Posted July 25, 2023

3M Q2 sales decline 4% YOY

3M reported second quarter sales of $8.3 billion, down 4.3% year-on-year, with an organic sales decline of 2.2% year-on-year.

"In the second quarter, the actions we took to strengthen our supply chain and restructure the company led to improved service for customers, reduced costs across 3M, and better than expected margins and cash flow," said Mike Roman, 3M chairman and chief executive officer. "As we execute our strategy, we are positioning 3M for long-term performance, including progressing the planned spin of our Health Care business and addressing a significant portion of PFAS litigation."

Operating cash flow of $1.5 billion represents a 34% increase year-on-year; adjusted free cash flow of $1.5 billion is up 44% year-on-year.

Read details here.