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Text: During today's conference call, we'll make certain predictive statements that reflect our current views about 3M's future performance and financial results.
In a dynamic environment, our performance throughout 2021 has shown the skill of our people around the world, the resiliency of our business model and the relevance of our technologies.
In the third quarter and year to date, we have delivered broad-based organic growth across all business groups and geographic areas, along with good margins and strong cash flow.
Q3 organic growth was over 6% as we drove innovation across our market-leading businesses, with margins of 20% and earnings of $2.45 per share.
Geographically, growth in the quarter was led by the Americas, up 7%, with the United States up 6%.
Growth in APAC was 6%, with China up 3%, and Japan up 6%, while EMEA grew 4%.
With respect to the macro environment, overall end market demand remains strong, though the semiconductor shortage continues to impact many markets, most visibly in electronics and automotive.
As we navigate near-term uncertainty, we continue to invest in growth, productivity and sustainability, which I will discuss shortly.
We are also actively managing disruptions in the global supply chain with a relentless focus on customer service.
Looking at our performance through nine months, we have executed well and delivered 11% organic growth with all business groups above 10%, along with margins of 22% and earnings of $7.81 per share.
Today, we are updating full-year expectations for organic growth to a range of 8% to 9% and earnings per share to a range of $9.70 to $9.90, reflecting our results to date and ongoing supply chain challenges.
I would like to make a few comments on how 3M is actively managing those challenges.
As you know, many companies are facing supply chain disruptions.
the result of a convergence of issues, including the Delta variant, strong demand, energy, and labor shortages and extreme weather events.
For example, ocean freight costs have more than doubled over the last year and the number of containers on the water is up 70% because of port congestion.
Suppliers are challenged to provide consistent and predictable supply.
On any given day, we are working with more than 300 suppliers with critical constraints.
With manufacturing sites in 35 countries around the world and as a $5 billion annual exporter out of the United States, we are working tirelessly to serve our customers.
The cornerstone of 3M's response is our expertise and deep relationships across the supply chain, along with our local for local manufacturing and supply chain strategy, which helps us move with agility and keep our factories running.
We have daily meetings with suppliers to strengthen our planning, and in some instances, are strategically prioritizing geographies, end markets, and portfolios; hard but necessary decisions to ensure we meet the most critical needs of our customers.
We are moving product in different ways, such as expanding our use of rail, shipping out of more flexible ports, and increasing our use of charter flights by over 40%, while deploying new capabilities to better track our flow of goods in real time.
Maintaining talent is also key, and we are using several tactics to attract new workers while protecting the health and safety of all of our employees.
Some of our actions have impacted our productivity and gross margins, which Monish will touch on.
But we will do what is necessary to take care of customers.
The combination of strong demand along with supply chain challenges is also contributing to broad-based inflation.
We are taking multiple actions to help offset inflationary pressures, including price increases, dual sourcing and improving factory yields with more work to do.
Ultimately, the duration of these supply chain challenges is difficult to predict.
We remain focused on serving customers, managing backlogs and making good on our commitments, delivering the unique high-quality products that are the hallmark of 3M.
While we execute day to day, we are investing to drive long-term growth and capitalize on trends in large attractive markets.
In home improvement, for example, we have multiple $0.5 billion-plus franchises that keep families healthier and more productive, including our fast-growing Command damage-free hanging solutions and Filtrete home filtration products.
These brands leverage 3M's deep expertise in adhesives and nonwoven materials.
The same technology is helping drive success in our automotive business, which consistently outgrows build rates.
Auto electrification sales are up 40% year to date on the strength of new innovations including advanced display technologies as automobiles become the next consumer electronic device.
In healthcare, the biopharma market is growing more than 10% annually, with our business up more than 30% year to date as 3M Science has supported the unprecedented pace of advancement over the past 18 months to develop therapeutics and vaccines and scale manufacturing to help address the pandemic.
The fundamental strengths of 3M, our unique technology platforms, advanced manufacturing, global capabilities and leading brands position us to win, and we will continue to invest in these areas.
In a similar way, we are driving productivity by advancing digital capabilities across our operations, allowing us to expand our use of data and data analytics.
