3M Reports First-Quarter 2025 Results
3M (NYSE: MMM) reported mixed first-quarter 2025 results with GAAP sales of $6.0 billion, down 1.0% year-over-year, while adjusted sales reached $5.8 billion with organic growth of 1.5%. The company's performance showed improved profitability with GAAP operating margin of 20.9%, up 180 basis points, and adjusted operating margin of 23.5%, up 220 basis points year-over-year.
Notable highlights include GAAP EPS of $2.04, up 61% year-over-year, and adjusted EPS of $1.88, up 10%. The company returned $1.7 billion to shareholders through dividends and share repurchases. Operating cash flow was $(0.1) billion, with adjusted free cash flow of $0.5 billion.
3M updated its 2025 guidance, projecting adjusted EPS in the range of $7.60 to $7.90, with additional tariff sensitivity of $(0.20) to $(0.40) per share.
3M (NYSE: MMM) ha riportato risultati contrastanti nel primo trimestre 2025 con ricavi GAAP di 6,0 miliardi di dollari, in calo dell'1,0% rispetto all'anno precedente, mentre i ricavi rettificati hanno raggiunto 5,8 miliardi di dollari con una crescita organica dell'1,5%. La performance dell'azienda ha mostrato una redditività migliorata con un margine operativo GAAP del 20,9%, in aumento di 180 punti base, e un margine operativo rettificato del 23,5%, in crescita di 220 punti base anno su anno.
Tra i punti salienti si segnalano un utile per azione GAAP di 2,04 dollari, in aumento del 61% rispetto all'anno precedente, e un utile per azione rettificato di 1,88 dollari, in crescita del 10%. L'azienda ha restituito 1,7 miliardi di dollari agli azionisti attraverso dividendi e riacquisti di azioni. Il flusso di cassa operativo è stato negativo per 0,1 miliardi di dollari, mentre il flusso di cassa libero rettificato si è attestato a 0,5 miliardi di dollari.
3M ha aggiornato le previsioni per il 2025, prevedendo un utile per azione rettificato compreso tra 7,60 e 7,90 dollari, con una sensibilità aggiuntiva ai dazi compresa tra -0,20 e -0,40 dollari per azione.
3M (NYSE: MMM) reportó resultados mixtos en el primer trimestre de 2025 con ventas GAAP de 6.000 millones de dólares, una disminución del 1,0% interanual, mientras que las ventas ajustadas alcanzaron los 5.800 millones de dólares con un crecimiento orgánico del 1,5%. El desempeño de la compañía mostró una rentabilidad mejorada con un margen operativo GAAP del 20,9%, un aumento de 180 puntos básicos, y un margen operativo ajustado del 23,5%, un incremento de 220 puntos básicos año tras año.
Entre los aspectos destacados se encuentran un beneficio por acción GAAP de 2,04 dólares, un aumento del 61% interanual, y un beneficio por acción ajustado de 1,88 dólares, un crecimiento del 10%. La compañía devolvió 1.700 millones de dólares a los accionistas mediante dividendos y recompras de acciones. El flujo de caja operativo fue de -0,1 mil millones de dólares, con un flujo de caja libre ajustado de 0,5 mil millones de dólares.
3M actualizó sus previsiones para 2025, proyectando un beneficio por acción ajustado en el rango de 7,60 a 7,90 dólares, con una sensibilidad adicional a los aranceles de entre -0,20 y -0,40 dólares por acción.
3M (NYSE: MMM)은 2025년 1분기 실적에서 GAAP 매출 60억 달러를 기록하며 전년 대비 1.0% 감소한 반면, 조정 매출은 58억 달러로 유기적 성장률 1.5%를 달성했습니다. 회사의 실적은 GAAP 영업이익률 20.9%로 180 베이시스 포인트 상승했고, 조정 영업이익률 23.5%로 전년 대비 220 베이시스 포인트 개선되어 수익성이 향상되었습니다.
주요 성과로는 GAAP 주당순이익 2.04달러로 전년 대비 61% 증가했고, 조정 주당순이익 1.88달러로 10% 상승했습니다. 회사는 배당금과 자사주 매입을 통해 주주들에게 17억 달러를 환원했습니다. 영업 현금 흐름은 -1천만 달러였으며, 조정 자유 현금 흐름은 5억 달러였습니다.
