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Transportation and Electronics
transportation and electronics
Transcript
2023 Q1
29 Apr 23
Safety and Industrial business
safety and industrial
Transcript
2023 Q1
29 Apr 23
Given the expected challenging start to the year, we relentlessly focused on serving our customers and took very aggressive actions to manage costs and spending. These actions, coupled with a lower-than-expected foreign currency headwind, enabled us to deliver a first quarter that was better than forecasted.
currency better, plus cost actions worked
Transcript
2023 Q1
29 Apr 23
Today, we are affirming our full year guidance for organic growth, EPS and cash flow, which is inclusive of the restructuring charges and related savings. End-market trends played out as expected with ongoing weakness in consumer-facing markets. We saw continued strength in certain industrial markets, including automotive, electrical markets and abrasives.
colour on Q1
Transcript
2023 Q1
29 Apr 23
e expect to take total pre-tax restructuring charges of $700 million to $900 million with approximately half of the charges to occur in 2023 and the balance to be largely taken in 2024. We anticipate the actions will drive savings in the range of $700 million to $900 million, expand margins and position 3M for future growth. We estimate that approximately half of the annualized savings will be realized in 2023.
numbers on restruturing charges
Transcript
2023 Q1
29 Apr 23
Through our actions, we plan to eliminate approximately 6,000 positions globally in addition to the reduction of 2,500 global manufacturing roles we announced in January. In total, this represents about 10% of our global workforce and senior executive roles. Reductions will span all functions, businesses and geographies and be completed in accordance with local regulations.
cutting `10% of global workplace
Transcript
2023 Q1
29 Apr 23
n addition, we are changing our go-to-market model in approximately 30 countries around the globe, which represent less than 5% of our revenue. In these countries, we will leverage our digital and export capabilities and move to a model partnering with distributors with deep local knowledge and infrastructure, enabling us to significantly reduce our people, real estate and other related costs.
changing model in less important countries
Transcript
2023 Q1
29 Apr 23
As you recall, over the past few years, we have implemented a new global operating model led by our four business groups, which included moving to a common global supply chain design end-to-end.
We have since advanced our digital capabilities, further repositioned our portfolio and continue to invest in growth and productivity.
actions previously taken
Transcript
2023 Q1
29 Apr 23
we are announcing additional actions to improve our cost structure, streamline our corporate center, strengthen our supply chain, enhance our go-to-market models and drive greater focus in markets, where 3M science gives us a clear competitive advantage.
We will reduce costs at the corporate center by eliminating management layers across the company.
more restructuring
Transcript
2023 Q1
29 Apr 23
Hi Greg, I did try to email you a while back on the email you sent me, but it didn't work. If you ping me, I'll try again
Transcript
2022 Q4
24 Feb 23
, which posted sales of $2.1 billion, or up 1.4% organically
(No comment added)
Transcript
2022 Q4
30 Jan 23
Excluding disposable respirators, Safety and Industrial grew Q4 organic sales by 7.5%.
(No comment added)
Transcript
2022 Q4
30 Jan 23
, which posted sales of $2.7 billion or up 1.3% organically
(No comment added)
Transcript
2022 Q4
30 Jan 23
falloff in disposable respirator demand and the exit of our operations in Russia
(No comment added)
Transcript
2022 Q4
30 Jan 23
On an organic basis, fourth quarter sales increased 0.4% versus last year.
(No comment added)
Transcript
2022 Q4
30 Jan 23
Excluding this decline, Q4 organic sales growth was 3%.
(No comment added)
Transcript
2022 Q4
30 Jan 23
And then we moved to – when we announced the change to our business group led model, we went to a common supply chain model globally. And we made some additional steps in that in last year, really to continue to drive more flexibility, greater streamlined performance end-to-end in our supply chain.
So, we see it really more as an opportunity to build on the changes we have made and drive simplification, streamline, more productivity, reducing our costs, delivering more directly to customers.
So it's continuing to build on some of those changes.
I think those actually have positioned us to be more flexible as we go ahead. And there's an expectation that supply chains will continue to heal.
working??
Transcript
2022 Q4
25 Jan 23
five or six years ago, 3M went through a sort of pretty big centralization of supply chain and business support functions. In hindsight, has that left the organization a bit too rigid? Was that the right move? And could you unwind that stabilization?
supply changes, did they work?
Transcript
2022 Q4
25 Jan 23
And 2023 is an important year for year. It's a year that we plan to execute on a lot of our strategies over the last few years, including the spin of our health care and improving our supply chain operations. I just want to end with your question, we are not satisfied with where we are. We're going to continue to look at this. We're going to continue to be nimble and agile as the volume plays itself out. And our goal is to keep building from where we are right now.
"not satisfied"
Transcript
2022 Q4
25 Jan 23
And, Monish, is that roughly right on that sort of mid-teens operating margin Q1 and 19-ish for the year in your guide?
Monish Patolawala
Yes. Yes, it's actually close there. It's close enough, Julian
margin guide 19ish for FY
Transcript
2022 Q4
25 Jan 23