3M Issues Q1 & FY24 Guidance; Stock Plunges

(RTTNews) - 3M (MMM) announced, for fiscal 2024, the company estimates: adjusted earnings per share in a range of $9.35 to $9.75; adjusted total sales growth in the range of 0.25 to 2.25 percent; and adjusted organic sales to be flat to up 2%. Analysts polled by Thomson Reuters expect the company to report profit per share of $9.81. Analysts' estimates typically exclude special items.

For the first quarter, the company expects: adjusted earnings per share in a range of $2.00 to $2.15; and adjusted sales of approximately $7.6 billion. Analysts expect the company to report profit per share of $2.22.

The company noted that the pending spin of the Health Care business remains on track for first half 2024.

Fourth quarter net income attributable to company was $945 million compared to $541 million, previous year. GAAP earnings per share was $1.70 compared to $0.98, prior year. Adjusted EPS was $2.42, up 11% from a year ago. On average, 14 analysts polled by Thomson Reuters expected the company to report profit per share of $2.31, for the quarter.

Fourth quarter sales were $8.0 billion, down 0.8 percent year-on-year, with organic sales decline of 1.9 percent year-on-year. Adjusted sales were $7.7 billion, down 0.3 percent year-on-year with adjusted organic sales decline of 1.4 percent year-on year. Analysts on average had estimated $7.7 billion in revenue.

Shares of 3M are down 5% in pre-market trade on Tuesday.

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