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Mar 31, 2023
3M Q1 2023 Earnings Report
Reported first quarter results and announced restructuring actions to strengthen the company.
Key Takeaways
3M reported a decrease in sales and earnings per share for the first quarter of 2023, but operating cash flow increased. The company announced restructuring actions expected to yield $700 to $900 million in annual pre-tax savings.
GAAP earnings per share of $1.76.
Adjusted earnings per share of $1.97, excluding the impact of special items.
Sales of $8.0 billion, down 9.0 percent year-on-year, with organic sales decline of 4.9 percent year-on-year.
Operating cash flow was $1.3 billion, up 26 percent year-on-year, while adjusted free cash flow was $0.9 billion, up 24 percent year-on-year.
Revenue by Segment
Forward Guidance
3M affirms its full-year expectations for 2023.
Positive Outlook
- Adjusted earnings per share of $8.50 to $9.00
- Adjusted operating cash flow of $5.8 to $6.3 billion
- Adjusted free cash flow conversion of 90% to 100%
Challenges Ahead
- Adjusted total sales growth of -6 to -2 percent
- Adjusted organic sales growth of -3 percent to flat
Historical Earnings Impact
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Avg. Return Before/After Earnings
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