3M Company Reports 4.3% Revenue Decline in Second Quarter of FY2023
July 27, 2023
🌥️Earnings Overview
As of June 30th 2023, 3M ($NYSE:MMM) Company reported second quarter FY2023 total revenue of USD 8325.0 million, representing a 4.3% decrease from the same period in the prior year. Net income showed a significant decrease to USD -6841.0 million, compared to a profit of 78.0 million in the previous year.
Analysis
GoodWhale recently performed an analysis of 3M COMPANY‘s wellbeing. After their comprehensive review, they concluded that 3M COMPANY holds a medium risk rating when it comes to financial and business aspects. This means that investors should consider this company carefully before investing. However, GoodWhale also detected two risk warnings in the balance sheet, regarding non-financial aspects. To find out more information about these risks, investors can register on GoodWhale.com. Here, they can view the full report of the analysis, as well as access more detailed information regarding the risks associated with 3M COMPANY. Overall, GoodWhale’s analysis provides investors with a better understanding of 3M COMPANY’s wellbeing, allowing them to make a more informed decision when looking to invest. More…
About the Company
Income Snapshot
Below shows the total revenue, net income and net margin for 3m Company. More…
| Total Revenues | Net Income | Net Margin |
| 33.05k | -1.47k | -8.9% |
Cash Flow Snapshot
Below shows the cash from operations, investing and financing for 3m Company. More…
| Operations | Investing | Financing |
| 6.24k | -851 | -3.77k |
Balance Sheet Snapshot
Below shows the total assets, liabilities and book value per share for 3m Company. More…
| Total Assets | Total Liabilities | Book Value Per Share |
| 48.88k | 41.02k | 14.13 |
Key Ratios Snapshot
Some of the financial key ratios for 3m Company are shown below. More…
| 3Y Rev Growth | 3Y Operating Profit Growth | Operating Margin |
| 1.8% | -10.9% | -7.9% |
| FCF Margin | ROE | ROA |
| 13.4% | -14.2% | -3.3% |
Peers
3M’s position as a market leader is under threat from a number of competitors. These include Honeywell International Inc, Illinois Tool Works Inc, and Eaton Corp PLC. All of these companies are competing for market share in the manufacturing sector. 3M will need to continue to innovate and produce high-quality products in order to stay ahead of its competitors.
– Honeywell International Inc ($NASDAQ:HON)
Honeywell International Inc. is an American multinational conglomerate company that produces commercial and consumer products, engineering services and aerospace systems. It operates in four segments: Aerospace, Building Technologies, Performance Materials & Technologies, and Safety & Productivity Solutions. The company was founded in 1906 and is headquartered in Morristown, New Jersey.
Honeywell’s market cap is $121.18 billion as of 2022 and its return on equity is 24.52%. The company’s strong financial performance is due in part to its diversified product portfolio and global reach. Honeywell’s products are used in a variety of industries, including aerospace, building technologies, performance materials, and safety and productivity solutions. The company has a presence in nearly 100 countries and serves customers in a wide range of markets.
– Illinois Tool Works Inc ($NYSE:ITW)
Illinois Tool Works Inc. is a diversified industrial company that specializes in a range of product businesses. The company operates in a number of markets, including automotive, food and beverage, construction, and energy. Illinois Tool Works has a market capitalization of $59.87 billion as of 2022 and a return on equity of 63.86%. The company’s products are used in a variety of applications, and it has a strong presence in a number of industries. Illinois Tool Works is a well-diversified company with a strong financial position.
– Eaton Corp PLC ($NYSE:ETN)
Eaton Corp PLC is a power management company with a market cap of 56.02B as of 2022. The company has a Return on Equity of 12.16%. Eaton Corp PLC provides power management solutions that help customers effectively manage electrical, hydraulic, and mechanical power. The company operates in four segments: Electrical Products, Industrial Automation, Hydraulics, and Aerospace.
Summary
Investors are taking a keen look at 3M Company‘s second quarter FY2023 financial results, as total revenue came in at USD 8325.0 million, a 4.3% decrease year-over-year. Unfortunately, the company reported a net income of USD -6841.0 million compared to a profit of 78.0 million the previous year. Despite this, 3M Company’s stock price moved up the same day, indicating that investors are still confident in the long-term prospects of the company. Analysts suggest that investors should watch the company’s ongoing strategic actions to reduce costs, as well as their ability to navigate the current economic environment.
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