3M Q4 2022 Earnings Report
Key Takeaways
3M reported Q4 2022 results with sales of $8.1 billion, a decrease of 6 percent year-on-year. Organic sales growth was 0.4 percent. The company reported GAAP earnings per share of $0.98 and adjusted earnings per share of $2.28.
GAAP earnings per share of $0.98, which included a $1.15 per share pre-tax charge relating to PFAS manufacturing exit costs adjusted for in special items.
Adjusted earnings per share of $2.28, excluding the impact of special items.
Sales of $8.1 billion, down 6 percent year-on-year, which included impacts of negative 2 percent from divestitures and negative 5 percent from foreign currency translation.
Organic sales growth of 0.4 percent year-on-year which included a 2.6 percentage point headwind from the decline in disposable respirator demand, along with the exit of Russia.
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Forward Guidance
3M's full-year expectations for 2023 include -6 to -2 percent adjusted total sales growth and Adjusted earnings per share of $8.50 to $9.00.