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We are taking a proactive approach to managing PFAS by establishing a more certain path forward for public water systems, communities and 3M.
Subject to court approval, 3M has agreed to support PFAS remediation for public water systems that detect PFAS at any level and our agreement addresses all PFAS, not just those compounds that have been the primary focus of litigation to date.
Our agreement also provides funding for eligible public water systems that may detect PFAS into the future and we have agreed to fund additional testing by public water systems as well.
As Mike shared, the agreement terms entail a present value commitment of $10.3 billion paid over 13 years.
pfas colour
Transcript
2023 Q2
28 Jul 23
We've also made progress in advancing our go-to-market models to bring our innovation closer to customers. In support of these changes, to date, we have initiated the transition to a new export model in 24 countries. I am pleased with how these changes are helping drive performance.
progress in restructuring changes
Transcript
2023 Q2
28 Jul 23
Looking at our markets, trends played out as expected. We saw strength in automotive, both OEM and aftermarket, as well as highway infrastructure and personal safety, excluding disposable respirators. Health Care which was up slightly, continues to be impacted by lower post-COVID-related demand, notably in our Biopharma, Health Information and Medical Solutions businesses.
We also saw continued weakness in electronics, consumer retail and China.
market trends -- auto good but easy compare, healthcare weak, chins weak, as is cE
Transcript
2023 Q2
28 Jul 23
Excluding these charges, we increased operating margin year-over-year. We delivered adjusted earnings per share of $2.17 and adjusted free cash flow of $1.5 billion driven by continued improvements in inventory management.
Today, we are updating our full year earnings per share guidance to $8.60 to $9.10, up from a previous range of $8.50 to $9.
earnings guidance hike , rev unchsnged
Transcript
2023 Q2
28 Jul 23
Also, during the quarter, we initiated a large part of our restructuring program to simplify and streamline the organization.
We are aggressively reducing management layers and rooftops while also streamlining our go-to-market models and supply chain, bringing us closer to our customers.
restructuring actioins
Transcript
2023 Q2
28 Jul 23
our full year guidance, as I have talked about, assumes overall recovery in all economies in the second half, including China.
china built into guidance
Transcript
2023 Q1
5 Jun 23
Effectively immediately, Mike Vale is appointed Group President and Chief Business and Country Officer, a new role on the company’s corporate operations committee reporting to me. In this new role, he will have responsibility for three of the company’s four business groups: Safety and Industrial; Transportation and Electronics and Consumer; and also Country Governance. Jeff Lavers, who is leading our Consumer and Healthcare business, will now lead our healthcare business and support the company’s progress towards a spin-off and the transition to a new CEO and management team. Jeff continues to report to me. Karina Chavez will become Group President, Consumer. Chris Goralski will become Group President, Safety and Industrial.
Ashish Khandpur will continue as Group President, Transportation and Electronics. All three are experienced leaders at 3M and well-positioned to help drive the actions we announced today to improve our performance. Karina, Chris and Ashish will report to Mike Vale. In total, today’s actions will make 3M more streamlined and competitive.
management changes including Vale
Transcript
2023 Q1
18 May 23
how much pricing came through this quarter?
(No comment added)
Transcript
2023 Q1
13 May 23
The guide for the year is low-single digits.
(No comment added)
Transcript
2023 Q1
13 May 23
The average is low-single digits.
(No comment added)
Transcript
2023 Q1
13 May 23
we had anywhere between low to mid-single digits
(No comment added)
Transcript
2023 Q1
13 May 23
restructiring -- 40% supplu chaij simplification, 60% costs ayt center of the company
Basically the whole situation is a hacking problem that im suffering from a person that is taking all my portfolio of capitol companies and others and is damaging. The many changes that Lee is mentioning here come from the readjustment that system has to made in front of the hackers computational system. Basically this is their success saying to its system'thou you brought all this data this do not belongs to us'. I'm a very optimistic investor and in other times I've been able to stop this craziness from these group of people that currently are holding kidnapped my email cmaldonadovirella@gmail.com, carlosamaldonadovirella@gmail.com and this email carlos@twosigmagroup.com . It seems that my company Two Sigma,which ignores me or my pledges, is also in combination with these hacker's amd since I've never been officially known I have no power or so in front of many forces. Please, feel free to call me at 9172276329 or to visit me at 2435 Creston Avenue Bronx NY apt E9. These hacker's are the same ones that destroy my bitcoin to 14k, destroy FTX and many many more atrocious things. For now with just acquiring more shares on different areas and making sure they deploy their new products and r&d shall be fine. All is part of 12B dollars that's were supposed to arrive to make a promotional order in regards to all brands. Please, read this carefully and please help in any way you might,I'm the director and owner of this investment.
