Fool.com contributor Parkev Tatevosian highlights why he considers this dividend stock one of the best for 2024. *Stock prices used were the afternoon prices of Dec. 22, 2023. The video was published on Dec. 24, 2023. ...

3M Company (NYSE:MMM) Q3 2023 Earnings Conference Call October 24, 2023 9:00 AM ET Company Participants Bruce Jermeland - Senior Vice President of Investor Relations Michael Roman - Chairman & Chief Executive Officer Monish Patolawala - President and Chief Financial Officer Conference Call Participants Scott Davis - Melius Research Andrew Obin - Bank of America Joe Ritchie - Goldman Sachs Christopher Snyder - UBS Andrew Kaplowitz - Citigroup Deane Dray - RBC Capital Markets Stephen Tusa - JPMorgan Securitie ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2023 or o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from __________ to __________ Commission file number: 1-3285 3M COMPANY (Exact name of registrant as specified in its charter) Delaware 41-0417775 (State or other jurisdi ...

2023 Third Quarter Earnings (unaudited) Mike Roman Monish Patolawala Bruce Jermeland Chairman of the Board and President and Chief Senior Vice President, Chief Executive Officer Financial Officer Investor Relations 2 Forward-looking statements This presentation contains forward-looking information about 3M’s financial results and estimates and business prospects that involve substantial risks and uncertainties. You can identify these statements by the use of words such as “plan,” “expect,” “aim,” “believe,” ...

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3M Company (NYSE:MMM) Q2 2023 Earnings Conference Call July 25, 2023 9:00 AM ET Company Participants Bruce Jermeland - Senior Vice President of Investor Relations Mike Roman - Chairman & Chief Executive Officer Kevin Rhodes - Chief Legal Officer Monish Patolawala - Chief Financial & Transformation Officer Conference Call Participants Andrew Obin - Bank of America Andrew Kaplowitz - Citigroup Scott Davis - Melius Research Joe Ritchie - Goldman Sachs Chris Snyder - UBS Nicole DeBlase - Deutsche Bank Stephen T ...

Currency Impact and Financial Performance - The stronger U.S. dollar negatively impacted sales in Q2 and the first six months of 2023, with foreign currency effects reducing earnings despite hedging strategies[314] - Safety and Industrial segment sales decreased by 5.5% in Q2 2023, with organic sales declining by 4.6% and translation effects contributing to a 0.9% decrease[332] Stock Repurchase and Financial Position - In the first six months of 2023, the company repurchased $29 million of its own stock, compared to $773 million in the same period in 2022, with $4.2 billion remaining under the repurchase authorization[315] Cost Management and Profitability - Cost of sales decreased to 55.3% of net sales in Q2 2023 from 58.5% in Q2 2022, primarily due to lower litigation costs and higher selling prices[316][319] - The Safety and Industrial segment reported an operating income of $534 million in Q2 2023, a significant improvement from a loss of $707 million in Q2 2022[333] - Adjusted operating income for the Safety and Industrial segment decreased by 2.4% in Q2 2023 compared to the same period in 2022, reflecting ongoing litigation and restructuring impacts[334] Expenses and Investments - SG&A expenses increased significantly in 2023 due to a $10.3 billion pre-tax charge related to a PFAS settlement agreement with U.S. public water systems[321] - R&D expenses increased slightly to 5.7% of net sales in Q2 2023 from 5.5% in Q2 2022, reflecting continued investment in innovation and product development[322] Pension and Tax Considerations - The company expects a $160 million pre-tax decrease in global defined benefit pension and postretirement service cost expense in 2023 compared to 2022[317] - The company's effective tax rate was 24.2% in Q2 2023, compared to -38.3% in Q2 2022, influenced by litigation-related charges and settlement agreements[323] Risks and Contingencies - Forward-looking statements include risks related to worldwide economic, political, regulatory, and external conditions such as interest rates, inflation, and trade restrictions[387] - Risks related to the COVID-19 pandemic and its impact on public health and operations[387] - Liabilities and contingencies related to PFAS chemicals and the company's plan to discontinue their use[387] - Risks associated with the proposed class-action settlement regarding PFAS, including court approval and potential opt-outs[387] - The company's strategy for growth, future revenues, earnings, cash flow, and market position[387] Market Risks and Risk Management - Exposure to market risks from foreign currency exchange rates, interest rates, and commodity prices[391] - No material changes in market risk information from the end of the preceding year until June 30, 2023[391] - Risk management discussions are provided in the Derivatives note within the Quarterly Report[391]