3M은 2025년 가이던스를 업데이트하며 조정 주당순이익을 7.60달러에서 7.90달러 사이로 전망했고, 추가 관세 민감도는 주당 -0.20달러에서 -0.40달러로 예상했습니다.
3M (NYSE : MMM) a publié des résultats mitigés pour le premier trimestre 2025 avec des ventes selon les normes GAAP de 6,0 milliards de dollars, en baisse de 1,0 % sur un an, tandis que les ventes ajustées ont atteint 5,8 milliards de dollars avec une croissance organique de 1,5 %. La performance de l'entreprise a montré une rentabilité améliorée avec une marge opérationnelle GAAP de 20,9 %, en hausse de 180 points de base, et une marge opérationnelle ajustée de 23,5 %, en progression de 220 points de base en glissement annuel.
Parmi les faits marquants figurent un bénéfice par action GAAP de 2,04 dollars, en hausse de 61 % sur un an, et un bénéfice par action ajusté de 1,88 dollar, en progression de 10 %. La société a reversé 1,7 milliard de dollars aux actionnaires sous forme de dividendes et de rachats d’actions. Le flux de trésorerie opérationnel s’est élevé à -0,1 milliard de dollars, avec un flux de trésorerie disponible ajusté de 0,5 milliard de dollars.
3M a mis à jour ses prévisions pour 2025, projetant un bénéfice par action ajusté compris entre 7,60 et 7,90 dollars, avec une sensibilité supplémentaire aux droits de douane allant de -0,20 à -0,40 dollar par action.
3M (NYSE: MMM) meldete gemischte Ergebnisse für das erste Quartal 2025 mit GAAP-Umsätzen von 6,0 Milliarden US-Dollar, was einem Rückgang von 1,0 % im Jahresvergleich entspricht, während die bereinigten Umsätze 5,8 Milliarden US-Dollar mit einem organischen Wachstum von 1,5 % erreichten. Die Unternehmensleistung zeigte eine verbesserte Profitabilität mit einer GAAP-Betriebsmarge von 20,9%, einem Anstieg um 180 Basispunkte, und einer bereinigten Betriebsmarge von 23,5%, einem Zuwachs von 220 Basispunkten im Jahresvergleich.
Bemerkenswerte Highlights sind ein GAAP-Gewinn je Aktie von 2,04 US-Dollar, ein Anstieg von 61 % im Jahresvergleich, und ein bereinigter Gewinn je Aktie von 1,88 US-Dollar, ein Plus von 10 %. Das Unternehmen gab 1,7 Milliarden US-Dollar an die Aktionäre durch Dividenden und Aktienrückkäufe zurück. Der operative Cashflow betrug -0,1 Milliarden US-Dollar, der bereinigte freie Cashflow lag bei 0,5 Milliarden US-Dollar.
3M aktualisierte seine Prognose für 2025 und erwartet einen bereinigten Gewinn je Aktie im Bereich von 7,60 bis 7,90 US-Dollar, mit einer zusätzlichen Zollemfindlichkeit von -0,20 bis -0,40 US-Dollar je Aktie.
- Operating margin improved significantly: GAAP margin up 180 bps to 20.9%, adjusted margin up 220 bps to 23.5%
- GAAP EPS increased 61% YoY to $2.04
- Adjusted EPS grew 10% YoY to $1.88
- Adjusted organic sales growth of 1.5% YoY
- Substantial shareholder returns of $1.7 billion via dividends and buybacks
- GAAP sales declined 1.0% YoY to $6.0 billion
- Negative operating cash flow of $(0.1) billion
- Potential negative tariff impact of $(0.20) to $(0.40) per share on 2025 guidance
- Currency translation negatively impacted sales by 1.7%
Insights
3M delivers strong Q1 with 10% adjusted EPS growth and impressive margin expansion despite modest sales decline.
3M's Q1 2025 results demonstrate financial resilience with adjusted EPS of $1.88, representing a solid 10% year-over-year growth despite revenue headwinds. The headline GAAP EPS surged 61% to $2.04, significantly boosted by a $0.63 per share increase in Solventum ownership value.
