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CLAIM #42295 · 3M Company (MMM) · 2023Q2 earnings call · Jul 25, 2023 · due Dec 31, 2023

And finally, our full year adjusted free cash flow conversion expectation remains unchanged in a forecasted range of 90% to 100%.

Monish Patolawala · CFO

PENDING
graded after results covering Dec 31, 2023 are reported

In context

re raising our full year adjusted earnings expectation as a result of our strong first half operational execution as evidenced by an improving margin rate. We now expect full year's earnings in the range of $8.60 to $9.10 versus a prior range of $8.50 to $9. We continue to closely monitor end-market trends across all our businesses, particularly in electronics, consumer retail, industrial and China and have yet to see signs of improvement in trends. Therefore, we currently see organic growth tracking to the lower end of our range of flat to minus 3%. This reflects our performance to date along with our year-on-year headwind from disposable respirators tracking to the high end of our anticipated range or down approximately $550 million along with continued macro and end-market uncertainty. And finally, our full year adjusted free cash flow conversion expectation remains unchanged in a forecasted range of 90% to 100%. Looking ahead to the third quarter; we expect end-market trends to be very similar to Q2. Hence, we anticipate third quarter adjusted sales to be approximately $8 billion. The impact from the COVID-related decline in disposable respirators and last year's exit of Russia is anticipated to be a year-on-year headwind to sales of approximately $130 million or 1.5 percentage points. Third quarter pretax restructuring costs are expected to be in the range of $125 million to $175 million with pretax benefits of $125 million to $150 million. Taken together, we expect third quarter adjusted earnings per share will be in the range of $2.25 to $2.40. To wrap up, we continue to have a strong focus on serving our customers, improving the execution in our supply chain, making progress in our restructur

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SEC filings for MMM · Claim quote is verbatim from the 2023Q2 earnings call.