Transcript
2023 Q1
29 Apr 23
And I just wanted to focus on the healthcare business as that’s meant to spin out in a matter of months. The margin is down pretty heavily year-on-year again, down sequentially as well and not a lot of organic growth.
So, just trying to sort of understand how comfortable do you feel with that healthcare business kind of ahead of the spin?
healthcare weak why?
Transcript
2023 Q1
29 Apr 23
So, Joe, the $700 million to $900 million, if we just break it down to broad buckets, 40% of it is around the supply chain simplification that Mike talked about. The remaining 60%, you can split between costs at the center of the company and costs at the BGs. From a P&L perspective, a couple of items that Mike talked about, again, on the go-to-market. There will be a couple of divisions in TEBG that will be combined. And then from a consumer perspective, we will serve our customers more from an area perspective and then realign them around portfolios. And the other piece on a go-to-market cost saving is, as we look at some of the countries, the way we serve using our digital capabilities, we will look at using our partnerships that we have with our third-party distributors in those countries and use a digital/export model to serve those customers in those countries, which will also allow us to take out rooftops and fully loaded P&Ls in those countries that will also allow us to save cost.
restructiring -- 40% supplu chaij simplification, 60% costs ayt center of the company
Transcript
2023 Q1
29 Apr 23
But if you just use 2023 as a guide, as a basis, the margin expansion, excluding these charges are when these charges are done, is a 200 basis points to 300 basis points of margin expansion that you should see on an annualized steady-state basis. What I would tell you is that allows us to definitely get the better leverage that we have all been talking about.
margin expansion to come
Transcript
2023 Q1
29 Apr 23
Mike, Monish, I think you guys have had a few programs now over the last several years. And I know that they are approaching different aspects of the cost elements and different regions, etcetera. But trying to roll up to where do you see the margin entitlement for the business as we get through these programs over the next several years. Is there anything that you sort of have pencil out there that we should keep in mind, especially with a few of these programs overlapping and different mix changes, etcetera, going on within the business?
restructuring program?
Transcript
2023 Q1
29 Apr 23
r so from me is that we are prioritizing more and more where we focus that R&D investment. It’s still the first priority in our capital allocation, invest in R&D, invest in CapEx to drive that growth. We see the opportunities in those high-growth market spaces.
r & d priority
Transcript
2023 Q1
29 Apr 23
nd then there is been, perhaps the last decade, where I’d characterize growth is pretty minimal and maybe not as much support in the margin structure as you had in the past. But is part of the restructuring and the changes you are making to help drive more accountability and productivity in R&D? Is it – is there a – I mean I guess, a more polite way to ask the question is, is there any cultural or structural problems in R&D that you can address and perhaps improve that productivity going forward?
cultursal problems in r & d?
Transcript
2023 Q1
29 Apr 23
For example, Mike mentioned one of the areas where we are relooking at how we go to market in certain countries where in the past, we have had a full roof stop and a full cost structure, and now we’re going to work through our partnerships of third-party distributors, leverage our digital capabilities, leverage our export capabilities. And that also allows us to reduce cost while making sure we still continue to take care of customers in those countries.
reducing cost
Transcript
2023 Q1
29 Apr 23
s far as like the go-to-markets are concerned and how you’re changing things, what was the catalyst for this? What did you see in the business that you thought you needed to improve on from a go-to-market perspective with all these changes that you were talking about? It seems like some pretty significant initiatives from that perspective and a change in the way you guys have done business historically. What was the catalyst for that?
why the restructuring?
Transcript
2023 Q1
29 Apr 23