The company's margin performance is particularly impressive, with adjusted operating margins expanding 220 basis points to 23.5% from 21.3% in Q1 2024. This substantial margin improvement occurred despite GAAP sales declining 1.0% to $6.0 billion, highlighting exceptional cost discipline and operational efficiency in a challenging environment.
While reported sales declined, adjusted organic growth was positive at 1.5%, offset by currency translation headwinds of 1.7%. This indicates the core business remains healthy despite macroeconomic challenges affecting reported figures.
Cash flow presents a mixed picture with negative operating cash flow of $(0.1) billion but positive adjusted free cash flow of $0.5 billion. Despite this cash flow divergence, 3M maintained its commitment to shareholders, returning $1.7 billion via dividends and share repurchases during the quarter.
Looking forward, 3M updated its 2025 guidance, projecting adjusted EPS of $7.60-$7.90 with an additional tariff sensitivity of $(0.20)-$(0.40) per share. This framework provides reasonable visibility while acknowledging external trade-related uncertainties that could impact performance throughout the year.
3M's remarkable margin expansion and positive organic growth demonstrate operational excellence amid industrial sector headwinds.
3M's Q1 performance reveals exceptional operational execution in a challenging industrial environment. The 220 basis point improvement in adjusted operating margin to 23.5% stands out as particularly impressive when many industrial peers are struggling with persistent cost pressures and supply chain disruptions.
The company achieved positive adjusted organic growth of 1.5% despite broader economic uncertainties, demonstrating the resilience of 3M's diverse product portfolio. This growth, coupled with substantial margin expansion, reflects successful implementation of efficiency initiatives that are driving bottom-line performance despite top-line challenges.
CEO William Brown's focus on "improving the fundamentals" and "building a new performance culture" signals ongoing transformation efforts that are already yielding tangible results. The emphasis on leveraging 3M's "extensive global network and significant U.S. footprint" indicates strategic positioning to navigate the complex global trade landscape.
The specified tariff sensitivity of $(0.20)-$(0.40) per share in the 2025 guidance quantifies a key risk factor facing industrial manufacturers. This transparency helps stakeholders understand the potential impact of evolving trade policies on 3M's financial performance.
The report also highlights ongoing challenges from PFAS-related litigation, with $0.41 per share in costs during Q1. While these environmental liabilities remain a significant consideration for 3M's long-term outlook, the company continues to effectively manage these issues while delivering improved operational performance.
- GAAP sales of
$6.0 billion 1.0% YoY; operating margin20.9% , up 180 bps YoY; EPS of$2.04 61% YoY- Adjusted sales of
$5.8 billion 1.5% YoY - Adjusted operating margin of
23.5% , up 220 bps YoY - Adjusted EPS of
$1.88 10% YoY
- Adjusted sales of
- Operating cash flow of
$(0.1) billion $0.5 billion - Updated 2025 guidance and providing tariff sensitivity
"We had strong results in the first quarter with positive organic sales growth, margins ahead of expectations and double-digit EPS growth," said William Brown, 3M Chairman and Chief Executive Officer. "In this dynamic environment we remain focused on improving the fundamentals in the business, building a new performance culture and advancing our strategic priorities while leveraging our extensive global network and significant
First-quarter highlights:
Q1 2025 | Q1 2024 | ||||||
GAAP EPS from continuing operations (GAAP EPS) | $ 2.04 | $ 1.27 | |||||
Special items: | |||||||
Net costs for significant litigation | 0.41 | 0.44 | |||||
(Increase) decrease in value of Solventum ownership | (0.63) | — | |||||
Manufactured PFAS products | 0.06 | — | |||||
Adjusted EPS from continuing operations (adjusted EPS) | $ 1.88 | $ 1.71 | |||||
Memo: | |||||||
GAAP operating income margin | 20.9 % | 19.1 % | |||||
Adjusted operating income margin | 23.5 % | 21.3 % |
- GAAP EPS of
$2.04 20.9% . - Adjusted EPS of
$1.88 10% year-on-year. - Adjusted operating income margin of
23.5% , an increase of 2.2 percentage points year-on-year.
