3M CO reported Q4 2022 results: revenue $8.1 billion, EPS $0.98 GAAP earnings per share, $2.28 adjusted earnings per share.
“Fourth-Quarter Highlights: • Company reports GAAP earnings per share of $0.98, which included a $1.15 per share pre-tax charge relating to PFAS manufacturing exit costs adjusted for in special items. • Adjusted earnings per share of $2.28, excluding the impact of special items. Q4 2022 Q4 2021 GAAP EPS $ 0.98 $ 2.31 Special Items 1.30 0.14 Adjusted EPS $ 2.28 $ 2.45 Memo: GAAP operating income margin 7.8 % 18.8 % Adjusted operating income margin 19.1 % 20.0 % See the “Supplemental Financial Information Non-GAAP Measures” section for applicable information. • Sales of $8.1 billion, down 6 percent year-on-year, which included impacts of negative 2 percent from divestitures and negative 5 percent from foreign currency translation due to strength of U.S. dollar.”
Restructurings & Charges
3M CO announced a impairment with charges of $0.7 billion to $1.0 billion affecting PFAS manufacturing.
“As a result of authorization by 3M Company’s Board of Directors on December 16, 2022 of the plan to exit per- and polyfluoroalkyl substance (PFAS) manufacturing by the end of 2025, 3M expects to incur an estimated pre-tax charge in a range of $0.7 billion to $1.0 billion in the fourth quarter of 2022, primarily non-cash and related to asset impairments. These impairments, in and of themselves, are not expected to result in material future cash expenditures.”
Debt Financings
3M CO incurred revolving credit of $1.25 billion with JPMorgan Chase Bank, N.A. (as administrative agent) at adjusted term SOFR rate plus 0.75% per annum maturing 364-day.
“On November 10, 2022, 3M Company entered into a $1.25 billion 364-day credit agreement (the “Credit Agreement”) with JPMorgan Chase Bank, N.A. as administrative agent, Citibank, N.A. as syndication agent, Deutsche Bank Securities Inc. and Bank of America, N.A. as documentation agents, and a syndicate of lenders as defined in the Credit Agreement.”
Material Agreements
3M CO entered into Credit Agreement with JPMorgan Chase Bank, N.A. as administrative agent, Citibank, N.A. as syndication agent, Deutsche Bank Securities Inc. and Bank of America, N.A. as documentation agents, and a syndicate of lenders valued at $1.25 billion (effective 2022-11-10).
“On November 10, 2022, 3M Company entered into a $1.25 billion 364-day credit agreement (the “Credit Agreement”) with JPMorgan Chase Bank, N.A. as administrative agent, Citibank, N.A. as syndication agent, Deutsche Bank Securities Inc. and Bank of America, N.A. as documentation agents, and a syndicate of lenders as defined in the Credit Agreement.”
Jeff Lavers was appointed as Interim Leader, Health Care Business Group at 3M CO.
“The Company announced today that Jeff Lavers, currently Group President, Consumer Business Group, will also lead HCBG on an interim basis.”
Mojdeh Poul retired as Group President, Health Care Business Group at 3M CO.
“Mojdeh Poul, Group President, Health Care Business Group (HCBG), has announced her intention to retire from 3M, effective July 1, 2022.”
Suzan Kereere was elected as Director at 3M CO.
“On February 8, 2022, the Board of Directors of 3M Company (the “Company”) elected Suzan Kereere to the Company’s Board of Directors, effective February 10, 2022.”
Eric D. Hammes was appointed as Executive Vice President and Chief Country Governance & Services Officer at 3M CO.
“On October 15, 2021, the Board of Directors of 3M Company appointed Eric D. Hammes as Executive Vice President and Chief Country Governance & Services Officer, effective November 1, 2021.”
Facts are extracted by an LLM and gated to those whose source quote is present verbatim in the filing text. Coverage is best-effort while backfill and monitoring mature; this is not yet a full-market index. See methodology.