3M Reports Q4 and FY 2024 Results
3M has reported fourth-quarter and full-year 2024 results.
- Q4 sales of $6.0 billion, up 0.1% YoY; adjusted sales of $5.8 billion with organic growth up 2.1% YoY
- Q4 GAAP EPS from continuing operations of $1.33, up 17% YoY; adjusted EPS from continuing operations of $1.68, down 2% YoY
- Full-year sales of $24.6 billion, down 0.1% YoY; adjusted sales of $23.6 billion with organic growth of 1.2% YoY
- Full-year GAAP EPS from continuing operations of $7.26; adjusted EPS from continuing operations of $7.30, up 21% YoY
Full-year operating cash flow of $1.8 billion with adjusted free cash flow of $4.9 billion
“Our fourth quarter capped a year of strong results as we returned to positive organic revenue growth in the full year,” said William Brown, 3M Chief Executive Officer. “I would like to thank the 3M team for their strong operational execution which helped us deliver double-digit earnings growth and robust free cash flow while returning $3.8 billion to shareholders. We are carrying this momentum forward and are confident in our ability to deliver our 2025 guidance.”
Fourth-Quarter Highlights:
|
|
Q4 2024 |
Q4 2023 |
|
GAAP EPS from continuing operations |
$1.33 |
$1.14 |
|
Net costs for significant litigation |
$(0.07) |
$0.36 |
|
Adjusted EPS from continuing operations |
$1.68 |
$1.70 |
|
GAAP operating income margin |
18.1% |
15.0% |
|
Adjusted operating income margin |
19.7% |
19.9% |
- GAAP EPS of $1.33 and operating margin of 18.1%.
- Adjusted EPS of $1.68, down 2% year-on-year.
- Adjusted operating income margin of 19.7%, a decrease of 0.2 percentage points year-on-year
|
|
GAAP |
Adjusted (Non-GAAP) |
|
Net sales (Millions) |
$6,010 |
$5,808 |
|
Sales change Total sales
|
0.1 % |
2.2 %
|
|
Components of sales change: Organic sales1 |
— % |
2.1 % |
|
Acquisitions/divestitures |
0.9 % |
0.9 % |
|
Translation |
(0.8) % |
(0.8) % |
|
Adjusted sales excludes manufactured PFAS products. 1Above adjusted organic sales increase includes a 70 basis point headwind from product portfolio initiatives and exit of certain small countries. |
||
- Sales of $6.0 billion, up 0.1% year-on-year with organic sales flat year-on-year.
- Adjusted sales of $5.8 billion, up 2.2% year-on-year with adjusted organic sales up 2.1% year-on-year.
- 3M returned $1.1 billion to shareholders via dividends and share repurchases.
- Cash from operations of $1.8 billion.
- Adjusted free cash flow of $1.3 billion.
|
|
Full Year 2024 |
Full Year 2023 |
|
GAAP EPS from continuing operations |
$7.26 |
$(15.17) |
|
Net costs for significant litigation |
$1.32 |
$21.00 |
|
Adjusted EPS from continuing operations |
$7.30 |
$6.04 |
|
GAAP operating income margin |
19.6% |
(43.4%) |
|
Adjusted operating income margin |
21.4% |
18.6% |
- Sales of $24.6 billion, down 0.1 percent year-on-year with organic sales decline of 0.2 percent year-on-year.
- Adjusted sales of $23.6 billion, up 1.3 percent year-on-year with adjusted organic sales increase of 1.2 percent year-on-year.
- 3M returned $3.8 billion to shareholders via dividends and share repurchases.
- Cash from operations of $1.8 billion, including $3.8 billion net after-tax payments for costs of significant litigation, primarily Public Water Systems and Combat Arms Earplugs.
- Adjusted free cash flow of $4.9 billion.
