3M Company stock research
FY2023 Q3
3M (MMM) Gross Margin — Quarter Ended Sep 30, 2023
Revenue, gross profit, and cost of revenue in the current quarter were unchanged from the prior quarter, resulting in a stable gross margin. Compared with the same quarter a year earlier, all metrics were lower, and gross margin weakened.
Gross margin takeaway
Quarter ended Sep 30, 2023 · FY2023 Q3
Revenue, gross profit, and cost of revenue in the current quarter were unchanged from the prior quarter, resulting in a stable gross margin. Compared with the same quarter a year earlier, all metrics were lower, and gross margin weakened.
- The relationship among revenue, cost of revenue, and gross profit remained unchanged sequentially, leading to an identical gross margin. The year-over-year decline in gross margin was accompanied by a proportionally larger decrease in revenue relative to cost of revenue.
- Sequentially, all financial metrics and gross margin were stable, showing no change. Versus the same quarter a year ago, revenue, gross profit, and cost of revenue were lower, and gross margin declined.
Gross margin snapshot
The selected quarter's reported revenue, gross profit, direct costs, and margin comparisons.
Gross margin
40.7%
Gross profit
$2.6B
Revenue
$6.3B
Cost of revenue
$3.7B
Quarter-over-quarter change
+0.1 pts
Year-over-year change
-4.4 pts
Quarterly gross margin trend
A four-quarter view of the revenue and direct-cost bridge behind gross margin.
| Period | Revenue | Gross profit | Cost of revenue | Gross margin |
|---|---|---|---|---|
| Mar 31, 2023 | $6.1B | $2.3B | $3.7B | 38.2% |
| Jun 30, 2023 | $6.3B | $2.6B | $3.7B | 40.7% |
| Sep 30, 2023 | $6.3B | $2.6B | $3.7B | 40.7% |
Quarterly comparisons
Compare the selected margin with the preceding quarter and the same fiscal quarter one year earlier.
Previous-quarter change
Jun 30, 2023
+0.1 pts
Year-over-year change
Sep 30, 2022
-4.4 pts
What the margin says
Filing-constrained interpretation of margin direction, comparisons, and what to monitor next.
The relationship among revenue, cost of revenue, and gross profit remained unchanged sequentially, leading to an identical gross margin. The year-over-year decline in gross margin was accompanied by a proportionally larger decrease in revenue relative to cost of revenue.
Sequentially, all financial metrics and gross margin were stable, showing no change. Versus the same quarter a year ago, revenue, gross profit, and cost of revenue were lower, and gross margin declined.
Monitor whether the stable gross margin observed in the current quarter persists in the coming periods.