ST. PAUL, Minn. - 3M Company (NYSE: NYSE:MMM) has announced its first-quarter earnings conference call for the fiscal year 2024, scheduled for Tuesday, April 30, at 8 a.m. CDT. The conference call will be accessible to interested parties and a replay will be available on the company's Investor Relations website.
In light of the recent completion of the Solventum spin-off on April 1, 2024, the company's first-quarter results will include Solventum's financials, consistent with the guidance provided in January. However, starting from the second quarter of 2024, Solventum's historical results will be classified as discontinued operations in 3M's financial statements.
Further, the company plans to release its full-year guidance for 2024 later in April, which will treat Solventum as discontinued operations for the entire year, inclusive of the first quarter.
To provide clarity on its financial position post-spin-off, 3M has filed a Form 8-K containing unaudited pro forma financial information that reflects the impact of the Solventum spin-off. Additionally, 3M has posted preliminary financial data for 2023, illustrating the financials as if Solventum had been accounted for as a discontinued operation, along with certain baselining adjustments. These materials are available for review on the 3M Investor Relations website.
The company emphasizes the importance of reviewing the explanatory note regarding the information in these materials for a better understanding of the underlying results on a rebaselined basis.
3M, a multinational conglomerate known for its research and development in various fields, aims to leverage science and innovation to address the needs of its customers and communities. The company's commitment to improving lives and advancing technology is a core aspect of its mission.
InvestingPro Insights
As 3M Company (NYSE: MMM) prepares to share its first-quarter earnings post-Solventum spin-off, investors are closely monitoring its financial metrics to gauge the conglomerate's current market position. According to InvestingPro data, 3M's adjusted market capitalization stands at a robust $50.11 billion, reflecting the scale and reach of the company's operations.
Examining profitability metrics, the company's Price/Earnings (P/E) ratio for the last twelve months as of Q4 2023 has adjusted to a more favorable figure of 9.85, suggesting a potentially undervalued stock given the industry average. The PEG ratio, a key indicator that accounts for growth, is remarkably low at 0.03, indicating that the company's earnings growth might not be fully reflected in its current stock price. This could present an opportunity for investors seeking value in a well-established firm.
InvestingPro Tips highlight the significance of the company's Dividend Yield, which as of the latest data, is at an attractive 6.48%. This is a compelling factor for income-focused investors, particularly in a market environment where stable returns are prized. In addition, the 1 Month Price Total Return shows a notable increase of 21.9%, emphasizing a recent upswing in investor confidence.
For investors considering a deeper dive into 3M's financials, InvestingPro offers additional insights and tips. Currently, there are 12 more InvestingPro Tips available, which can be accessed with a subscription. To enhance your investment research, use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription.
With the upcoming earnings call, these key financial data points and expert tips from InvestingPro could be instrumental in making informed investment decisions regarding 3M's stock.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.