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Profit warning sinks 3M shares for biggest loss since 2019
3M share price plummets by over 11% as company issues profit warning for this year
3M shares tanked on Tuesday after the release of the company's 2024 profit outlook that fell well below forecasts. The subdued outlook did no favours for the stock, overshadowing the company’s positive performance even as it beat multiple Q4 forecasts.
Minnesota-based 3M, known for products such as Post-it Notes, Scotch tape, N95 masks, and Command strips, is currently in the process of spinning off its healthcare business, scheduled for the first half of 2024.
The outlook reflects the healthcare business as part of the company this year but fails to account for the potential financial repercussions stemming from 3M's resolutions in legal cases related to "forever chemicals" in water systems and military earplugs accused of contributing to hearing loss.
The company anticipates adjusted earnings per share (EPS) for 2024 to be in the range of $9.35 to $9.75, compared to the current FactSet consensus of $9.90. The first-quarter adjusted EPS outlook of $2.00 to $2.15 also fell below expectations of $2.22.
“As we start 2024, the macro environment remains muted, similar to what we saw in the fourth quarter,” 3M CEO Mike Roman in the post-earnings conference call with analysts, according to a FactSet transcript cited by MarketWatch.
The stock plummeted by 9.7% in morning trading on Tuesday, marking its most substantial one-day decline since April 25, 2019, when it dropped 13%. The $10.50 decline in stock price contributed to a reduction of approximately 69 points in the Dow Jones Industrial Average, which itself fell 96 points (0.25%).
3M shares, which trade on the NYSE under the ticker MMM, closed at $96.10, down $11.92 for a 11.03% loss on Tuesday. In contrast, the Dow’s top gainers, telecommunications giant Verizon and consumer goods corporation Procter & Gamble, rose by 6.7% and 4.14% respectively.
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For the fourth quarter, 3M reported a rise in net income to $945 million, or $1.70 per share, compared to $541 million, or 98 cents per share, in the same period the previous year.
Adjusted EPS, excluding nonrecurring items, increased to $2.42 from $2.18, surpassing the FactSet consensus of $2.31. Total sales slightly declined by 0.8% to $8.01 billion, exceeding the FactSet consensus of $7.69 billion.
Breaking down 3M's business segments:
Safety and Industrial sales dropped 2.7% to $2.661 billion, slightly below the FactSet consensus of $2.682 billion.
Transportation and Electronics sales increased 1.7% to $2.089 billion from $2.06 billion, beating expectations of a potential decline to $1.713 billion.
Health Care sales eased 0.3% to $2.037 billion, just below the FactSet consensus of $2.095 billion.
Consumer sales were down 1.4% to $1.226 billion, slightly below the FactSet consensus of $1.227 billion.
Despite a 13.9% rally in 3M's stock over the past three months, the company has seen a 20.5% drop over the past year. The Dow has seen 15.2% and 12.8% gains in both respective periods.
“Our team remains focused on further improving our operational performance, optimizing our portfolio, and reducing risk,” Roman said. “We will continue to invest in high-growth markets where 3M’s unique capabilities can make a difference, including automotive electrification, climate technology, and industrial automation.”
3M stock price forecast: Analyst maintain Hold consensus rating, yet to update projections
According to 9 analysts surveyed by TipRanks that offered 12-month 3M stock price targets, the consensus forecast for MMM last stood at $108.33 — a potential 12.37% upside from its last closing price as of January 24, 2024.
The highest listed 3M share price forecast on TipRanks was $120.00, while the lowest was listed at $83.00. Of the 9 analysts surveyed, none offered a Buy rating on MMM stock, while 8 had it as a Hold, and one gave it a Sell rating.
At the time of writing on Wednesday, 3M shares were down over 12% year-to-date, and close to 16.5% down for the past 12 months. The benchmark S&P 500 index has gained close to 2% and 21.12% in both respective timeframes.
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Past performance is not indicative of any future results. This information is provided for informative purposes only and should not be construed to be investment advice.
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