Solventum (NYSE:SOLV) reported third-quarter results that came in ahead of the consensus forecast on Wall Street.
However, shares of SOLV were down 3% to $72.63 apiece in mid-day trading.
In its second quarterly earnings report as an independent company, the Maplewood, Minnesota–based 3M Health Care spinoff reported profits of $122 million. That equals 70¢ per share on sales of $2.08 billion for the three months ended Sept. 30, 2024.
Sales were flat for the quarter compared to the same period a year ago, while net income was down 73%.
Adjusted to exclude one-time items, earnings per share came in at $1.64, 25¢ ahead of expectations on Wall Street. Sales narrowly beat estimates as well, with analysts expecting $2.06 billion in revenue.
“We have now delivered consecutive quarters of outperformance against our expectations, and based on these results, we are again raising our full-year guidance,” Solventum CEO Bryan Hanson said in a news release. “It has been an exciting start, and we are confident that our three-phased approach will drive long-term growth and significant value creation.”
The company raised its full-year guidance for both sales and adjusted EPS in 2024. It increased its sales growth expectations from 0% and 1% to the upper half of that range.
Solventum now projects full-year adjusted EPS of $6.50 to $6.65, up from $6.30 and $6.50 as previously forecasted.
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