3M Corp Stock Price, News & Analysis

3M has introduced a new medical adhesive, 3M™ Medical Tape 4578, capable of adhering for up to 28 days, effectively doubling the previous standard of 14 days. This advancement aims to enhance patient care by lowering costs, reducing patient disruption, and accumulating more data for healthcare decisions. The adhesive is designed for various medical devices, including glucose and heart monitors, and offers liner-free stability with a storage life of up to one year. With over 55 years of skin adhesion science, this product strengthens 3M's position in the medical adhesive market.

On Feb. 3, 2023, plaintiffs in the Combat Arms Earplugs Version 2 (CAEv2) litigation filed a motion to dismiss Aearo's bankruptcy with the U.S. Bankruptcy Court. Aearo and 3M aim to mediate a resolution with all involved parties while preparing their written response to the motion. The bankruptcy court has affirmed Aearo's legitimacy, indicating it has appropriate liabilities under the Bankruptcy Code. If the motion is granted, it may complicate the ongoing litigation process. Oral arguments regarding initial bellwether trials are scheduled for the week of May 1, 2023, which could significantly impact the case's trajectory.

3M has launched a docuseries titled "Skilled", aimed at promoting careers in the skilled trades and addressing existing misconceptions. The series, featuring fall protection sales specialist Andrea Martin, debuted on January 22 at the 2023 Sundance Film Festival. 3M plans to amplify this initiative by creating five million unique STEM and skilled trades learning experiences for underrepresented individuals by 2025. The docuseries will also reach 30,000 students through partnerships with Teach for America. This effort aligns with 3M's broader goals of advancing economic equity and increasing workforce representation.

3M has made significant advancements in virtual reality (VR) technology by developing pancake lenses that reduce headset size by 50% while enhancing image quality. This innovation, a result of five years of research, positions 3M as a leader in the growing VR market. The company holds over 180 patents related to optical technology and received the Display Component of the Year award in May 2022 for its HARP lens. With the VR industry set for pivotal growth in 2023, 3M emphasizes its commitment to customer collaboration and content development, aiming to eliminate the historical barriers of bulky headsets and drive consumer adoption.

3M (NYSE: MMM) announced its fourth-quarter and full-year 2022 results, reporting a 0.4% organic growth which fell short of the 1-3% expectation. The company's adjusted earnings were $2.28 per share, while GAAP EPS was $0.98. Full-year sales totaled $34.2 billion, a 3% decline year-on-year. Challenges included inflation, global conflicts, and a sharp decline in consumer markets, particularly in China. For 2023, 3M anticipates adjusted earnings per share between $8.50 and $9.00, with expected -6% to -2% sales growth due to ongoing market pressures.

3M (NYSE: MMM) launched a documentary film titled "Skilled" aimed at promoting trades careers and breaking stereotypes. Debuting at the Sundance Film Festival on January 22, 2023, the film features four tradespeople and will be available for streaming on May 3. 3M's initiative targets increasing awareness and educational access in skilled trades, with a goal to create 5 million unique learning experiences by 2025. The research shows broad support for the trades, with nine in 10 believing more individuals should pursue such careers. 3M is collaborating with Teach For America to further this agenda by screening the documentary in classrooms.

3M and Discovery Education have launched the Young Scientist Challenge Alumni Network and Alumni Grants Program aimed at supporting past participants and future science leaders. This initiative is part of the 3M Young Scientist Challenge, a competition for middle school students to win a mentorship with a 3M scientist and a $25,000 grand prize. The Alumni Network provides networking opportunities and resources while the Alumni Grants program will award a total of $25,000 annually to ten former finalists. The grant applications are open until March 23, 2023, with funding available for projects related to participants' original creations and community initiatives.

3M, in collaboration with Discovery Education, has launched the Young Scientist Challenge Alumni Network and Alumni Grants Program. This initiative aims to support former participants of the Young Scientist Challenge by offering additional networking opportunities, resources, and funding for their scientific projects. The program will award $25,000 annually in grants to ten alumni, divided into three funding categories: $5,000 for project continuations, $2,500 for new ideas, and $1,000 for community science initiatives. Applications are open until March 23, 2023. This effort continues 3M's commitment to fostering future science leaders.

3M has addressed supply chain challenges by developing a process at its Springfield, Missouri plant to qualify alternate raw materials. Faced with supplier backorders in 2021, a multidisciplinary team explored options to substitute single-source materials. The initiative successfully updated over 1,500 products, reducing backorders by more than $5 million in just four months. This coordinated effort not only provides business continuity but also enhances supply chain flexibility and service to customers. Similar processes are being implemented in other 3M plants worldwide.