3M Company (NYSE:MMM) Bernstein 39th Annual Strategic Decisions Conference May 31, 2023 9:00 AM ET Company Participants Mike Roman - Chairman and CEO Bruce Jermeland - SVP, IR Conference Call Participants Brendan Luecke - Bernstein Brendan Luecke Good morning. My name is Brendan Luecke. I cover multi-industrials with Bernstein. It’s my great pleasure today to welcome Mike Roman, Chairman and CEO of 3M, joining us again at SDC this year. Thank you for joining us, Mike. Mike Roman Thank you, Brendan. Thank yo ...

Financial Data and Key Metrics Changes - In Q1 2023, total adjusted sales were $7.7 billion, down 9.7% year-on-year, with adjusted organic sales decreasing by 5.6% [13][17][18] - Adjusted earnings per share (EPS) were $1.97, with adjusted margins at nearly 18% [13][14] - Adjusted free cash flow increased to approximately $950 million, up 24% year-on-year, with a conversion rate of 87% [21][22] Business Line Data and Key Metrics Changes - **Safety and Industrial**: Sales of $2.8 billion, down 6% organically, with a significant decline in disposable respirator demand impacting results [23][25] - **Transportation and Electronics**: Adjusted sales of $1.7 billion, with an 11.3% decline in organic growth, heavily affected by consumer electronics demand [26][27] - **Healthcare**: Q1 sales were $2 billion, with organic growth of 1.4%, and operating income down 19% year-on-year [28][29] - **Consumer**: Sales of $1.2 billion, down 6.8% organically, with particular weakness in the U.S. market [30][31] Market Data and Key Metrics Changes - The company experienced significant end-market weakness in consumer electronics, with a 35% decline in the electronics business and a 20% decline in China [16][39] - The automotive sector showed resilience, with a 6% increase in the auto OEM business [26][39] Company Strategy and Development Direction - The company is focusing on high-growth markets such as automotive electrification, personal safety, and healthcare, while also investing in emerging markets like climate technology and sustainable packaging [11][12] - A restructuring program is being implemented to streamline operations, reduce costs, and enhance supply chain efficiency, with an expected total pre-tax restructuring charge of $700 million to $900 million [10][14] Management's Comments on Operating Environment and Future Outlook - Management noted ongoing challenges in consumer-facing markets and geopolitical issues, but expressed confidence in the company's ability to navigate these challenges and improve performance [15][32] - The full-year guidance for adjusted organic sales growth is expected to be in the range of -3% to flat, with adjusted EPS projected between $8.50 to $9 [33][34] Other Important Information - The company plans to eliminate approximately 6,000 positions globally, representing about 10% of its workforce, to improve cost structure [10][12] - The exit from PFAS manufacturing is being managed separately from the restructuring actions, with a total program cost expected to be between $1.3 billion to $2.3 billion [56][57] Q&A Session Summary Question: Sales cadence during Q1 and April - Management indicated that end markets played out as anticipated, with consumer-facing businesses experiencing declines, particularly in electronics and China [39][40] Question: Cost takeout and business disruption - Management emphasized that the restructuring actions are deliberate and aimed at positioning the company for growth and profitability without significant disruption [43][44] Question: Quarterly cadence of restructuring costs and savings - The restructuring charges are expected to be incurred throughout the year, with benefits primarily showing up in the second half [48][49] Question: Changes in go-to-market strategy - The catalyst for changes in the go-to-market strategy was the learning from recent experiences, aiming to optimize operations and better serve customers [51][52] Question: Impact of destocking at customer level - Management noted ongoing destocking in consumer retail and industrial markets, which is expected to continue into the second quarter [64][65]

2023 First Quarter Earnings (unaudited) Mike Roman Monish Patolawala Bruce Jermeland Chairman of the Board & Executive Vice President, Senior Vice President, Chief Executive Officer Chief Financial & Investor Relations Transformation Officer 2 Forward-looking statements This presentation contains forward-looking information about 3M’s financial results and estimates and business prospects that involve substantial risks and uncertainties. You can identify these statements by the use of words such as “anticip ...