Post-It Maker 3M Stock Gains On Q3 Performance, Raises FY23 Outlook Following EBITDA Margin Expansion
Portfolio Pulse from Akanksha Bakshi
3M Co reported Q3 FY23 adjusted net sales of $8.02 billion, a 3% YoY decline, but beat the consensus of $7.97 billion. Adjusted EPS was $2.68, beating the consensus of $2.34. The company reported an operating loss of $2.65 billion. Adjusted EBITDA increased 4.6% YoY to $2.33 billion. The company returned $828 million to shareholders via dividends. 3M raised its FY23 outlook following EBITDA margin expansion.
October 24, 2023 | 3:35 pm
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3M Co reported better than expected Q3 FY23 results and raised its FY23 outlook. The company's stock is trading higher by 5.30%.
3M Co reported better than expected Q3 FY23 results, with adjusted net sales and EPS beating consensus estimates. The company also raised its FY23 outlook following EBITDA margin expansion. These positive results and outlook are likely to boost investor confidence, leading to a rise in the company's stock price.
CONFIDENCE 95
IMPORTANCE 90
RELEVANCE 100