secwatch.observer — SEC 8-K summary
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Issuer:     3M CO (MMM)
CIK:        0000066740
Form:       8-K
Filed at:   2023-04-25T23:59:59+00:00
Accession:  0000066740-23-000023
Event type: earnings
Sentiment:  negative
Materiality: 0.75
Item codes: 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/66740/000006674023000023/0000066740-23-000023-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/66740/000006674023000023/mmm-20230425.htm
  HTML page:      https://secwatch.observer/filing/0000066740-23-000023

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer