3M Firm (MMM) Barclays forty first Annual Industrial Choose Convention (Transcript)


3M Firm (NYSE:MMM) Barclays forty first Annual Industrial Choose Convention February 22, 2024 8:00 AM ET

Firm Contributors

Mike Roman – Chairman & Chief Government Officer

Monish Patolawala – President & Chief Monetary Officer

Convention Name Contributors

Julian Mitchell – Barclays

Julian Mitchell

Welcome, everybody, to this morning’s Industrial Choose Convention. It is my pleasure to begin as we speak with 3M. We now have Mike Roman, Chairman and CEO; and in addition Monish Patolawala, Chief Monetary Officer.

So welcome, Mike and Monish.

Possibly first query, we’ll simply begin with form of present demand developments, specifically, a few of these areas like industrial, destock, China, electronics, these appear most topical for buyers. So any up to date ideas on type of what you are seeing there?

Mike Roman

Sure. Julian, to begin with, thanks for having us right here as we speak. It is nice to be right here. I assumed I would perhaps simply body up just a little bit. I do not wish to attempt to pre-answer all of your questions, however I wished to simply present a body, and I will get to that as a part of it.

I might say 2023 was an essential and pivotal yr for us as an organization. I do know, actually, got here from what we did with our deal with 3 priorities, the primary was actually enhancing the efficiency of the 3M mannequin and what we did to execute there. It is about what we did to progress the spin of our well being care enterprise, an organization that is now going to be named Solventum. And it was additionally about lowering danger and uncertainty for the corporate.

After which first one, we delivered a powerful efficiency in 2023 due to our deal with enhancing efficiency. We delivered above our expectations from the start of the yr on EPS and money. We expanded margins. While you exclude restructuring, we expanded margins 60 foundation factors.



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