Industrial, commercial and consumer manufacturing congomerate 3M reported its 2024 third quarter financial results on Oct. 22, showing a modest sales increase year-over-year both overall and in its Safety & Industrial segment.
Total sales for the quarter reached $6.3 billion, up 0.4% year-over-year. Adjusted sales were $6.1 billion, reflecting organic growth of 1.0% year-over-year.
3M’s reported 3Q operating profit of $1.31 billion, while net profit of $1.37 billion decreased year-over-year from $2.0 billion.
Here is how 3M’s 3Q performed within its three business units:
- Safety & Industrial — Sales of $2.76 billion (24.3% of total), up 0.5% year-over-year, with organic sales up 0.9%. Operating profit decreased by 5.1% year-over-year.
- Transportation & Electronics — Sales of $1.9 billion (24.5% of total), up 1.8% year-over-year, with organic sales up 2.0%. Operating profit decreased by 5.2%.
- Consumer — Sales of $1.29 billion (20.2% of total), down 1.2% year-over-year, with organic sales down 0.7%. Operating profit decreased by 2.5% year-over-year.
“The 3M team delivered another quarter of strong operational execution, resulting in a double-digit increase in adjusted earnings along with solid adjusted free cash flow generation,” 3M CEO William Brown said in the company’s financial release. “Our ongoing execution positions us well to deliver a strong finish to the year. I am confident that our work on advancing our three priorities – organic growth, operational excellence, and capital deployment – will deliver long-term value creation for our shareholders.”
3M forecasts 2024 full-year total sales growth of approximately 1%, with organic sales growth at approximately 1%.
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