Summary by Moomoo AI
On April 30, 2024, 3M Company reported its first-quarter financial results and provided full-year guidance for 2024, reflecting the completion of the Solventum spin-off. The company announced a slight decrease in sales to $8.0 billion, a 0.3% drop year-over-year, with organic growth up approximately 1%. GAAP earnings per share decreased by 5% to $1.67, while adjusted earnings per share increased by double digits to $2.39. The spin-off of Solventum, its healthcare business, was completed on April 1, 2024, with 3M retaining a 19.9% stake in the newly independent company. Additionally, 3M finalized legal settlements for Public Water Suppliers and Combat Arms Earplugs. William 'Bill' Brown was named CEO effective May 1st, with Mike Roman transitioning to Executive Chairman. The company's financial outlook for the remainder of the year includes the impact of Solventum as a discontinued operation, with adjusted total sales growth forecasted to be between -0.25% and +1.75%, and adjusted earnings per share expected to be between $6.80 and $7.30.