Welcome to our dedicated page for 3M Company news (Ticker: MMM), a resource for investors and traders seeking the latest updates and insights on 3M Company stock.
3M Company (NYSE: MMM), originally known as Minnesota Mining and Manufacturing, is a global conglomerate that has been a pivotal innovator since its inception in 1902. The company excels in leveraging science and technology to create a diverse range of products that impact various sectors. As of the second quarter of 2024, 3M is structured into three core business segments: Safety and Industrial, Transportation and Electronics, and Consumer. With nearly 50% of its revenue generated outside the Americas, 3M's Safety and Industrial segment leads in net sales.
3M is renowned for its robust research and development capabilities, which have led to significant innovations across multiple industries. Its portfolio includes tens of thousands of products such as adhesives, abrasives, laminates, and healthcare solutions, touching numerous consumer and end markets. The company’s recent achievements include the successful spin-off of its healthcare division into a new entity, Solventum, which began trading on the New York Stock Exchange under the ticker symbol 'SOLV' in April 2024. This strategic move is aimed at enhancing both companies' focus on their core businesses and long-term growth strategies.
Financially, 3M has shown resilience with improved operational performance and double-digit adjusted earnings growth in the first quarter of 2024. The company also completed major legal settlements, including a $10.3 billion agreement with U.S. public water suppliers and a $6.0 billion settlement for Combat Arms Earplugs litigation.
In addition to its financial and strategic developments, 3M continues to invest in expanding its manufacturing capabilities. A notable example is the recent $67 million expansion of its Valley, Nebraska, facility, which is expected to create about 40 new jobs and increase production capacity for personal safety products.
3M’s commitment to innovation and safety is also evident in its efforts to combat counterfeit personal protective equipment (PPE). The company launched the 3M™ Verify app to help ensure the authenticity of its disposable respirators, thereby safeguarding workers' health and safety.
As a company that believes in the power of science to create a brighter world, 3M is dedicated to addressing global challenges and improving lives through its innovative solutions.
On Nov. 17, 2021, 3M partnered with Mobileye to enhance roadway safety in the U.S. through the 3M™ Roadway Safety Asset Manager. This cloud-based platform aids transportation agencies in managing road assets like signs and barriers, improving maintenance scheduling and data analysis. The collaboration aims to provide up-to-date asset data, enabling efficient project prioritization. With a shared commitment to reduce traffic fatalities, both companies leverage innovative technologies for effective asset management and safety improvements.
The 3M Board of Directors declared a quarterly dividend of $1.48 per share for Q4 2021, payable on Dec. 12, 2021, to shareholders on record by Nov. 19, 2021. This marks over 100 years of uninterrupted dividend payments. As of Sept. 30, 2021, 3M had approximately 576 million shares outstanding.
On Nov. 9, 2021, a survey by 3M highlighted Americans’ heightened concerns about transportation safety as travel resumes. Nearly 47% of respondents plan to travel in the coming months, with over 75% opting for car travel. Alarmingly, 53% expressed worries about roadway safety. The survey found that 35% believe transportation has become more dangerous since the pandemic began. The National Highway Traffic Safety Administration reported a spike in U.S. traffic deaths, confirming public sentiments. 3M emphasizes improving road safety, citing its historical impact on reducing traffic fatalities.
3M (NYSE: MMM) has launched the 3M Xtract™ Cubitron™ II 710W Net Abrasive Disc, revolutionizing sanding with a product that offers twice the life and cut rate while removing up to 97% of dust particles. Available in the US, Canada, and Europe, it will be globally launched in 2022. This innovative product uses Precision-Shaped Grain technology to enhance cutting edges, making it more efficient compared to competitors. The Xtract™ brand aims to improve safety and productivity in sanding applications, presenting a cleaner working environment for users.
3M reported third-quarter 2021 results with sales rising by 7.1% year-on-year to $8.9 billion. Organic local-currency sales increased by 6.3%, with consumer sales leading at 8.1%. Earnings per share remained flat at $2.45, while operating income fell to $1.8 billion with margins of 20.0%. The company updated its full-year guidance, expecting total sales growth of 9% to 10% and earnings per share between $9.70 and $9.90. Operational cash flow was strong at $1.9 billion, with $1.4 billion returned to shareholders.
Wrapmate, a digital platform for vehicle wraps, has partnered with Uplift to offer financing options for its customers. Since its launch, Wrapmate has integrated over 5,600 vehicles into its platform, allowing users to access specific pricing and design choices. Customers can pay as low as $74 monthly for wraps, typically costing $2,500, with terms ranging from 6 to 18 months. This initiative aims to mitigate the upfront costs that often deter small businesses from using vehicle wraps, which offer high advertising efficiency. 3M supports this venture to expand the graphics market.
3M has reached a collaborative agreement to resolve litigation related to per- and polyfluoroalkyl substances (PFAS) near its Decatur, Ala. facility. The agreement involves contributions of approximately $99M to support community initiatives and address legacy pollution. This includes funding for public recreational facilities and necessary environmental remediation at several local sites. The collaborative agreement aims to enhance the quality of life for Decatur residents while resolving legal disputes with the City of Decatur, Morgan County, and the Tennessee Riverkeeper organization.
3M announced its upcoming third-quarter 2021 earnings conference call scheduled for Tuesday, Oct. 26, 2021, at 8 a.m. CDT. Investors can join the call by dialing (800) 762-2596 in the U.S. or +1 (212) 231-2916 internationally. The call will be available via live webcast, and a replay can be accessed on 3M's Investor Relations website.
3M continues to leverage science to address global challenges, with further details available on their Investor Relations page.
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