Solventum shares drop as Q1 profit declines
** 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
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