“This range also incorporates the continued softness in organic sales and expected increase in investments, higher non-op interest costs and an adjusted tax rate of 18.5% to 19.5%.”

In context

“n the second half and into the future. Including these factors, our expectations for Q2 are for total adjusted sales to be in the range of $7.7 billion to $7.9 billion versus $8.4 billion last year or down 6% to 8% year-on-year. Organic sales is expected to be down low to mid-single digits, which includes the forecasted year-on-year headwind of approximately 1.5% from disposable respirators. And finally, foreign currency translation is expected to be approximately a minus 2% headwind to sales versus last year’s Q2 and divestitures a year-on-year headwind of minus 1%. From an EPS perspective, we estimate that second quarter adjusted earnings per share will be in the range of $1.50 to $1.75, including a pretax restructuring charge of $175 million to $250 million or $0.25 to $0.35 per share. This range also incorporates the continued softness in organic sales and expected increase in investments, higher non-op interest costs and an adjusted tax rate of 18.5% to 19.5%. To wrap up, 2023 is a pivotal year for 3M from an execution perspective. As I mentioned, we aggressively managed cost, focused on serving customers while navigating end-market weakness, particularly in consumer-facing markets as we started the year. We expect organic sales volumes will improve as consumer retail and consumer electronics markets stabilize, China work through its COVID-related challenges as our year-on-year comps ease. The actions we announced today will enable us to exit 2023 stronger than we started and provide for significant margin and cash flow improvement into the future. I want to thank our customers and suppliers for their partnerships and the 3M employees for their hard work and dedication as they continue delivering for our customers. That concludes my remarks. We”