Fri, Jul 26, 3:12 PM (43 days ago)
3M's Q2 2024 financial report shows net sales of $6.255 billion, a slight decrease from $6.283 billion in Q2 2023. Operating income was $1.272 billion, a significant recovery from a $9.358 billion loss in Q2 2023. The company recorded a net income of $1.145 billion, compared to a net loss of $6.841 billion in the same period last year. This turnaround is partly due to the completion of the Health Care business spin-off, resulting in a $2.169 billion decrease in shareholders' equity. The company also recorded a $795 million pension settlement charge. Cash and cash equivalents rose to $10.083 billion from $5.735 billion at the end of 2023. The PWS Settlement related to PFAS litigation contributed to a substantial $10.3 billion pre-tax charge in Q2 2023. 3M's restructuring actions are expected to impact approximately 8,000 positions worldwide, with a total pre-tax charge of $700-$800 million by 2025.