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The conglomerate posted first-quarter earnings per share (EPS) of $2.39, surpassing analysts’ expectations of $2.10. Revenue stood at $7.72 billion, also above the consensus projection of $7.63 billion.
The operating margin improved significantly to 18.8% compared to 15.4% in the same period last year.
Looking ahead, 3M forecasts full-year 2024 EPS to range between $6.80 and $7.30, compared to a consensus estimate of $7.00. The company anticipates adjusted organic sales growth to be between unchanged and 2%.
Further, 3M said it expects its dividend payout ratio to be approximately 40% of adjusted free cash flow. The declaration of the second-quarter dividend is anticipated in May 2024, pending board approval.
“We delivered results that were better than our expectations as we returned to organic growth and achieved double-digit adjusted earnings growth,” CEO Mike Roman said in a statement.
“We improved performance in our businesses through strong operational execution, completed the spin-off of Solventum, and finalized two major legal settlements,” he added.