GAAP | Adjusted (non-GAAP) | ||||||
Net sales (billions) | |||||||
Sales change | |||||||
Total sales | (1.0) % | 0.8 % | |||||
Components of sales change: | |||||||
Organic sales | (0.3) | 1.5 | |||||
Acquisitions/divestitures | 1.0 | 1.0 | |||||
Translation | (1.7) | (1.7) | |||||
Adjusted sales excludes manufactured PFAS products. | |||||||
- Sales of
$6.0 billion 1.0% year-on-year with organic sales down0.3% year-on-year. - Adjusted sales of
$5.8 billion 0.8% year-on-year with adjusted organic sales up1.5% year-on-year. - 3M returned
$1.7 billion - Cash from operations of
$(0.1) billion - Adjusted free cash flow of
$0.5 billion
This document includes reference to certain non-GAAP measures. See the "Supplemental Financial Information Non-GAAP Measures" section for applicable information.
Update on 2025 guidance
- Adjusted EPS1 in the range of
$7.60 $7.90 $(0.20) $(0.40)
1As further discussed at 5 within the "Supplemental Financial Information Non-GAAP Measures" sections, 3M cannot, without unreasonable effort, forecast certain items required to develop meaningful comparable GAAP financial measures and, therefore, does not provide them on a forward-looking basis reflecting these items.
Conference call
3M will conduct an investor teleconference at 9 a.m. ET (8 a.m. CT) today. Investors can access this conference via the following:
- Live webcast at https://investors.3M.com
- Webcast replay at https://investors.3m.com/financials/quarterly-earnings
Consolidated financial statements and supplemental financial information non-GAAP measures
View the Financial Statement Information on 3M's website: https://investors.3m.com/financials/quarterly-earnings
Forward-looking statements
This news release contains forward-looking statements. You can identify these statements by the use of words such as "plan," "expect," "aim," "believe," "project," "target," "anticipate," "intend," "estimate," "will," "should," "could," "would," "forecast," "future," "outlook," "guidance" and other words and terms of similar meaning. Forward-looking statements are based on certain assumptions and expectations of future events and trends that are subject to risks and uncertainties. Actual future results and trends may differ materially from historical results or those reflected in any such forward-looking statements depending on a variety of factors. Among the factors that could cause actual results to differ materially are the following: (1) worldwide economic, political, regulatory, international trade, geopolitical, capital markets and other external conditions and other factors beyond the Company's control, including inflation; recession; military conflicts; trade restrictions such as sanctions, tariffs, reciprocal and retaliatory tariffs, and other tariff-related measures; regulatory requirements, legal actions, or enforcement; and natural and other disasters or climate change affecting the operations of the Company or its customers and suppliers; (2) foreign currency exchange rates and fluctuations in those rates; (3) liabilities and the outcome of contingencies related to certain fluorochemicals; known as "PFAS," including liabilities related to claims, lawsuits, and government regulatory proceedings concerning various PFAS-related products and chemistries, as well as risks related to the Company's plans to exit PFAS manufacturing and work to discontinue use of PFAS across its product portfolio; (4) risks related to the class-action settlement to resolve claims by public water suppliers in
About 3M
3M (NYSE: MMM) believes science helps create a brighter world for everyone. By unlocking the power of people, ideas and science to reimagine what's possible, our global team uniquely addresses the opportunities and challenges of our customers, communities, and planet. Learn how we're working to improve lives and make what's next at 3M.com/news-center.
Please note that the company announces material financial, business and operational information using the 3M investor relations website, SEC filings, press releases, public conference calls and webcasts. The company also uses the 3M News Center and social media to communicate with our customers and the public about the company, products and services and other matters. It is possible that the information 3M posts on the News Center and social media could be deemed to be material information. Therefore, the company encourages investors, the media and others interested in 3M to review the information posted on 3M's news center and the social media channels such as @3M or @3MNews.
Contacts
3M
Investor Contacts:
Diane Farrow, 612-202-2449
or
Eric Herron, 651-233-0043
Media Contact:
Sean Lynch, slynch2@mmm.com
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SOURCE 3M Company
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