3M beats by $0.11, beats on revs; guides FY24 EPS below consensus
- Reports Q4 (Dec) earnings of $2.42 per share, $0.11 better than the FactSet Consensus of $2.31; revenues fell 1.1% year/year to $8.01 bln vs the $7.69 bln FactSet Consensus.
- Co issues downside guidance for FY24, sees EPS of $9.35-9.75 vs. $9.90 FactSet Consensus. Adjusted total sales growth3 in the range of 0.25 to 2.25 percent, reflecting adjusted organic sales3 growth of flat to up 2 percent.
- "The fourth quarter capped a strong year for 3M," said 3M chairman and CEO Mike Roman. "Throughout 2023, we executed our priorities and delivered on our commitments -- including expanding underlying operating margins and cash flow. We initiated actions to restructure our organization and simplify our supply chain, while progressing our Health Care spin and addressing legal matters."