Replies to post #596 on 3M Company (MMM)

[DewDiligence]

3M changes in senior management pertaining to the corporate restructuring announced today:

https://investors.3m.com/news/news-details/2023/3M-Announces-Senior-Management-Team-Changes/default.aspx

[DewDiligence]

3M 1Q23 CC transcript:

https://finance.yahoo.com/news/q1-2023-3m-co-earnings-044954858.html

[DewDiligence]

3M reports 2Q23 results—raises non-GAAP EPS guidance slightly…

PR:
https://investors.3m.com/news-events/press-releases/detail/1790/3m-reports-second-quarter-2023-results-proactive

CC slides:
https://d1io3yog0oux5.cloudfront.net/_42242654f7d5954ba2f4fd7c7044914f/3m/db/3222/30683/presentation/Q2+2023+Earnings+Presentation.pdf


2Q23 non-GAAP EPS was $2.17, down from $2.45 in 2Q22; however, 2Q23 cash flow from operations was +34% YoY due, in large part, to cost-cutting initiatives (#msg-171766597), which raised operating margins by 140 basis points YoY.

2Q23 sales of $8.33B were -4% YoY, but exceeded consensus expectations.

3M raised 2023 non-GAAP EPS guidance (which excludes the $10.3B+ PFAS settlement announced in June [#msg-172192818]) to $8.60-9.10 (up $0.10 from the prior range of $8.50-$9.00).

3M’s healthcare spin-off remains on track for closing in 2023.