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.
3M (NYSE:MMM) has announced a quarterly dividend of $0.70 per share for the third quarter of 2024. The dividend will be payable on September 12, 2024, to shareholders of record as of August 26, 2024. This declaration continues 3M's impressive track record of paying dividends without interruption for over 100 years. As of June 30, 2024, the company reported 549,353,621 outstanding common shares and 58,536 shareholders of record. This consistent dividend payout demonstrates 3M's commitment to delivering value to its shareholders and reflects the company's financial stability.
The Everest Marathon, known as the world's highest marathon, took place on May 29, 2024, commemorating the historic 1953 ascent of Mt. Everest. 3M, as a sponsor, provided runners with essential gear featuring their innovative technologies:
1. Padded jackets and sleeping bags with 3M™ Thinsulate™ technology
2. Race T-shirts with 3M™ Scotchgard™ technology
3. Outdoor jackets with 3M Scotchgard water repellent technology
These advanced materials helped athletes stay dry and comfortable during the challenging 26.2-mile (42.6 km) race, which began at Mt. Everest Base Camp (17,598 feet/5,364 meters) and descended to Namche Bazaar (11,286 feet/3,440 meters). The winner, Arjun Rai Kulung, completed the marathon in 3 hours, 52 minutes, and 2 seconds.
3M (NYSE:MMM) has appointed Anurag Maheshwari as its new Executive Vice President and Chief Financial Officer (CFO), effective September 1, 2024. Maheshwari joins from Otis Worldwide , where he served as CFO since July 2022. He brings extensive experience in financial and business functions, including strategic planning, operations, and investor relations.
Prior to Otis, Maheshwari held leadership roles at Harris and L3Harris. He holds a master's degree in finance from the Asian Institute of Management. 3M CEO Bill Brown expressed confidence in Maheshwari's ability to drive profitable growth and operational excellence. In the interim, Teri Reinseth, currently Senior VP, Corporate Controller and Chief Accounting Officer, will serve as Interim CFO from August 1, 2024.
At the recent 3M Open charity tournament, two-year-old Cameron Olson stole the show on the 18th green. Cameron, who relies on an oxygen tank due to a rare respiratory condition called Children's Interstitial Lung Disease (chILD), specifically Neuroendocrine Cell Hyperplasia of Infancy (NEHI), demonstrated resilience and joy while putting.
Cameron's parents, Kelsey and Dexter Olson, faced numerous challenges during his diagnosis and treatment. In response, they launched the CamO Fund to support families affected by chILD and raise awareness. The 3M Open Charity Challenge raised over $100,000 for the University of Minnesota Foundation, providing a platform for the CamO Fund.
Kelsey, whose father is a long-time 3M employee, expressed gratitude for the company's support and the community's involvement. The event showcased how the 3M Open extends beyond golf, embodying the spirit of 'Golf That Matters'.
3M (NYSE: MMM) reported strong second-quarter results for 2024, with adjusted EPS from continuing operations up 39% year-on-year to $1.93. The company's sales reached $6.3 billion, down 0.5% YoY, while adjusted sales of $6.0 billion showed organic growth of 1.2% YoY. 3M's operating cash flow was $1.0 billion, with adjusted free cash flow of $1.2 billion.
Notably, 3M has updated its full-year 2024 adjusted EPS guidance to a range of $7.00 to $7.30, up from the previous forecast of $6.80 to $7.30. The company maintains its outlook for adjusted total sales growth between -0.25% and +1.75%, and adjusted organic sales growth of flat to +2%.
CEO William Brown emphasized the company's focus on driving sustained organic revenue growth, increasing operational performance, and effective capital deployment.
3M (NYSE: MMM) has made a strategic investment in Ohmium International, a developer of electrolyzer systems for green hydrogen production. This move aligns with 3M's commitment to advancing climate technologies and exploring ways to decarbonize its operations. The investment supports the U.S. Department of Energy's "Hydrogen Energy Earthshot" initiative and the industry goal of reducing green hydrogen production costs to $1 per kilogram.
Ohmium is known for its efficient Proton Exchange Membrane (PEM) electrolyzers, which are important for decarbonizing industries like steel manufacturing and fertilizer production. The global electrolyzers market is projected to grow from $0.5 billion in 2023 to over $57 billion by 2030, presenting a significant opportunity for 3M to leverage its material science expertise in the expanding clean energy sector.
Post-it and Scotch Brand have announced a Back-to-School Countdown Kit in collaboration with actress JoAnna Garcia Swisher. The kit provides tools and tips to help parents and students prepare for the school year, featuring Post-it Notes and Scotch Brand products like scissors and various types of tape. The kit includes a countdown calendar with 21 projects and activities. It is available through a giveaway from July 11 to July 19, 2024. The initiative aims to support families in organizing and planning for the upcoming school season.
3M (NYSE:MMM) announced that Monish Patolawala, President and Chief Financial Officer, will resign effective July 31, 2024. He will remain with the company until this date to ensure a smooth transition. CEO William Brown thanked Patolawala for his four years of leadership and contributions. Patolawala expressed pride in 3M's achievements and confidence in the company's future. 3M has begun a succession process for a new CFO and will provide updates as necessary.
Command™ Brand has partnered with lifestyle expert Hannah Brown to inspire college students with their 'delulu' design decor campaign. This initiative aims to highlight how creative inspiration and Command™ products can transform living spaces without damage. Brown, a former interior designer, has co-created 'Delulu Design 101,' a course to encourage students to dream big and personalize their dorms. Command™ Brand is also giving away $50,000 in prizes to 10 students who share their design ideas on social media by July 30, 2024. The campaign emphasizes Command™'s range of damage-free decorating and organizing products, including Edition Color Collection Hooks and heavy-duty Picture Hanging Strips.
3M (NYSE: MMM) has scheduled its second-quarter 2024 earnings conference call for July 26, 2024, at 8 a.m. CT. The event will be webcast live, and a replay will be accessible later on the company’s Investor Relations website. This call is expected to provide insights into 3M’s financial performance and future outlook. Investors and analysts can join the webcast to gain a better understanding of the company’s strategies and results.
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