Industrial, commercial and consumer manufacturing conglomerate 3M reported its 2024 fourth quarter and full-year financial results on Jan. 21, showing a modest acceleration in 4Q sales year-over-year, but a decline in full-year sales.
4Q Results
Total sales for the quarter reached $6.0 billion, up 0.1% year-over-year. Adjusted sales were $5.8 billion, reflecting organic growth of 2.1% year-over-year.
3M reported a 4Q operating profit of $1.08 billion, while net profit of $728 million increased year-over-year from $636 million.
Here is how 3M’s 4Q performed within its three business units:
- Safety & Industrial – Sales of $2.7 billion were up 1.6% year-over-year, with organic sales up 2.4%. This was a notable acceleration from 3Q24’s 0.5% growth (0.9% organic). Operating profit increased to $568 million in 4Q.
- Transportation & Electronics – Sales of $1.79 billion were up 1.4% year-over-year, with organic sales likewise up 2.0%. Operating profit decreased to $347 million in 4Q.
- Consumer – Sales of $1.22 billion were up 0.3% year-over-year, with organic sales up 1.2%. Operating profit increased to $234 million in 4Q.
Full-Year Results
3M reported total sales for the full-year reached $24.6 billion, down 0.1% year-over-year. Adjusted sales were $23.6 billion, reflecting organic growth of 1.2% year-over-year.
The company reported an operating margin of 21.4%, up 280 basis-points year-over-year (18.6% in 2023).
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“Our fourth quarter capped a year of strong results as we returned to positive organic revenue growth in the full year,” 3M CEO William Brown said in the company’s financial release.”I would like to thank the 3M team for their strong operational execution which helped us deliver double-digit earnings growth and robust free cash flow while returning $3.8 billion to shareholders. We are carrying this momentum forward and are confident in our ability to deliver our 2025 guidance.”
2025 Expectations
3M reported its full-year expectations for 2025 showing it expected organic sales growth to increase between 2% to 3%; adjusted sales growth between 0.5% to 1.5%; and adjusted operating cash of $5.2 to $5.3 billion.
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