3M Lifts Profit Forecast Amid Demand Recovery; Q3 Adjusted EPS Hits $1.98, Revenue $6.29 Billion

Oct 22, 2024, 10:45 AM

3M reported its third-quarter 2024 earnings, announcing GAAP earnings per share (EPS) from continuing operations of $2.48, up 154% year-over-year. The adjusted EPS from continuing operations was $1.98, surpassing analysts' estimates of $1.91 and representing an 18% increase year-over-year. The company recorded net sales of $6.29 billion, up from $5.59 billion in the prior year, with organic sales growth of 1%. Despite reporting an operating cash flow of negative $1.8 billion, 3M raised the lower end of its full-year adjusted EPS guidance to a range of $7.20 to $7.30 from the previous guidance of $7.00 to $7.30, citing a recovery in demand. The company also updated its forecast for full-year adjusted total sales growth to approximately 1%, compared to its previous guidance range of a 0.25% decline to a 1.75% increase.