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3M Company (MMM+1.06%) has filed its annual report on Form 10-K for the fiscal year ended December 31, 2024. The filing is available for public access filing.
The report provides a comprehensive overview of 3M's business operations, financial condition, and results for the year. It includes information on the company's three business segments: Safety and Industrial; Transportation and Electronics; and Consumer.
In 2024, 3M reported net sales of $24.575 billion, a slight decrease from 2023. The Safety and Industrial segment reported flat sales, while the Transportation and Electronics segment saw a 1.4% decline. The Consumer segment experienced a 1.9% drop in sales.
3M's operating income for 2024 was $4.822 billion, compared to a loss of $10.689 billion in 2023. The improvement was primarily due to lower litigation costs and restructuring charges.
The company completed the separation of its Health Care business, Solventum Corporation, in April 2024. This spin-off was intended to be tax-free for U.S. federal income tax purposes.
3M's net income from continuing operations was $4.009 billion in 2024, compared to a loss of $8.402 billion in 2023. The effective tax rate for 2024 was 16.7%.
Cash flows from operating activities were $1.819 billion in 2024, down from $6.680 billion in 2023. The decrease was primarily due to payments related to PFAS-related environmental liabilities and legal settlements.
3M's total debt decreased to $13.044 billion as of December 31, 2024, from $16.035 billion at the end of 2023. The company repaid $2.9 billion in debt maturities during the year.
3M announced a new $7.5 billion share repurchase program in February 2025, replacing the previous program. The company repurchased $1.801 billion of its own stock in 2024.
The company continues to invest in its business, with capital expenditures totaling $1.181 billion in 2024. 3M expects capital spending to be approximately $1.1 billion in 2025.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the 3M Company annual 10-K report dated February 5, 2025. To report an error, please email earnings@qz.com.