3M Co. Q1 FY2024 results: revenue $8.0 billion, down 0.3% on the year

3M Co. (MMM) reported revenue of $8.0 billion for Q1 FY2024, the quarter ended 31 March 2024, down 0.3% on the same quarter a year earlier. Net income was $928 million, down 4.9% on the year, and diluted earnings per share $1.67. The figures are the company's own, from the 10-Q it filed with the SEC on 30 April 2024.

Revenue$8.0 billiondown 0.3%

Net income$928 milliondown 4.9%

Diluted EPS$1.67

QuarterQ1 FY2024ended 31 March 2024

The quarter, against the one before and a year earlier

Line	Q1 FY2024	Q4 FY2023	A year earlier	Change on the year
Revenue	8,003	6,002	n/a	n/a
Cost of revenue	4,329	3,795	n/a	n/a
Gross profit	3,674	2,207	n/a	n/a
Gross margin	45.9%	36.8%	n/a
Selling, general and administrative	1,736	1,625	n/a	n/a
Operating income	1,501	1,243	n/a	n/a
Operating margin	18.8%	20.7%	n/a
Interest expense	385	371	n/a	n/a
Pre-tax income	1,237	1,000	n/a	n/a
Income tax	305	64.0	n/a	n/a
Effective tax rate	24.7%	6.4%	n/a
Net income	928	945	n/a	n/a
Net margin	11.6%	15.7%	n/a
Diluted EPS	$1.67	$1.70	n/a	n/a

$ million except per share. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow and capital returned

Line	Q1 FY2024	Q4 FY2023	A year earlier	Change on the year
Operating cash flow	767	1,986	n/a	n/a
Capital expenditure	375	358	n/a	n/a
Free cash flow	392	1,628	n/a	n/a
Free cash flow margin	4.9%	27.1%	n/a
Depreciation and amortisation	430	537	n/a	n/a
Share-based compensation	29.0	52.0	n/a	n/a
Buybacks	21.0	2.0	n/a	n/a
Dividends paid	835	828	n/a	n/a
Dividend per share	$1.51	$1.50	n/a	n/a
Diluted shares, weighted	556m	n/a	n/a	n/a
Shares outstanding at period end	553m	553m	n/a	n/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q1 FY2024	Q4 FY2023	A year earlier	Change on the year
Total assets	55,243	50,580	n/a	n/a
Cash and equivalents	10,911	5,933	n/a	n/a
Receivables	4,750	4,750	n/a	n/a
Inventory	4,897	4,822	n/a	n/a
Goodwill	12,809	12,927	n/a	n/a
Long-term debt	13,092	14,240	n/a	n/a
Operating lease liabilities	517	534	n/a	n/a
Finance lease liabilities	n/a	60.0	n/a	n/a
Shareholders' equity	4,866	4,807	n/a	n/a

Quarterly results, the last 12 quarters

	Q3 FY2023	Q4 FY2023	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026
Revenue	8,312	6,002	8,003	6,255	6,294	6,010	5,954	6,344	6,517	6,133	6,030	6,500
Cost of revenue	4,580	3,795	4,329	3,571	3,647	3,744	3,478	3,646	3,792	4,075	3,574	3,817
Gross profit	3,732	2,207	3,674	2,684	2,647	2,266	2,476	2,698	2,725	2,058	2,456	2,683
Gross margin	45%	37%	46%	43%	42%	38%	42%	43%	42%	34%	41%	41%
SG&A	5,992	1,625	1,736	1,132	1,062	291	945	1,267	820	965	744	1,061
Operating income	-2,654	1,243	1,501	1,272	1,316	733	1,246	1,140	1,447	796	1,397	984
Operating margin	-32%	21%	19%	20%	21%	12%	21%	18%	22%	13%	23%	15%
Interest expense	304	371	385	322	276	252	255	237	232	222	214	202
Pre-tax income	-2,854	1,000	1,237	1,410	1,721	451	1,385	923	1,147	758	878	1,120
Tax rate	n/a	6%	25%	14%	20%	-12%	19%	27%	27%	24%	25%	16%
Net income	-2,075	945	928	1,145	1,372	728	1,116	723	834	577	653	933
Net margin	-25%	16%	12%	18%	22%	12%	19%	11%	13%	9%	11%	14%
Diluted EPS	-$3.74	$1.70	$1.67	$2.07	$2.48	$1.33	$2.04	$1.34	$1.55	$1.07	$1.23	$1.78
Operating cash flow	1,910	1,986	767	1,021	-1,787	1,818	-79.0	-954	1,756	1,583	574	986
Capital expenditure	405	358	375	269	246	291	236	208	218	248	225	223
Free cash flow	1,505	1,628	392	752	-2,033	1,527	-315	-1,162	1,538	1,335	349	763
Buybacks	2.0	2.0	21.0	400	675	705	1,274	953	472	552	1,999	994
Dividends paid	828	828	835	386	383	378	396	390	389	387	412	401
Shares outstanding	552m	553m	553m	549m	545m	539m	538m	533m	531m	530m	522m	516m
Filing	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-Q for the period ended 31 March 2024, filed 30 April 2024, accession 0000066740-24-000053: the filing on EDGAR. All of 3M Co.'s filings: EDGAR company page.

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