3M (MMM) Raises 2024 Profit Forecast to $9.10-$9.15 per Share

Published on 10/20/2026 · Source: cnbc.com

#MMM #Earnings #Industrial #ProfitForecast

3M (MMM) Raises 2024 Profit Forecast to $9.10-$9.15 per Share

AI Summary

Summarized by AI from the source below

3M (MMM) raised its full-year 2024 adjusted profit per share forecast to $9.10 to $9.15 from a prior range of $8.80 to $8.95. This increase follows cost-control measures and price hikes that helped support profit margins. The company’s shares rose 2.7% in pre-market trading after the announcement.

In the third quarter, 3M reported adjusted revenue of $6.6 billion, up 4.2%, and adjusted earnings of $2.50 per share, compared to $2.23 per share a year ago. Growth in US industrial activity and strong sales of chipmaking machines and materials helped offset sluggish demand in some end markets affected by inflation. The Transportation and Electronics segment saw strength from semiconductor-related markets, which partially balanced weakness in automotive and consumer electronics demand. CEO William Brown emphasized improvements in customer service and operations to enhance growth and profitability. The company launched 87 new products in Q3 and expects over 350 for the full year.

This profit forecast raise reflects 3M's ability to control costs and raise prices despite challenges in consumer-facing markets and higher energy costs. For investors, the upgraded outlook and solid quarterly results provide a clearer picture of 3M's resilience and potential earnings improvements through 2024, anchored by operational efficiencies and product innovation.

Informational only, not financial advice. Content is AI-generated and may contain errors. How this works.

Our take

Opinion from the Newsstocks AI desk, not investment advice

We think 3M's raised profit forecast and solid Q3 results show effective cost management and operational improvements. Strength in semiconductor markets partially cushions other weak areas. The forecast increase suggests resilience, but ongoing macro pressures like energy costs and consumer caution remain risks that could affect future performance.

Key numbers

New full-year adjusted profit forecast per share: $9.10 to $9.15
Previous full-year adjusted profit forecast per share: $8.80 to $8.95
Third-quarter adjusted revenue: $6.6 billion
Third-quarter adjusted earnings per share: $2.50

What could help

Cost-control initiatives and higher prices have supported profit margins.
Growth in semiconductor-related markets boosts the Transportation and Electronics business.
Launch of over 350 new products expected in the year may drive sales.

What could hurt

Challenges in consumer-facing businesses due to cautious customer spending.
Higher energy costs could impact manufacturing and industrial demand.
Subdued demand from automotive and consumer electronics customers.

The background

Companies update annual profit forecasts to reflect recent performance and market conditions. Cost control and price increases can improve profit margins.