3M Q3 Report 2023

Q3 results reflect strong operational execution, restructuring actions, and proactive spending discipline.

“We are building momentum through strong operational execution. In the third quarter 3M again delivered for our customers in an uncertain environment, positioning us for a solid close to 2023. Our actions led to underlying earnings ahead of our expectations, as well as better than expected margins and cash flow,” said 3M chairman and CEO Mike Roman.

• Adjusted operating income margin of 23.2% includes a 0.8 percentage point headwind from pre-tax restructuring related charges.
• Adjusted operating income margin expanded 1.6 percentage points year-on-year.

• Sales of $8.3 billion, down 3.6 percent year-on-year, with organic sales decline of 3.7 percent year-on-year.
• Adjusted sales of $8.0 billion, down 3.0 percent year-on-year with adjusted organic sales decline of 3.1 percent year-on-year.
• Operating cash flow of $1.9 billion, up 25 percent year-on-year; adjusted free cash flow of $1.9 billion, up 39 percent year-on-year.
• 3M returned $828 million to shareholders via dividends.

The above includes reference to certain non-GAAP measures. See the “Supplemental Financial Information Non-GAAP Measures” section for applicable information.