The Rising Influence of Rising Affluence

[DewDiligence]

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