Under the direction of a new CEO, manufacturing conglomerate 3M reported its 2024 second-quarter financials on July 26.

Total sales for the quarter reached $6.3 billion, down 0.5% year-over-year. Adjusted sales were $6.0 billion, reflecting organic growth of 1.2% year-over-year.

3M’s 2Q operating profit of $1.27 billion topped the $1.22 billion of a year earlier, while net profit of $1.24 billion fell approximately 9% year-over-year.

Here is how 3M’s 2Q performed within its three business units:

• Safety & Industrial — Sales of $2.8 billion (44.1% of total), down 0.2% year-over-year, with organic sales up 1.1%. The organic gain was a reversal from 1Q’s 1.4% decline. Operating profit increased by 14.6% year-over-year.
• Transportation & Electronics — Sales of $2.1 billion (34.3% of total), down 2.2% year-over-year, with organic sales up 1.0%. Operating profit was 4.4%.
• Consumer — Sales of $1.2 billion (20.2% of total), down 2.3% year-over-year, with organic sales down 1.4%. Operating profit decreased by 49.7% year-over-year.

“We delivered another strong quarter with adjusted earnings growth up double-digits and robust cash generation. I want to thank 3M employees for their exceptional execution, which we expect to continue in the second half of the year,” 3M CEO William Brown said in the company’s financial news release. “As I look ahead, I am focused on three priorities: driving sustained organic revenue growth; increasing operational performance; and effectively deploying capital. I have long admired 3M’s track record of innovation and am excited to be leading this great company and by the opportunities ahead.”

3M forecasts 2024 full-year total sales growth of 0.25% to 1.75%, with organic sales ranging flat to +2%.

Brown began his CEOtenure with the company on May 1. President and CFO Monish Patolawala’s last day with the company is July 31.