3M's first quarter sees $8 billion in sales
3M reported $8 billion is sales for its first-quarter––the company initiated its 2024 financial earnings outlook reflecting Solventum as a discontinued operation for the full-year, including Q1.
"We delivered results that were better than our expectations as we returned to organic growth and achieved double digit adjusted earnings growth. We improved performance in our businesses through strong operational execution, completed the spin-off of Solventum, and finalized two major legal settlements," said 3M chairman and CEO Mike Roman. "The progress we have made in executing our strategic priorities, positions the company for long-term shareholder value creation as Bill Brown assumes the role of 3M CEO."
Highlights for the quarter included:
- Sales of $8.0 billion, down 0.3% YoY; adjusted sales of $7.7 billion with organic growth up ~1% YoY
- GAAP earnings per share of $1.67, down 5% YoY; adjusted earnings of $2.39, up double digits YoY
- Successfully completed the spin of Solventum on April 1st
- Finalized legal settlements for Public Water Suppliers and Combat Arms Earplugs
- Initiates guidance on a continuing operations basis and updates capital allocation framework
- Named William "Bill" Brown as CEO effective May 1; Mike Roman will become Executive Chairman
INDUSTRIAL SUPPLY MAGAZINE
The May/June issue of Industrial Supply magazine features an in-depth cover story about GME Supply. Plus, we're featuring articles by contributing writers Dirk Beveridge, Frank Hurtte, and Howard Coleman, as well as interviews with numerous product and distribution industry experts.
