3M Releases Fourth-Quarter and Full-Year 2023 Financial Results
3M reported fourth-quarter and full-year 2023 results and provided its 2024 financial outlook. A strong fourth-quarter reported $8.0 million in net sales, down only slightly year-on-year, but that small decrease was offset by an exceptional operating income margin. Full-year net sales were $32.7 billion, down $4.5% from the previous year. These results reflect strong operational execution, progress on restructuring, and spending discipline 3M believe to be well-positioned to continue to improve performance, including continued expansion of adjusted operating margins in 2024.
“The fourth quarter capped a strong year for 3M," said 3M Chairman and CEO Mike Roman. "Throughout 2023, we executed our priorities and delivered on our commitments – including expanding underlying operating margins and cash flow. We initiated actions to restructure our organization and simplify our supply chain, while progressing our Health Care spin and addressing legal matters."