What caused MMM's Q3 2024 earnings to barely meet forecasts?

**3M's Q3 2024 earnings fell slightly below forecasts due to a combination of factors.** Here's a detailed analysis: 1. **Industrial Segment Challenges**: The Industrial segment, which includes industrial coatings, ceramics, and electronics, faced significant headwinds. This segment posted a 15.5% decline in sales, with revenue dropping to $1.82 billion compared to $2.15 billion in the prior year. This decline was likely due to weak global industrial demand, supply chain disruptions easing, and inventory drawdowns at customers. 2. **Healthcare Segment Weakness**: The Healthcare segment, which offers medical-related products, saw a 2.2% decrease in sales, with revenue falling to $1.45 billion compared to $1.48 billion in the prior year. This segment faced challenges from lower healthcare-related capital spending and increased competitive pressures. 3. **Consumer Segment Stability**: The Consumer segment, which includes household goods like Post-it notes, showed stability with a slight increase in sales, growing by 0.7% to $2.64 billion. This segment benefited from strong demand in emerging markets, particularly in Asia and Latin America. 4. **Strategic Initiatives and Portfolio Optimization**: 3M continues to execute strategic initiatives and portfolio optimization, which has led to divestitures and restructuring activities. These moves are aimed at improving the portfolio and focusing on higher-growth businesses but can also impact short-term results. In summary, 3M's Q3 performance was impacted by weak global industrial demand, supply chain disruptions, and lower healthcare-related capital spending, despite strong consumer demand and emerging market growth. These factors, combined with strategic initiatives, contributed to the company's earnings falling slightly below forecasts.