3M Reports 2nd-Quarter 2022 Results.

ST. PAUL, Minn: 3M (NYSE: MMM) today reported second-quarter 2022 results.

"In a challenging macroeconomic environment, 3M executed well and delivered solid earnings, while continuing to drive growth through investments in large, fast-growing areas," said 3M chairman and CEO Mike Roman. "Looking ahead, we updated our adjusted full-year expectations largely due to the strength of the U.S. dollar and uncertain macroeconomic environment. We remain focused on innovating for customers, driving operational improvements and advancing our environmental stewardship - while positioning 3M for the future through our plan to spin off our Health Care business and resolve Combat Arms litigation in a manner that is efficient and equitable."

Full-Year 2022 Outlook

3M updated its full-year sales and earnings expectations to reflect the impact of the strong U.S. dollar along with the current uncertain macroeconomic environment.

Total sales growth: -2.5 to -0.5 percent vs. 1 to 4 percent prior

Organic sales growth: 1.5 to 3.5 percent vs. 2 to 5 percent prior

Foreign currency translation: -4 percent vs. -1 percent prior

GAAP earnings per share: $7.32 to $7.82 vs. $9.89 to 10.39 prior

Adjusted earnings per share: $10.30 to $10.80 vs. $10.75 to $11.25 prior

Operating cash flow of $6.6 to $7.2 billion contributing to 90% to 100% adjusted free cash flow conversion

See the "Supplemental Financial Information Non-GAAP Measures" section for applicable information.

Taking Steps to Equitably Resolve Litigation Related to Combat Arms Earplugs

In a separate press release issued today, 3M announced it is taking steps to resolve litigation related to Combat Arms Earplugs Version 2 ("Combat Arms Earplugs"). Aearo Technologies and related entities ("Aearo Technologies"), all of which are wholly-owned 3M subsidiaries, have voluntarily initiated chapter 11 proceedings. With this change in strategy, this process is intended to resolve claims related to Combat Arms Earplugs in a manner that is equitable to all parties, including plaintiffs with claims that are determined to be entitled to compensation. 3M and all other...