12:53 PM EDT, 04/30/2024 (MT Newswires) -- 3M ( MMM ) updated its full-year guidance on Tuesday to reflect the spinoff of its health care business after reporting stronger-than-expected results for the first quarter.

The industrial conglomerate and parent of brands such as Scotch tape and Post-It notes now expects 2024 adjusted sales to be down 0.25% to up 1.75% on a year-over-year basis. That compares with the view of a 0.25% to 2.25% gain management forecast in January, which included the healthcare business.

3M ( MMM ) on April 1 completed the planned spin-off of its health care business, which formally launched Solventum ( SOLV ) .

3M ( MMM ) now sees adjusted earnings per share in the $6.80 to $7.30 range, down from the prior $9.35 to $9.75 outlook but above 2023's illustrative adjusted EPS from continuing operations of $5.97 to $6.12. Analysts surveyed by Capital IQ were modeling revenue and normalized EPS of $25.78 billion and $7.49 for the ongoing year. Shares of 3M ( MMM ) were up 3.4% in midday trade.

First-quarter revenue was $8 billion, compared with $8.03 billion a year ago and ahead of the $7.66 billion average analyst estimate on Capital IQ. Adjusted EPS rose to $2.39 for the three months ended March 31 from $1.97 and beat the Street's $2.11 view.

Sales fell 1.7% to $2.73 billion in 3M's ( MMM ) safety and industrial division and by 4.3% to $1.14 billion in its consumer segment. They rose 2.6% to $2.1 billion in transportation and electronics.

"We delivered results that were better than our expectations as we returned to organic growth and achieved double digit adjusted earnings growth," Chief Executive Mike Roman said in a statement. "We improved performance in our businesses through strong operational execution, completed the spin-off of Solventum ( SOLV ), and finalized two major legal settlements."

The company's incoming CEO William Brown will formally take the reins from Roman on Wednesday. Roman will transition into the role of executive chairman.

"The progress we have made in executing our strategic priorities, positions the company for long-term shareholder value creation as Bill Brown assumes the role of 3M ( MMM ) CEO," Roman said.

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