3M Raises Full-year Adj. Earnings Guidance - Update

(RTTNews) - (Adds Outlook)

3M (MMM) has updated guidance for full-year 2024 adjusted EPS from continuing operations to $7.20 to $7.30 from previous guidance range of $7.00 to $7.30. Adjusted organic sales growth is now projected to be approximately 1%, revised from prior guidance range of flat to an increase of 2%.

Q3 Results:

The company reported net income from continuing operations attributable to 3M of $1.37 billion compared to a loss of $2.53 billion, prior year. GAAP EPS from continuing operations was $2.48, up 154%. Adjusted EPS was $1.98, up 18% year-on-year. On average, 14 analysts polled by Thomson Reuters expected the company to report profit per share of $1.90, for the quarter. Analysts' estimates typically exclude special items.

Sales were $6.3 billion, up 0.4% from a year ago. Organic sales were down 0.1% year-on-year. Adjusted sales were $6.1 billion, up 1.5% year-on-year with adjusted organic sales up 1.0% year-on-year. Analysts on average had estimated $6.06 billion in revenue.

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

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