3M Company (MMM)

[DewDiligence]

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