The earnings call reflects a generally positive sentiment with strong financial performance in Q4 2024, improvements in innovation and product launches, and positive growth across all business groups. However, there are ongoing challenges in certain segments like Safety and Industrial, and external headwinds such as FX impacts and weaknesses in certain regions like EMEA. Despite these challenges, the guidance for 2025 suggests continued growth and improvement.

Company Guidance

During the 3M Q4 2024 earnings call, the company provided guidance for 2025, projecting organic sales growth of 2% to 3% and adjusted earnings per share between $7.60 and $7.90, reflecting a 4% to 8% increase. The free cash flow conversion is expected to be around 100%. In 2024, 3M achieved $1.68 in adjusted EPS for Q4, with a 2.1% organic revenue growth, and generated $1.3 billion in free cash flow with a conversion rate of 145%. The company returned $1.1 billion to shareholders during the quarter. For the full year 2024, adjusted EPS was $7.30, with a 1.2% organic sales growth and $4.9 billion in free cash flow, achieving a conversion rate of 111%. The company also plans to continue its operational excellence program, targeting a 2% net productivity improvement, and aims to further reduce inventory days from 94 to 75.

Strong Finish to 2024

Fourth quarter adjusted earnings per share was $1.68 on 2.1% organic revenue growth. The company generated free cash flow of $1.3 billion with conversion of 145%. Overall, the company delivered $7.30 in adjusted earnings per share for 2024, up 21% year-over-year.

Positive Growth Across All Business Groups

For the first time in 9 quarters, each business group drove positive adjusted organic growth, with 12 of 16 divisions posting positive growth compared to only 7 in the first quarter.

Innovation and Product Launches

In 2024, 3M launched 169 new products, up 32% over the prior year. They expect a double-digit increase in the number of launches for 2025, indicating a strong innovation pipeline.

Improvement in On-Time In-Full Metric

OTIF improved by 3 percentage points versus last year and 8 points versus 2022. Despite challenges, Consumer and Transportation and Electronics divisions are consistently delivering over 90% on time.

Guidance for 2025 Indicates Growth

3M expects organic sales growth of 2% to 3%, adjusted earnings per share of $7.60 to $7.90, and free cash flow conversion of approximately 100% for 2025.

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3M (MMM) Earnings, Revenues Date & History

The upcoming earnings date is based on a company’s previous reporting, and may be updated when the actual date is announced

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MMM Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Apr 29, 2025	2025 (Q1)	1.74 / -	2.39	―	―	―
Jan 21, 2025	2024 (Q4)	1.66 / 1.68	2.023	-16.96% (-0.34)
Oct 22, 2024	2024 (Q3)	1.90 / 1.98	2.241	-11.65% (-0.26)
Jul 26, 2024	2024 (Q2)	1.68 / 1.93	1.814	6.39% (+0.12)
Apr 30, 2024	2024 (Q1)	2.10 / 2.39	1.647	45.11% (+0.74)
Jan 23, 2024	2023 (Q4)	1.93 / 2.02	1.906	6.14% (+0.12)
Oct 24, 2023	2023 (Q3)	1.96 / 2.24	2.249	-0.36% (>-0.01)
Jul 25, 2023	2023 (Q2)	1.45 / 1.81	2.073	-12.49% (-0.26)
Apr 25, 2023	2023 (Q1)	1.32 / 1.65	2.216	-25.68% (-0.57)
Jan 24, 2023	2022 (Q4)	1.98 / 1.91	1.931	-1.29% (-0.03)

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed

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MMM Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Jan 21, 2025	$140.34	$146.17	+4.15%
Oct 22, 2024	$133.47	$130.39	-2.31%
Jul 26, 2024	$101.79	$125.19	+22.99%
Apr 30, 2024	$90.11	$94.36	+4.72%

Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.

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