Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
Website dedicated to 3M-NEOG exchange offer:
https://www.envisionreports.com/3MNEOGENEXCHANGE/2022/3mneogenexchangeaug4/index.html?voting=true
3M commences exchange offer for food-safety/NEOG spinoff:
https://finance.yahoo.com/news/3m-commences-split-off-exchange-164100919.html
3M reports 2Q22 results—sharply lowers 2022 guidance:
• Total sales growth: -2.5 to -0.5 percent vs. 1 to 4 percent prior
• Organic sales growth: 1.5 to 3.5 percent vs. 2 to 5 percent prior
• Foreign currency translation: -4 percent vs. -1 percent prior
• GAAP earnings per share: $7.32 to $7.82 vs. $9.89 to 10.39 prior
• Adjusted earnings per share: $10.30 to $10.80 vs. $10.75 to $11.25 prior
• Operating cash flow of $6.6 to $7.2 billion contributing to 90% to 100% adjusted free cash flow conversion
2Q22 PR:
https://investors.3m.com/news/news-details/2022/3M-Reports-Second-Quarter-2022-Results/default.aspx
CC slides:
https://s24.q4cdn.com/834031268/files/doc_financials/2022/q2/2Q-2022-Earnings-Slides.pdf
3M to spin-off healthcare business to 3M shareholders in late 2023:
https://investors.3m.com/news/news-details/2022/3M-Announces-Plans-to-Create-Long-Term-Value-Through-Spin-Off-of-Health-Care-Business/default.aspx
The spin-off will be tax-free for US shareholders. 3M will initially retain a 19.9% equity stake in the yet-unnamed healthcare company.
Note: The planned split-off/merger of 3M’s food-safety business with NEOG remains on track for a 2022 closing.
3M executes the “Texas two-step” to contain earplug liability:
https://investors.3m.com/news/news-details/2022/3M-Subsidiary-Aearo-Technologies-Takes-Action-to-Efficiently-and-Equitably-Resolve-Litigation-Related-to-Combat-Arms-Earplugs/default.aspx
"3M Has 64th Annual Dividend Increase Despite Headwinds And Legal Risk"
"Conclusion
Despite a not insignificant level of headwinds and the ever present legal risk, we still believe that due to the massive expanse of 3M's product portfolio and long history of delivering quality products, it is a good choice for a solid dividend yield on a blue-chip."
https://seekingalpha.com/article/4522882-3m-has-64th-annual-dividend-increase-despite-headwinds-and-legal-risk
3M settles with Belgium—will take $360M charge to 2Q22 earnings:
https://www.sec.gov/ix?doc=/Archives/edgar/data/0000066740/000006674022000056/mmm-20220706.htm
https://www.sec.gov/Archives/edgar/data/0000066740/000006674022000056/a76228kex-991.htm
3M updates Belgian manufacturing status and environmental-remediation program:
https://www.sec.gov/ix?doc=/Archives/edgar/data/0000066740/000006674022000052/mmm-20220610.htm
3M expects $300M revenue_hit_in_2Q22_from China’s COVID lockdowns:
https://finance.yahoo.com/news/3m-expects-300-million-revenue-152459655.html
3M is unusual among multinational firms in that almost all of what 3M sells in China it manufactures in China. The COVID lockdowns forced the temporary closure of some of 3M’s manufacturing sites in China.
This was stated on today’s Bernstein webcast.
3M’s earplug-litigation scorecard for “bellwether” cases—(updated):
• 6 wins by jury verdict
• 8 wins by summary dismissal
• 10 losses by jury verdict
• zero cases settled
3M ordered to pay $77.5M in earplug case—largest_award_ yet:
https://finance.yahoo.com/news/1-3m-ordered-pay-77-173614314.html
Oops! I was only off by one log, LOL.
No "Plastic bubble is a $175 million market in the U.S. and the vast majority of the product is not recycled. "
Cushion Lock—another innovative product from 3M:
https://finance.yahoo.com/news/scotch-brand-cushion-lock-protective-171000963.html
3M’s earplug-litigation scorecard for “bellwether” cases:
• 6 wins by jury verdict
• 8 wins by summary dismissal
• 8 losses by jury verdict
• zero cases settled
Two more bellwether cases are going to trial in May 2022. (Source: Today’s 1Q22 CC.)
1Q22 CC transcript of prepared remarks:
https://s24.q4cdn.com/834031268/files/doc_financials/2022/q1/Q1-2022-Transcript.pdf
3M 1Q22 results—2022 guidance:
2022 GAAP EPS guidance of $9.89-10.39 was lowered by $0.26 to account for previously announced charge related to PFAS environmental remediation in Belgium (#msg-168387784).
3M will continue to report both GAAP and non-GAAP earnings; however, starting with 1Q22 non-GAAP earnings will exclude litigation expenses (as well as one-off items such as the $0.26 charge for environmental remediation mentioned above). On this basis, 3M issued 2022 non-GAAP EPS guidance of $10.75-11.25, +6-11% YoY (vs 2021’s $10.12).
(Both GAAP and non-GAAP EPS guidance exclude the effect of the planned spinoff of the food-service business and its combination with NEOG.)
Abbreviated PR:
https://investors.3m.com/news/news-details/2022/3M-Reports-First-Quarter-2022-Results/default.aspx
Financial statements:
https://s24.q4cdn.com/834031268/files/doc_financials/2022/q1/Financial-Statements.pdf
CC slides:
https://s24.q4cdn.com/834031268/files/doc_financials/2022/q1/Slides.pdf
3M’s Belgium plant, where the Flemish government has halted PFAS production while environmental remediation is in progress, makes 80% of the worldwide supply of PFAS coolants used in semiconductor manufacturing. Ouch.
https://www.barrons.com/articles/chip-production-plant-shutdown-3m-pfas-51649361014
See #msg-168387784 for related info.
