Post-It Maker 3M Q3 Earnings: Sales Growth Slows, Margins Expand, Raises Annual Profit Outlook
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Oct 22 2024
0mins
Source: Benzinga
3M Company Financial Performance: 3M reported better-than-expected third-quarter results with net sales of $6.294 billion, adjusted EPS of $1.98, and revised FY24 EPS guidance to $7.20 – $7.30, reflecting a slight increase in sales and improved profitability.
Market Reaction and Outlook: Following the earnings report, 3M shares rose by 3.83% to $140.00, with investors encouraged by the company's positive adjustments in sales growth expectations and ongoing shareholder returns through dividends and repurchases.
Analyst Views on MMM
Wall Street analysts forecast MMM stock price to fall over the next 12 months. According to Wall Street analysts, the average 1-year price target for MMM is 152.00 USD with a low forecast of 100.00 USD and a high forecast of 184.00 USD. However, analyst price targets are subjective and often lag stock prices, so investors should focus on the objective reasons behind analyst rating changes, which better reflect the company's fundamentals.
11 Analyst Rating
6 Buy
3 Hold
2 Sell
Moderate Buy
Current: 160.630
Low
100.00
Averages
152.00
High
184.00
Current: 160.630
Low
100.00
Averages
152.00
High
184.00
About MMM
3M Company is a diversified technology company. The Company is a manufacturer and marketer of a variety of products and services. The Company’s segments include Safety and Industrial; Transportation and Electronics, and Consumer. Its Safety and Industrial segment includes industrial abrasives and finishing for metalworking applications; autobody repair solutions; industrial specialty products, such as personal hygiene products, masking, and packaging materials, and others. Its Transportation and Electronics segment includes advanced ceramic solutions; attachment/bonding, films, sound and temperature management for transportation vehicles; premium large format graphic films for advertising and fleet signage. Its Consumer segment includes cleaning products for the home; consumer air quality products, and picture hanging accessories. Its brands include 3M Cubitron II abrasives, Scotch-Brite, Filtrete, Command, Scotchgard, Meguiar’s, Nexcare, Post-it and others.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
