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3M Ups Profit Forecast: How CEO Brown Plans to Transform the Company

by Team Lumida
July 26, 2024
in Equities
Reading Time: 3 mins read
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3M Ups Profit Forecast: How CEO Brown Plans to Transform the Company

"3M" by Gerard Stolk (vers l'automne) is licensed under CC BY-NC 2.0

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Key Takeaways

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  • 3M raises profit forecast following CEO Brown’s appointment.
  • New leadership aims to streamline operations and boost efficiency.
  • Investors should watch upcoming quarterly results and strategic shifts.

What Happened?

3M raised its profit forecast for the year after appointing Bruce Brown as the new CEO. The company now expects adjusted earnings to be between $9.70 and $10.10 per share, up from the previous range of $9.30 to $9.75.

This move follows a strong third-quarter performance where 3M reported $2.45 earnings per share, beating analysts’ expectations of $2.21. Revenue for the quarter was $8.7 billion, a 2% increase year-over-year, driven by strong demand in healthcare and consumer segments.

Why It Matters?

The appointment of Bruce Brown as CEO marks a significant leadership change aimed at rejuvenating 3M’s growth trajectory. Brown’s focus on streamlining operations and enhancing efficiency could lead to better profitability and shareholder returns.

This strategic shift is crucial as 3M has faced challenges in recent years, including declining sales in its industrial division. By raising the profit forecast, 3M signals confidence in its new leadership and operational strategies, which could boost investor sentiment and share prices.

What’s Next?

Investors should closely monitor 3M’s next quarterly results and any further updates on Brown’s strategic initiatives. Key areas to watch include the performance of the healthcare and consumer segments, which have shown strong growth.

Additionally, any changes in the industrial division’s performance will be crucial. As Brown settles into his role, expect further announcements on cost-cutting measures and potential restructuring plans. Market reactions to these developments will provide insights into the company’s future direction and stability.

Source: Bloomberg
Tags: 3M
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© 2025 Lumida Wealth Management LLC is an SEC registered investment adviser. Privacy Policy. Cookies Policy.
Disclaimer Important Information This site is for informational purposes only. Information presented on this site does not constitute as investment advice.

Lumida Wealth Management LLC (‘Lumida”) is an SEC registered investment adviser. SEC registration does not constitute an endorsement of the firm by the Commission nor does it indicate that the adviser has attained a particular level of skill or ability.

Lumida's website (referred to herein as the "Website") is limited to the dissemination of general information pertaining to its advisory services, together with access to additional investment-related information, publications, and links. Accordingly, the publication of the Website on the Internet should not be construed by any client and/or prospective client Lumida’s solicitation to effect, or attempt to effect transactions in securities, or the rendering of personalized investment advice for compensation, over the Internet.

Any subsequent, direct communication by Lumida with a prospective client will be conducted by a representative that is either registered or qualifies for an exemption or exclusion from registration in the state where the prospective client resides.

‍Lead Capture Forms: By submitting your contact information in the forms on this site, you are not obligated to invest in Lumida's product or services.
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