3M said it completed the separation of its Health Care business on April 1, 2024, distributing 80.1% of the outstanding shares of Solventum to 3M stockholders on a pro rata basis. Solventum is no longer consolidated, and its historical net income and the related assets and liabilities are reported as discontinued operations.

1. 01

   3M said it completed the separation of its Health Care business on April 1, 2024, distributing 80.1% of the outstanding shares of Solventum to 3M stockholders on a pro rata basis. Solventum is no longer consolidated, and its historical net income and the related assets and liabilities are reported as discontinued operations.

2. 02

   The company said organic growth, productivity and restructuring lifted diluted earnings from continuing operations per share by a net $0.12 year on year in Q3 2024, and by $0.79 over the 9 months. It said income from transition services agreements with Solventum added $0.01 year on year in Q3, and $0.05 over the 9 months.

3. 03

   The company said cash, cash equivalents and marketable securities rose to $7.3 billion as of December 31, 2023, from $5.8 billion as of September 30, 2024. It said debt proceeds of $8.4 billion, mainly from debt Solventum issued before the separation, were partly offset by payments of about $4.5 billion for PFAS-related other environmental liabilities and the CAE legal settlement, along with debt maturities.

4. 04

   The company said cash flows from operating activities in the first 9 months of 2024 decreased $4.7 billion year on year, mainly due to about $4.5 billion in payments for PFAS-related other environmental liabilities and the CAE legal settlement. Over the same period, capital expenditures for property, plant and equipment were $890 million, and share repurchases were $1,096 million.

Key figures

Quarter ended September 30, 2024

Revenue

$6.3B

Operating income

$1.3B

Net income

$1.4B

EPS

$2.48

Analysis scope · Management's discussion (MD&A)We analyzed excerpts of the Management's Discussion and Analysis (MD&A) section (with omissions). Other sections of the report, such as the notes to the financial statements and risk factors, were not reviewed.

AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.

Original filing

The filing as submitted to SEC EDGAR. You can check the figures and statements of this summary against it.