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Mike Roman crossed a lot of billion-dollar items off his to-do list in his final few months as CEO of 3M.

The Maplewood-based conglomerate spun off its health care division on April 1. Two major legal settlements cleared their final hurdles. And the company took a tentative first step back to growth following a major restructuring and several rounds of layoffs.

"Those are things I take with me as I move into the executive chair position," Roman said. "We've been focused on a stronger, leaner, more focused 3M. I'm proud of these teams."

Bill Brown will take the helm as 3M chief executive on Wednesday as Roman ends his tenure but remains on the board. Meanwhile, the carpet has been rolled out for the new CEO.

"Our guidance returns us to growth and strong margin expansion," said Chief Financial Officer Monish Patolawala. "We are set up for success."

3M expects earnings per share in 2024 to range between $6.80 and $7.30, growth of about 15% compared with last year when adjusting for the health care spinoff.

The spun-off company, Solventum, represented a quarter of 3M's revenue and profit last year.

3M's dividend will be "reset" to 40% of available cash after litigation settlements payments, and the next investor payout will be announced sometime in May. The company has paid a dividend for more than a century and had increased it annually for more than 60 years in a row, though investors had long expected a cut would occur following the spinoff.

Wolfe Research analyst Nigel Coe predicted the annual dividend would drop from $6 to $2.80.

"This is in the ballpark of our expectations and puts the stock on a ~3% yield," Coe wrote in an analyst note. "This may turn out to be a buying signal for some investors."

Roman told analysts on a conference call Tuesday morning that the dividend strategy "is in line with our industrial peers and well above the S&P 500 median, with the potential to increase over time."

The maker of respirators, tapes and sandpaper will also be resuming share buy-backs, another way to return cash to shareholders.

During the first quarter — the last to include the health care division — 3M profits fell 5% to $928 million, but adjusted earnings per share rose to $2.39, beating Wall Street estimates. Sales totaled $8 billion, down slightly from the first quarter of 2022.

Transportation and electronics sales had the best start to the year as 3M won several contracts to manufacture parts for cellphones and other products.

"We are now [part of] ... many more devices than before," Patolawala said.

Roman says he sees opportunities to build new businesses in climate technologies, like hydrogen fuel, in addition to fast-growing areas like auto electrification and industrial automation.

"Our focus on innovation, where we go with new products, how we build solutions for customers, that's what gets us excited," he said.

Investors were also enthusiastic Tuesday, sending 3M's stock price up nearly 5% to close at $96.51.