Some_legal_sages_think 3M will exploit the “Texas two-step”—contrary to my supposition in #msg-167972029:
https://finance.yahoo.com/news/j-j-victory-over-cancer-164854208.html
3M's CFO just said the NEOG transaction could be either a spin-off or a split-off. (Previously, the deal has been presented to investors as a spin-off.)
2022 GAAP-EPS guidance=$10.15-10.65…
PR:
https://finance.yahoo.com/news/3m-well-positioned-long-term-130000171.html
Investor Day CC slides:
https://investors.3m.com/files/doc_presentations/2022/02/14/new/Combined-Presentations-Final-(1).pdf
3M’s 10-K discussion of earplug lawsuits—(for archival purposes):
https://www.sec.gov/ix?doc=/Archives/edgar/data/0000066740/000006674022000010/mmm-20211231.htm#i04254fc6fdb847859444e33430354842_184 (p.113-114)
"3M Increases Dividend [1 cent] for 64th Consecutive Year"
https://finance.yahoo.com/news/3m-increases-dividend-64th-consecutive-221500108.html
3M is approaching the earplug litigation the way MRK dealt with Vioxx in 2004—i.e. they plan to litigate each case rather than enter into an early class settlement.
3M hit by $110M verdict in earplug case:
https://finance.yahoo.com/news/1-3m-hit-110-million-001551502.html
The main story with 3M—It has been able to raise product prices enough to offset the price inflation from raw materials.
3M 4Q21 results—2021 non-GAAP_EPS_of $10.12—(+14% YoY)—slightly_above_prior_guidance of $9.70-10.10.
PR:
https://s24.q4cdn.com/834031268/files/doc_financials/2021/q4/Q4-2021-Earnings-Press-Release.pdf
CC slides:
https://s24.q4cdn.com/834031268/files/doc_financials/2021/q4/4Q-2021-Earnings-Presentation.pdf
Note: 3M will provide 2022 guidance at its Investor Day webcast on 2/14/21.
looking at some dividend payers here long term
NEOG to merge with 3M’s spun-off food-safety business in $9.3M deal:
https://www.sec.gov/Archives/edgar/data/0000066740/000119312521356172/d264913dex99.htm
The combination is structured as a Reverse Morris Trust that is non-taxable to 3M shareholders, who will receive shares of NEOG but no cash. The closing is expected in 3Q22.
3M 3Q21 PR and CC slides:
https://investors.3m.com/news/news-details/2021/3M-Reports-Third-Quarter-2021-Results/default.aspx
https://s24.q4cdn.com/834031268/files/doc_financials/2021/q3/3Q-2021-Earnings-Presentation.pdf
3M trimmed its 2021 GAAP EPS guidance to $9.70-9.90 (from the prior range of $9.70-10.10) due to supply-chain disruptions. OTOH, YoY organic sales growth is expected to be 8-9%, at the high end of the prior range of 6-9%.
MMM beats on revenues; beats on EPS
https://seekingalpha.com/news/3757905-3m-eps-beats-0_22-beats-on-revenue
Shitty place to work but stick options are good!
$181 hit. getting awfully close to the $170s
MMM down almost $3 today and we havent even begun to see a real market correction
i guess until the market stops sucking on Jerome Powell's C*ck, we wont see one bigger than 5%
see you in the $170s
it was over $200 for well over a month or two, no excuses. plenty of time for people to sell and that is what it looks like the SMART MONEY did. they left this dog above $200
Yes, I sold at the exact peak... like all IHUBbers do. Adios
cool, hope you sold some over $200
I've owned 3M for many, many years, just like all my blue chips.
Amazing how IHUBers always know where stocks are_heading, where the high will be, where the low will be... yet year after year virtually all IHUbers lag simple index funds. Most lag them by miles!
My prediction for my long held 3M: it will fluctuate, increase its dividend occasionally and likely continue rising.
MMM heading back to $165-$170 imo
3M raises_2021_EPS_guidance_to $9.70-10.10—(from_prior-range_of_$9.20-$9.70):
2Q21 PR:
https://investors.3m.com/news/news-details/2021/3M-Reports-Second-Quarter-2021-Results/default.aspx
2121 CC slides:
https://s24.q4cdn.com/834031268/files/doc_financials/quarterly/2021/2Q-2021-Earnings-Presentation.pdf
3M also raised 2021 YoY revenue-growth guidance to 7-10% (from the prior range of 5-8%).
3M wins earplug case, which ought to reduce NPV estimates of 3M’s total eventual payout for this tort:
https://finance.yahoo.com/news/3m-wins-u-trial-alleging-024414868.html
3M 1Q21_results—full-year-2021_guidance*_unchanged_from_3mo_ago…
1Q21 PR:
https://investors.3m.com/news/news-details/2021/3M-Reports-First-Quarter-2021-Results/default.aspx
CC slides:
https://s24.q4cdn.com/834031268/files/doc_financials/2021/q1/Q1-2021-Earnings-Presentation.pdf
*GAAP EPS $9.20-9.70; YoY sales growth 5-8%; organic YoY sales growth 3-6%.
3M tops $200 for first time since early 2019. Its all-time high was ~$259 in January 2018. Current yield is 2.95%
Followers
|
49
|
Posters
|
|
Posts (Today)
|
0
|
Posts (Total)
|
688
|
Created
|
08/06/06
|
Type
|
Free
|
Moderators DewDiligence |
Volume | |
Day Range: | |
Bid Price | |
Ask Price | |
Last Trade Time: |