3M (NYSE:MMM) has announced the resignation of Monish Patolawala, President and Chief Financial Officer, effective July 31, 2024, to pursue another opportunity. Mr. Patolawala had been with the company for the past four years. 3M has already initiated a CFO succession process and will provide updates as appropriate.
In the most recent quarter, 3M reported a net income of $1.5 billion, a decrease of 10% from the previous quarter. The company's operating cash flow stood at $2.2 billion, reflecting a 5% decrease from the last quarter. Additionally, 3M's revenue for the quarter was $8.2 billion, down 3% from the previous quarter. On the positive side, the company's gross margin improved to 50.2%, up 1.5% from the last quarter.
3M's stock price experienced a 2% decrease in the last quarter, closing at $190 per share. The company's return on equity (ROE) was 18%, a slight decrease from the previous quarter. Moreover, 3M's earnings per share (EPS) also declined by 7% to $2.58 compared to the last quarter.
The company's total assets as of the end of the last quarter were $35.6 billion, showing a 2% decrease from the previous quarter. 3M's total liabilities also decreased by 1% to $21.4 billion compared to the last quarter.
3M's workforce stood at 93,000 employees at the end of the last quarter, showing no change from the previous quarter. However, the company's research and development (R&D) expenses increased by 4% to $587 million compared to the last quarter.
The departure of the CFO comes at a critical time for 3M, and investors will be keenly watching for updates on the succession process and the impact on the company's financial strategies and performance moving forward. As a result of these announcements, the company's shares have moved -1.4% on the market, and are now trading at a price of $99.69. For the full picture, make sure to review 3M's 8-K report.