In sustainability, we have achieved 50% renewable electricity use in our operations, four years ahead of our timeline, on our way to 100%.
We are advancing the environmental goals we announced earlier in the year, making the investments to accelerate our ability to achieve carbon neutrality, reduce water use and improve the quality of water returned to the environment from our industrial processes.
In addition, we are proactively managing PFAS, making our factories and communities stronger and more sustainable.
In Cottage Grove, Minnesota, we recently announced that we are closing our incinerator and partnering with a leading disposal company to more efficiently manage our waste streams.
We just broke ground to add new filtration technology in Cordova, Illinois.
In Zwijndrecht, Belgium, we are working with government officials to resolve issues related to PFAS and we'll invest up to EUR 125 million over the next three years to improve water quality around our factory.
These proactive initiatives and others are accelerating 3M's ability to go beyond current regulatory standards and deliver on our commitments.
With respect to the PFAS strategic road map announced last week, 3M remains committed to working with the Biden administration, EPA and others in taking a science-based approach to managing PFAS.
Let me also touch on a few litigation updates.
Last week, we announced a collaborative agreement to resolve litigation related to PFAS near our facility in Decatur, Alabama.
The impact is included in our previously disclosed reserves.
On combat arms, there have been four bellwether trials so far, with six additional trials here in the fourth quarter.
We are early in this litigation, and we'll continue to actively defend ourselves, including through the appeal process.
As always, we encourage you to read our 10-Q for updates on all litigation matters.
To wrap up, we are driving strong results in a challenging environment, investing in attractive end markets and positioning 3M for continued growth.
I am proud of our 3M team, which is united by a common purpose, unlocking the power of people, ideas and science to reimagine what's possible and create what's next.
As I look back on the quarter, the 3M team demonstrated the resilience of our business model and the relevance of our technologies as we executed well in a very challenging environment, effectively navigating the supply chain disruption while serving and innovating for our customers.
Though manufacturing, raw materials and logistics challenges persisted throughout the quarter, we continue to invest in the business while driving operating rigor and managing costs.
Turning to the third-quarter financial results.
Sales were $8.9 billion, up 7.1% year on year, or an increase of 6.3% on an organic basis.
Operating income was $1.8 billion, down 6%, with operating margins of 20%, coming in at the top end of the range, which we had previously communicated in mid-September.
Third-quarter earnings per share were $2.45, which was similar to last year.
On this slide, you can see the components that impacted both operating margins and earnings per share as compared to Q3 last year.
Our strong year-on-year organic volume growth was more than offset by the headwinds resulting from the global supply chain challenges, investments in growth and sustainability, and litigation-related costs.
Combined, these impacts lowered operating margins by 1.4 percentage points and earnings per share by $0.02 year on year.
The restructuring program we announced in Q4 of last year remains on track.
As part of this program, we incurred a pre-tax restructuring charge of $50 million in the third quarter.
This charge was offset by the benefits we achieved this quarter.
Moving to price and raw materials.
As expected, increases in selling price gained traction as we went through the quarter, with year-on-year selling prices up 140 basis points in Q3 versus 10 basis points in Q2.
However, we continue to experience higher cost for raw materials, logistics and outsourced manufacturing, which outpaced the increase in selling prices.
Thus, third-quarter net selling price and raw materials performance reduced both operating margins and earnings by 130 basis points and $0.12 per share, respectively versus Q3 last year.
Looking at Q4, we expect our selling price actions to continue to gain traction as we work to mitigate the raw material and logistics inflationary pressures we have experienced throughout the year.
Next, foreign currency net of hedging impacts reduced margins 20 basis points and earnings by $0.01 per share.
Also, three other non-operating items impacted our year-on-year earnings per share performance.
First, lower other expenses resulted in an $0.08 earnings benefit.
Consistent with prior quarters, non-operating pension was a $0.05 benefit, along with a $0.02 benefit from net interest due to a proactive early redemption of debt.
Secondly, a lower tax rate versus last year provided a $0.09 benefit to earnings per share.
The tax rate was lower due to favorable adjustments this year related to impacts of U.S. international tax provisions.
Our year-to-date tax rate is 18.8%.
Therefore, we now expect our full-year tax rate in the range of 18.5% to 19.5% versus 20% to 21% previously.
