2 billion, or $2.17 per share, compared to a loss of $7.2 billion in Q2 2023. Sales decreased 0.5% year-over-year to $6.3 billion, while operating income margin improved to 20.3%. The company successfully completed the separation of its healthcare business Solventum on April 1, 2024.Operating performance showed strength across segments, with Safety & Industrial operating margins increasing to 22.2% and Transportation & Electronics margins rising to 20.0%. The company benefited from productivity initiatives, lower raw material costs, and reduced restructuring charges. However, Consumer segment sales declined 2.4% due to softer discretionary demand.The company made significant progress on strategic initiatives, including the Combat Arms Earplugs settlement with over 99% claimant participation and continued execution of its PFAS manufacturing exit plan. 3M maintained strong liquidity with $10.4 billion in cash and marketable securities as of June 30, 2024. The quarterly dividend was reset to $0.70 per share following the Solventum spin-off.