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- 3M Co (NYSE:MMM) reported second-quarter sales growth of 24.7% year-over-year to $8.9 billion with organic local-currency sales growth of 21.4%, beating the consensus estimate of $8.55 billion.
- Sales increase by segments: Transportation and Electronics +28.1% Y/Y, Health Care +24.9% Y/Y, Safety and Industrial +22.4% Y/Y, and Consumer +20.4% Y/Y.
- Adjusted EPS improved by 44% Y/Y to $2.59, beating the consensus estimate of $2.26.
- The operating margin declined by 223 bps to 22%.
- Adjusted EBITDA increased by 28.6% Y/Y to $2.44 billion, and margin expanded by 82 bps to 27.3%.
- 3M generated an operating cash flow of $1.9 billion with an adjusted free cash flow of $1.6 billion for Q2, contributing to an adjusted free cash flow conversion of 103%.
- FY21 Outlook: 3M expects reported total sales growth of 7% to 10% with organic local-currency sales growth of 6% to 9% (up from prior guidance of total sales growth of 5% to 8% with organic local-currency growth of 3% to 6%).
- It expects EPS of $9.70 - $10.10 (prior expectation of $9.20 to $9.70) vs. a consensus estimate of $9.81.
- 3M anticipates free cash flow conversion of 90% to 100% versus a previous 95% to 105%.
- Price Action: MMM shares are up 1.15% at $203.99 during the premarket session on the last check Tuesday.
- Photo by Gerd Altmann from Pixabay
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.
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