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Dec 31, 2023
3M Q4 2023 Earnings Report
3M delivered strong fourth-quarter results, improved operational performance, and exceeded earnings and cash flow expectations.
Key Takeaways
3M reported a decrease in sales by 0.8 percent year-on-year, with sales of $8.0 billion. GAAP earnings per share was $1.70, and adjusted EPS was $2.42, up 11 percent year-on-year. The company's operating cash flow was $2.0 billion, up 3 percent year-on-year, and adjusted free cash flow was $2.0 billion, up 18 percent year-on-year.
GAAP earnings per share of $1.70 and operating margin of 15.5%.
Adjusted EPS of $2.42 includes pre-tax restructuring related net charges of $109 million, or negative $0.17 per share.Adjusted EPS up 11 percent year-on-year.
Adjusted operating income margin of 20.9% includes a 1.4 percentage point headwind from restructuring related net charges. Adjusted operating income margin expanded 1.8 percentage points year-on-year.
Sales of $8.0 billion, down 0.8 percent year-on-year, with organic sales decline of 1.9 percent year-on-year.
Revenue by Segment
Forward Guidance
3M provided the following full-year 2024 expectations.
Positive Outlook
- Adjusted total sales growth in the range of 0.25 to 2.25 percent, reflecting adjusted organic sales growth of flat to up 2 percent.
- Adjusted EPS in the range of $9.35 to $9.75.
- Adjusted operating cash flow of $6.5 to $7.1 billion, contributing to 95 to 105 percent adjusted free cash flow conversion.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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