Solventum said its carve-out sales for Q1 2024, covering the 3 months ended March 31, rose $2.016 billion, up 0.2%, and organic sales grew 0.9%. It reported GAAP EPS of $1.37 and adjusted EPS of $2.08.

1. 01

   Solventum said its carve-out sales for Q1 2024, covering the 3 months ended March 31, rose $2.016 billion, up 0.2%, and organic sales grew 0.9%. It reported GAAP EPS of $1.37 and adjusted EPS of $2.08.

2. 02

   The company said GAAP operating income for Q1 2024 was $381 million (operating margin of 18.9%) and non-GAAP operating income was $484 million (24.0%). It cited higher gross profit from the 2023 pricing actions as the driver of the increase in operating income, which was partially offset by higher operating expenses tied to public company and functional stand-up costs.

3. 03

   Solventum reported operating cash flow of $442 million and free cash flow of $340 million for Q1 2024. The company said it will prioritize debt paydown for approximately the next 24 months and has decided not to pay a cash dividend or authorize share repurchases at this time.

4. 04

   The company said it reaffirmed its full-year 2024 outlook, with organic revenue growth of -2% to 0%, adjusted EPS of $6.10 to $6.40 and free cash flow of $700M to $800M. It said it expects an unfavorable foreign exchange impact of about 50 basis points on full-year reported sales.

Analysis scope · Filing body and confirmed press-release exhibitWe analyzed the filing body and confirmed exhibits. This is not a review of other exhibits, investor presentations or the full earnings call.

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.