3M Co. (MMM) raises full-year EPS guidance, tops earnings and revenue expectations

Industrial conglomerate 3M Co. (NYSE: MMM) reported a robust second quarter, with earnings and revenue surpassing Wall Street estimates, prompting the company's shares to jump 5.4% in response.

The company's adjusted earnings per share (EPS) from continuing operations climbed 39% to $1.93, exceeding the analyst consensus of $1.67. Revenue held steady at $6.3 billion, topping expectations by $430 million and demonstrating resilience despite a slight 0.5% decline year-on-year (YoY).

3M's leadership attributed the strong performance to double-digit adjusted earnings growth and substantial cash generation. "We delivered another strong quarter with adjusted earnings growth up double-digits and robust cash generation," stated William Brown, 3M's CEO.

Brown emphasized the company's focus on organic revenue growth, operational efficiency, and strategic capital deployment.

The company also raised its full-year 2024 adjusted EPS guidance to a range of $7.00 to $7.30, up from the previous forecast of $6.80 to $7.30. This updated guidance surpasses the current analyst consensus of $7.18, reflecting confidence in continued operational execution for the remainder of the year.

In addition to the earnings beat, 3M's GAAP EPS from continuing operations saw a significant increase of 117% YoY to $2.17. The company also reported an adjusted operating income margin of 21.6%, marking an improvement of 4.4 percentage points YoY.

Despite a slight drop in year-on-year sales, adjusted organic sales experienced a 1.2% uptick.

3M's financial health was further evidenced by a solid operating cash flow of $1.0 billion and adjusted free cash flow of $1.2 billion. The company continued its shareholder-friendly actions by returning $786 million through dividends and share repurchases.

You May Also Be Interested In

• SpaceX signs compute deal with Reflection - CNBC
• FedEx (FDX) call put ratio 1 call to 1.5 puts into quarter results
• Popular stocks with increasing option volume: SPCX INTC AVGO AMC MU PLTR NYT