3M press release (NYSE:MMM): Q3 Non-GAAP EPS of $2.69 beats by $0.10.
- Revenue of $8.6B (-3.8% Y/Y) misses by $100M.
- Organic sales growth of 2 percent year-on-year which included a 1.4 percentage point headwind from the decline in disposable respirator demand.
- Operating cash flow was $1.5 billion, down 18 percent year-on-year, while adjusted free cash flow was $1.4 billion, down 16 percent year-on-year.
FY22 Outlook:
- Total sales growth: -3.5 to -3.0 percent vs. -2.5 to -0.5 percent prior vs. -1.67% consensus
- Organic sales growth: 1.5 to 2.0 percent vs. 1.5 to 3.5 percent prior
- Acquisition and divestiture sales growth: -0.5 percent vs. 0 percent prior
- Foreign currency translation impact on sales: -4.5 percent vs. -4.0 percent prior
- Adjusted earnings per share: $10.10 to $10.35 vs. $10.30 to $10.80 prior vs. $10.32 consensus
- Operating cash flow of $6.8 to $7.4 billion contributing to 85% to 95% adjusted free cash flow conversion
3M shares slipped 2.3% after posting financial results.
