3M (NYSE:MMM) reported first-quarter results that exceeded earnings expectations, although its full-year profit guidance came in marginally below analyst forecasts.
The company posted adjusted earnings per share of $2.14, surpassing the consensus estimate of $1.98. Revenue totaled $6.0 billion, slightly under the $6.01 billion analysts had anticipated. On an organic basis, sales increased 1.2% year-over-year.
Adjusted operating margin expanded to 23.8%, representing an improvement of 30 basis points compared to the same period last year. Operating cash flow reached $0.6 billion, while adjusted free cash flow amounted to $0.5 billion during the quarter.
Looking ahead, 3M projected full-year adjusted earnings in the range of $8.50 to $8.70 per share, with the midpoint slightly below the consensus estimate of $8.65. The company also forecast total adjusted sales growth of approximately 4%, including around 3% organic growth, alongside adjusted operating margin expansion of 70 to 80 basis points.
