Solventum shares drop as Q1 profit declines

Solventum

09/05/2024 17:56

** Industrial conglomerate 3M spin-off Solventum's shares
 SOLV.N  fall 2.68% to $64.65
    ** Company reports Q1 2024 net income of $237 mln, or
$1.37/shr, down from $293 mln, or $1.70/shr, a year earlier
    ** SOLV expects functional expenses to increase for the rest
of 2024
    ** Says it will not pay a cash dividend or authorize share
repurchase this time, as it intends to prioritize debt paydown
    ** The medical equipment maker expects FY2024 organic
revenue to be flat to down 2% from a year earlier, and adjusted
profit per share of $6.10 to $6.40

 (Reporting by Vaibhav Sadhamta)
 ((Vaibhav.Sadhamta@thomsonreuters.com;))