3M Company (MMM)
Pretax margin
| Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings before tax but after interest (EBT) (ttm) | US$ in thousands | -9,686,000 | -10,092,000 | -3,106,000 | 5,974,000 | 6,389,000 | 7,352,000 | 4,980,000 | 6,864,000 | 7,206,000 | 7,350,000 | 7,413,000 | 7,127,000 | 6,770,000 | 6,255,000 | 6,395,000 | 6,184,000 | 5,684,000 | 6,207,000 | 6,208,000 | 7,111,000 |
| Revenue (ttm) | US$ in thousands | 32,681,000 | 32,747,000 | 33,054,000 | 33,431,000 | 34,229,000 | 34,762,000 | 35,085,000 | 35,333,000 | 35,355,000 | 35,326,000 | 34,734,000 | 32,960,000 | 32,184,000 | 31,712,000 | 31,353,000 | 32,348,000 | 32,136,000 | 31,970,000 | 32,131,000 | 32,350,000 |
| Pretax margin | -29.64% | -30.82% | -9.40% | 17.87% | 18.67% | 21.15% | 14.19% | 19.43% | 20.38% | 20.81% | 21.34% | 21.62% | 21.04% | 19.72% | 20.40% | 19.12% | 17.69% | 19.42% | 19.32% | 21.98% |
December 31, 2023 calculation
Pretax margin = EBT (ttm) ÷ Revenue (ttm)
= $-9,686,000K ÷ $32,681,000K
= -29.64%
The pretax margin of 3M Co. has exhibited fluctuations over the past eight quarters. In Q4 2023 and Q3 2023, the pretax margins were negative at -29.59% and -30.77% respectively, reflecting a significant decline in profitability. Prior to these quarters, in Q2 2023, the pretax margin improved but remained negative at -9.35%. However, there was a notable turnaround in Q1 2023 with a positive pretax margin of 17.91%, indicating improved profitability compared to the previous quarters.
Looking further back, Q4 2022, Q3 2022, and Q2 2022 also displayed positive pretax margins of 18.71%, 21.19%, and 14.23% respectively, reflecting a relatively stable and profitable performance during that period. Q1 2022 witnessed a slight decrease in pretax margin to 19.45% compared to the preceding quarters but still maintained a healthy level of profitability.
Overall, the pretax margin trend of 3M Co. fluctuated over the analyzed quarters, with a mix of positive and negative margins, suggesting varying levels of profitability and operational efficiency during the periods under review.
Peer comparison
Dec 31, 2023