Zinger Key Points
- Analysts expect the company to report quarterly earnings of $1.90 per share.
- Notably, the company has beat earnings estimates for the last six consecutive quarters.
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3M Company MMM is set to report its third-quarter financial results before Tuesday's opening bell. Here's a look at what to expect.
The Details: 3M shares have gained more than 40% in 2024, though the rally has stalled heading into Tuesday's earnings release. Analysts expect the company to report earnings of $1.90 per share. Notably, the company has beat earnings estimates for the last six consecutive quarters.
Revenue is estimated to come in 26.6% lower compared to the same quarter of 2023 due in large part to the spin-off of 3M’s Health Care business, completed in April 2024. However, 3M's third-quarter performance is likely to have benefited from strength across end markets, inventory normalization and cost-saving initiatives.
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What Else: 3M's new CEO Bill Brown is recalling managers to the office three days per week, according to a report from Bloomberg. The company will expect employees at the director level and above to come into an office Tuesday through Thursday, which the company has named as "collaboration days."
The move is a reversal of the company's "Work Your Way" policy which had allowed desk-based employees to work remotely since 2020. Brown has said that his priority is "reinvigorating the 3M innovation machine" and bringing employees back to the office may be an effort to increase productivity as the company attempts a turn-around.
Price Action: According to Benzinga Pro, 3M shares are up % at $ at the time of publication Monday.
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