3M's 'Modest' Q1 Operating Beat Led by FX Tailwinds and Higher-Than-Expected Corporate Income, RBC Says

MT Newswires Live04-23 00:37

3M (MMM) reported a modest, low-quality Q1 operating beat, led by foreign exchange tailwinds and higher-than-anticipated corporate income, RBC Capital Markets said in a note emailed Wednesday, adding that operational excellence metrics are improving alongside new product launches.

Management reiterated full-year guidance, absorbing the Q1 upside and embedding a hit of $0.05 to $0.15 to EPS due to macro and oil-related pressures in the second half, according to the note.

Management guided Q2 organic growth of more than 3% and H2 exit rates of over 3.5%, driven by order conversion, underlying demand from new products, and datacenter/semiconductor strength, the brokerage said.

RBC lifted its 2026 EPS estimate by $0.15 to $8.70, while management reiterated full-year 2026 adjusted EPS guidance of $8.50 to $8.70.

The company raised its pricing assumptions for 2026 to about 130 basis points due to higher oil costs, layered on top of the 80 basis points previously embedded into guidance, the brokerage noted.

RBC maintained an underperform rating on 3M and lowered the price target to $133 from $134.

Price: 146.30, Change: -2.17, Percent Change: -1.46

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