3M posts Q1 adj EPS $1.97, down from $2.63; sales $8B, -9% YoY; announces restructuring of 6,000 jobs

3M CO

2023-Q1 EPS reported $1.76 revenue$8,031,000,000

GAAP EPS $1.76 (down from $2.26); adjusted EPS $1.97 (down from $2.63).
Sales $8.0B, down 9.0% YoY; organic sales -4.9%; foreign currency headwind 2.8%.
Restructuring to eliminate ~6,000 positions globally, plus 2,500 earlier in 2023; annual pre-tax savings $700M-$900M.
Total pre-tax charges $700M-$900M; ~half expected in 2023, with $175M-$250M in Q2 2023.
Full-year 2023 guidance: adj EPS $8.50-$9.00; adj sales growth -6% to -2%.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

3M CO reported First-Quarter 2023 results: revenue $8.0 billion, EPS $1.76. Guidance reaffirmed.

Period: First-Quarter 2023
Revenue: $8.0 billion
EPS: $1.76
Guidance: reaffirmed
Result: reported results

Exact text from the filing

First-Quarter Highlights: • Company reports GAAP earnings per share of $1.76. • Adjusted earnings per share of $1.97, excluding the impact of special items. Q1 2023 Q1 2022 GAAP EPS $ 1.76 $ 2.26 Special items 0.21 0.37 Adjusted EPS $ 1.97 $ 2.63 Memo: GAAP operating income margin 15.4 % 18.6 % Adjusted operating income margin 17.9 % 22.0 % See the “Supplemental Financial Information Non-GAAP Measures” section for applicable information. • Sales of $8.0 billion, down 9.0 percent year-on-year

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Source: SEC EDGAR

accession 0000066740-23-000023

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