And finally, average diluted shares outstanding increased 1% versus Q3 last year, lowering per share earnings by $0.02.
Third quarter adjusted free cash flow of $1.5 billion was down 29% year on year, with conversion of 107%.
Adjusted free cash flow year to date was $4.5 billion, which was similar to last year, with free cash flow conversion of 98%.
The decline in our year-on-year free cash flow performance was primarily driven by higher inventory balances due to strong customer demand, along with raw material inflation and more goods in transit as a result of the ongoing global supply chain challenges.
Third-quarter capital expenditures were $343 million and $1 billion year to date.
For the full year, we now expect capex investments in the range of $1.5 billion to $1.6 billion versus being at the low end of our prior range of $1.8 billion to $2 billion.
We continue to step up investments in growth, productivity and sustainability.
However, the pace of projects continues to be impacted by supply chain and vendor constraints.
During the quarter, we returned $1.4 billion to shareholders through the combination of cash dividends of $856 million and share repurchases of $527 million.
Year to date, we have returned $3.8 billion to shareholders in the form of dividends and share repurchases.
Our net debt position, strong cash flow generation capability and disciplined capital allocation continues to provide us financial flexibility to invest in our business, pursue strategic opportunities and return cash to shareholders while maintaining a strong capital structure.
I will start with our safety and industrial business, which posted organic growth of 6.1% year on year in the third quarter.
Organic growth was driven by continued robust industrial manufacturing activity, along with prior-year pandemic-related impacts.
First, our personal safety business declined 4% organically, up against a 40% pandemic-driven comparison a year ago.
Third-quarter disposable respirator sales decreased 7% organically year on year and 15% sequentially.
Looking ahead, we anticipate continued deceleration in disposable respirator demand through the balance of this year and into 2022.
Turning to the rest of safety and industrial.
Organic growth was led by double-digit increases in adhesives and tapes, abrasives and electrical markets.
In addition, closure and masking systems was up high-single digits, automotive aftermarket up low-single digits, while roofing granules declined against a strong comparison from last year.
Safety and industrial's third-quarter operating income was $620 million, down 20% versus last year.
Operating margins were 19.2%, down 650 basis points year on year as leverage on sales growth was more than offset by ongoing increases in raw materials, logistics, and litigation-related costs, along with manufacturing productivity impacts.
Moving to transportation and electronics, which grew 5.1% organically despite the continued impact of semiconductor supply chain constraints.
Our auto OEM business was flat year on year, compared to the 20% decline in global car and light truck builds.
This outperformance was due to a few factors: First, we continue to grow our penetration by driving 3M innovation onto new automotive platforms.
Second, we saw a notable increase in channel inventories at tier suppliers given the dramatic reductions in OEM's build forecast through the quarter.
Lastly, we benefited from a vehicle model mix standpoint as auto OEMs produce more premium vehicles which tend to have higher 3M contact.
Our electronics-related business declined low single digits organically, with declines across consumer electronics, particularly smartphones and TVs as OEMs faced production challenges due to ongoing semiconductor constraints and COVID-related impacts.
These declines were partially offset by continued strong demand for our products and solutions in semiconductor and factory automation end markets.
Turning to the rest of transportation and electronics.
Advanced materials and commercial solutions each grew double digits year on year, while transportation safety grew low-single digits.
Third-quarter operating income was $465 million, down 9% year on year.
Operating margins were 19%, down 320 basis points year on year, driven by strong leverage on sales growth, which was more than offset by increases in raw materials and logistics costs along with manufacturing productivity impacts.
Turning to our healthcare business, which delivered third-quarter organic sales growth of 3.3%.
Our medical solutions business declined low-single digits organically, impacted by the continued decline in demand for disposable respirators along with the pace of hospital elective procedure volumes, which came in at the low end of industry expectations of 90% to 95% for the quarter.
Sales in our oral care business grew low double digits year on year as dental procedures continue to be near pre-COVID levels.
The separation and purification business increased high single digits year on year due to ongoing demand for biopharma filtration solutions for COVID-related vaccines and therapeutics, Health information systems grew low double digits driven by strong growth in clinician solutions.
