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3M Shares Surge 8% Following Q1 Beat
Apr 30, 2024 12:03 PM - Davit Kirakosyan
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Shares of 3M Company (NYSE:MMM) climbed over 8% pre-market today after the company reported Q1 results that exceeded analyst expectations. The conglomerate recorded earnings per share of $2.39, beating the expected $2.10. Its revenue for the period reached $7.72 billion, surpassing the forecast of $7.63 billion. The operating margin showed a notable improvement, rising to 18.8% from 15.4% in the same quarter of the previous year.
For the full year of 2024, 3M set its earnings per share guidance in the range of $6.80 to $7.30, with the midpoint slightly above the market consensus of $7.00. The company is targeting an adjusted organic sales growth of 0% to 2%.
Additionally, 3M plans for its dividend payout ratio to represent about 40% of its adjusted free cash flow.
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