CLAIM #42282 · 3M Company (MMM) · 2023Q1 earnings call · Apr 25, 2023 · due Dec 31, 2023
“And at the same time, as we have said before, if we continue to see inflation, we will readjust as needed.”
Monish Patolawala · CFO
In context
“saving is, as we look at some of the countries, the way we serve using our digital capabilities, we will look at using our partnerships that we have with our third-party distributors in those countries and use a digital/export model to serve those customers in those countries, which will also allow us to take out rooftops and fully loaded P&Ls in those countries that will also allow us to save cost. Joe Ritchie: Got it. That’s super helpful. And maybe my follow-on question, I didn’t hear it earlier, but how much pricing came through this quarter? What’s the expectation going forward on price/cost? Monish Patolawala: Yes. So, depending on the business group, Joe, we had anywhere between low to mid-single digits. The average is low-single digits. The guide for the year is low-single digits. And at the same time, as we have said before, if we continue to see inflation, we will readjust as needed. The teams have done a good job, I would say, of looking at it product-by-product, market-by-market and making the right necessary price moves as required when they see inflation. Joe Ritchie: Okay. Thank you. Operator: Our next question comes from Julian Mitchell with Barclays. You may proceed with your question. Julian Mitchell: Hi. Good morning. Mike Roman: Good morning Julian. Julian Mitchell: Good morning. Maybe leave aside the firm-wide restructuring for a second. And I just wanted to focus on the healthcare business as that’s meant to spin out in a matter of months. The margin is down pretty heavily year-on-year again, down sequentially as well and not a lot of organic growth. So, just trying to sort of understand how comfortable do you feel with that healthcare business kind of ahe”
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SEC filings for MMM ↗ · Claim quote is verbatim from the 2023Q1 earnings call.