“Transportation and Electronics, up low single-digits and consumer down low single-digits.”

In context

“with benefits from net interest and a lower share count. Turning to cash, we generated solid adjusted free cash flow of $1.5 billion in the quarter, driven by strong income generation and positive working capital flows while continuing to invest capital to support growth and sustainability. Conversion for the quarter was 141%. Overall, we have had very strong year-to-date operating performance. We have expanded margin 380 basis points, grew EPS by 30% on 1% organic growth and generated $3.5 billion of free cash flow with conversion of 102%. Based on this performance, we are updating our full year 2024 guidance on Slide 7. We expect our full year adjusted organic growth to be approximately 1%, with business group estimates unchanged, with safety and industrial flat to up low single-digits. Transportation and Electronics, up low single-digits and consumer down low single-digits. Full year adjusted operating margins are expected to be up 250 to 275 basis points versus the prior range of 225 to 275, driven by continued momentum from productivity. The operational benefit, combined with lower net interest expense and share count, gives us confidence to raise the lower end of our EPS guidance by $0.20 to a range of $7.20 to $7.30. Finally, our expectation is that we will continue to deliver robust cash flow with strong working capital performance in the fourth quarter. With year-to-date conversion at 102%, we expect that the adjusted free cash flow conversion performance will be 100% plus for the full year. Before we turn to Q&A, I want to take a moment to thank the 3M team for the warm welcome. I am excited for the opportunity ahead of us and look forward to working”