Second-Quarter Highlights:
- Aearo Technologies takes action to efficiently and equitably resolve litigation related to Combat Arms Earplugs resulting in a pre-tax charge of $1.2 billion, or $1.66 per share; Company reports GAAP earnings per share of $0.14, including impact of Special Items.
- Adjusted earnings per share of $2.48 in midst of continued uncertain macroeconomic environment.
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- Sales of $8.7 billion, down 3 percent year-on-year, which included a negative 4 percentage point impact from foreign currency translation due to strength of U.S. dollar.
- Organic sales growth of 1 percent year-on-year which included a 4 percentage point headwind from the combined impact of China COVID-related lockdowns and decline in disposable respirator demand.
- Operating cash flow was $1.1 billion, down 40 percent year-on-year, while adjusted free cash flow was $1.0 billion, down 41 percent year-on-year.
- 3M returned $0.8 billion to shareholders via dividends.
ST. PAUL, Minn., July 26, 2022 /PRNewswire/ — 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.”
