3M Shares Are Trading Lower After The Company Reported Better-Than-Expected Q4 EPS, But Issued FY24 Adj EPS Guidance Below Estimates
Benzinga
2024-01-23
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3M Company (NYSE:MMM) shares are trading lower premarket after the company reported better-than-expected fourth-quarter EPS but issued FY24 Adj EPS guidance below estimates.
The company reported adjusted net sales of $7.69 billion, a decline of 0.3%Y/Y, missing the consensus of $7.70 billion. GAAP net sales totaled $8.01 billion, down 0.8% Y/Y, with an organic sales decline of 1.9% Y/Y.
Adjusted operating income margin expanded 180 basis points Y/Y to 20.9%, including a 1.4 percentage point headwind from restructuring-related net charges.
Adjusted EPS was $2.42 compared to $2.18 in prior-year quarter, beating the consensus of $2.31.
The company reported adjusted net sales of $7.69 billion, a decline of 0.3%Y/Y, missing the consensus of $7.70 billion. GAAP net sales totaled $8.01 billion, down 0.8% Y/Y, with an organic sales decline of 1.9% Y/Y.
Adjusted operating income margin expanded 180 basis points Y/Y to 20.9%, including a 1.4 percentage point headwind from restructuring-related net charges.
Adjusted EPS was $2.42 compared to $2.18 in prior-year quarter, beating the consensus of $2.31.
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