And finally, food safety increased double digits as food service activity returns.
Health care's third-quarter operating income was $529 million, up 7% year on year.
Operating margins were 23.5%, up 70 basis points.
Third-quarter margins were driven by leverage on sales growth, which is partially offset by the increasing raw materials and logistics costs, manufacturing productivity impacts, along with increased investments in growth.
Lastly, third-quarter organic growth for our Consumer business was 7.6% year on year with continued strong sell-in and sell-out trends across most retail channels.
Our home improvement business continues to perform well, up high-single digits on top of a strong comparison from a year ago.
This business continued to experience strong demand, particularly in our Command and Filtrete category-leading franchises.
Stationery and office grew double digits organically in Q3 as this business laps last year's COVID-related comparisons.
We also had strong back-to-school consumer demand and holiday-related sell-in for Scotch-branded packaging and shipping products, Post-it solutions and Scotch-branded home and office states.
Our home care business was up low single digits versus last year's strong COVID-driven comparison.
And finally, our consumer health and safety business was up high single digits as we lap COVID-related impacts from a year ago.
Consumer's operating income was $332 million, down 3% year on year.
Operating margins were 21.7%, down 260 basis points as increased cost for raw materials, logistics and outsourced hard goods manufacturing more than offset leverage from sales growth.
As we reflect on the macroeconomic environment, we expect demand to remain strong across most end markets.
However, uncertainty persists given the ongoing impacts of the pandemic along with a well-known global supply chain, raw materials and logistics challenges that all companies are working through.
Looking ahead, we remain focused on our customers and doing what is necessary to serve them as we continue to navigate the fluid environment.
We are increasing the bottom end of our expectations for organic growth.
We now project our full-year organic growth to be in the range of 8% to 9% versus a prior range of 6% to 9%.
With respect to earnings, we anticipate a range of $9.70 to $9.90 per share as compared to a prior range of $9.70 to $10.10.
And finally, we expect to continue to generate strong free cash flow.
Therefore, we are maintaining our free cash flow conversion range of 90% to 100%.
This updated outlook implies a wider than normal fourth-quarter range, accounting for ongoing impacts of COVID and the uncertain supply chain environment.
For example, from a growth perspective, the well-known constraints in semiconductor chip supply are impacting more and more end markets, most notably, automotive and consumer electronics as reflected in the lower production forecast for the year.
We anticipate global elective healthcare procedure volumes to stabilize with recent trends.
Relative to disposable respirators, we expect continued impacts from the decline in healthcare-related demand, along with elevated inventory levels in the industrial channel.
And finally, we expect our pricing actions to continue to gain traction as we work to mitigate raw material and logistics cost pressures.
As we have discussed, we are actively managing inefficiencies in global supply chains with a relentless focus on customer service.
Therefore, we are adjusting demand plans with greater frequency and as a result, incurring more manufacturing production changeovers along with expediting shipments.
All of these actions are impacting both cost and productivity, but we are taking the necessary steps to ensure we meet the most critical need of our customers.
We continue to make progress relative to December 2020 restructuring announcement.
To date, we have incurred over $240 million in pre-tax restructuring charges and anticipate an additional $25 million to $50 million in Q4.
We now expect total pre-tax restructuring charges of $300 million to $325 million versus our original expectations of $250 million to $300 million.
We expect the remaining actions under this program to be initiated by the first quarter of 2022.
In addition, we expect to incur higher costs related to our ongoing litigation matters, along with increases in our other indirect related costs like travel expense.
And finally, we continue to invest in the business for the long term, and therefore, anticipate increased investments in growth, productivity, and sustainability.
We have a very steady eye on the long term to deliver growth, margin and cash through strong operating rigor while continuing to navigate the uncertainty in the short run.

user
compname reports q3 earnings per share of $2.45.
q3 earnings per share $2.45.
q3 sales rose 7.1 percent to $8.9 billion.
qtrly organic local-currency sales increased 6.3 percent.
updates full-year 2021 outlook.
sees fy total sales growth 9% to 10%.
sees fy earnings per share $9.70 to $9.90.
qtrly consumer sales of $1.5 billion, up 8.1 percent in u.s. dollars.

assistant