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Text: During today's conference call, we will make certain predictive statements that reflect our current views about 3M's future performance and financial results.
3M's performance in the second quarter was strong as we posted organic growth across all business groups and geographic areas.
Our team executed well and delivered increased earnings, expanded margins and robust cash flow.
From a macro perspective, the global economy continues to improve, though uncertainty remains due to COVID-19 and heightened concern over the increase in Delta variant cases.
We saw ongoing strength in many end markets, including home improvement, oral care and general industrial, along with a pickup in healthcare electric procedures.
We continue to work to mitigate ongoing inflationary pressures and supply chain challenges, as well as end-market dynamics such as the semiconductor shortage impacting automotive build rates and electronics.
We are also beginning to see a decline in pandemic-related demand for disposable respirators, which I will discuss on the next slide.
Looking forward, we will stay focused on investing in emerging growth opportunities, improving productivity and advancing sustainability.
We are confident in our ability to continue executing well in the face of COVID-19 uncertainties and are raising our full-year guidance for organic growth to 6% to 9%, and earnings per share to $9.70 to $10.10.
In the second quarter, we delivered total sales of $8.9 billion.
We posted organic growth of 21% versus a 13% decline in last year's second quarter, along with earnings of $2.59 per share.
We expanded adjusted EBITDA margins to over 27% and increased adjusted free cash flow to $1.6 billion with a conversion rate of 103%.
Strong cash flow allowed us to further strengthen our balance sheet while returning $1.4 billion to shareholders through dividends and share repurchases.
I am proud of our team's execution in a dynamic environment.
We are finding new ways to innovate for customers and improve our operational performance.
In addition to our strong day-to-day execution, we are investing to capitalize on favorable market trends and serve emerging customer needs.
I want to share a few impactful examples.
In healthcare, our innovative PREVENA therapy incision management system is the first and only medical device indicated by the U.S. FDA to help reduce surgical site infections in high-risk patients, helping lower the costly financial burden of complications, delivering on both improved clinical outcomes and cost savings for the healthcare system.
In automotive electrification, we are building on 3M's long history in consumer electronics and now expanding our solutions for the future of transportation, including new display technologies for both electric and internal combustion engines, helping us drive above-market growth in our automotive business.
In home improvement, we are building out a suite of innovations to help consumers personalize their homes, including our fast-growing line of command damage-free hanging solutions, $500 million franchise that leverages our world-class adhesive platform with even greater opportunities ahead.
We have increased opportunities across our businesses to apply 3M science and drive long-term growth, and we will continue to invest and win in those areas.
As you all have seen, the ongoing impact of COVID-19 is highly variable across geographies.
Since the onset of the pandemic, we have increased our annual respirator production fourfold to $2.5 billion by activating idle surge capacity and building additional lines, while shifting 90% of distribution into healthcare to protect nurses, doctors and first responders.
One of our strengths is to quickly adapt to changing marketplace needs.
Global demand reached its peak in Q1 of this year, which included stockpiling from governments and hospitals.
We are now seeing a deceleration in overall healthcare demand and our adjusting production, increasing supply to industrial and consumer channels while continuing to prioritize healthcare workers in the geographies seeing increased COVID-19 cases and elevated hospitalization rates.
As we do this, we are reducing overall output to meet end-market trends.
Like we have in the past, we are prepared to rapidly increase production in response to COVID-19-related needs or future emergencies when needed.
As I reflect on the first half, I am pleased with our performance.
We delivered strong sales and margin growth, along with good cash flow while building for the future and advancing sustainability with significant new carbon, water and plastic commitments.
In the second half, in addition to investing in growth, productivity and sustainability, we also must navigate ongoing COVID-19 impacts and continue taking actions to address inflationary pressures and supply chain challenges.
We will do this by driving an unrelenting focus on operational performance, which includes improving service, quality, operating costs and cash generation.
That wraps up my opening comments.
Companywide second-quarter sales were $8.9 billion, up 25% year on year or an increase of 21% on an organic basis.
Sales growth, combined with operating rigor and disciplined cost management, drove adjusted operating income of $2 billion, up 40%, with adjusted operating margins of 22%, up 240 basis points year on year.
Second-quarter GAAP and adjusted earnings per share were $2.59, up 44% compared to last year's adjusted results.
On this slide, you can see the components that impacted both operating margins and earnings per share as compared to Q2 last year.
A strong year-on-year organic volume growth, along with ongoing productivity, restructuring efforts and other items, added 4.1 percentage points to operating margins and $0.89 to earnings per share year on year.
Included in this margin and earnings benefit were a few items of note.
First, during the quarter, the Brazilian Supreme Court issued a ruling that clarified the calculation of Brazil's federal sales-based social tax, essentially lowering the social tax that 3M should have paid in prior years.
This favorable ruling added $91 million to operating income of 1 percentage point to operating margins and $0.12 to earnings per share.
Next, as you will see later today in our 10-Q, we increased our other environmental liability by nearly $60 million and our respiratory liabilities by approximately $20 million as part of our regular review.
In addition, we also incurred a year-on-year increase in ongoing legal defense costs.
We are currently scheduled to begin a PFAS-related trial in Michigan in October, along with the next step in the combat arms year plug multi-district litigation with one trial in September and one in October.
And finally, during the second quarter, we incurred a pre-tax restructuring charge of approximately $40 million as part of the program we announced in Q4 of last year.
Second-quarter net selling price and raw materials performance reduced both operating margins and earnings per share by 140 basis points and $0.17, respectively.
This headwind was larger than forecasted as we experienced broad-based cost increases for chemicals, resins, outsourced manufacturing and logistics as the quarter progressed.
As a result of these increasing cost trends, we now forecast a full-year raw materials and logistics cost headwind in the range of $0.65 to $0.80 per share versus a prior expectation of $0.30 to $0.50.
As we have discussed, we have been and are taking multiple actions including increasing selling prices to address these cost headwinds.
As a result, we expect continued improvement in our selling price performance in the second half of the year.
However, given the pace of cost increases, we currently expect a third-quarter net selling price and raw materials headwind to margins in the range of 50 to 100 basis points, which we anticipate will turn to a net benefit in the fourth quarter as our selling price and other actions start catching up to the increased costs.
Moving to divestiture impacts.
The lost income from the sale of drug delivery in May of last year was a headwind of 10 basis points to operating margins and $0.02 to earnings per share.
Foreign currency, net of hedging impacts, reduced margins 20 basis points while benefiting earnings by $0.08 per share.
Finally, three nonoperating items combined had a net neutral impact to earnings per share year on year.
This result included a $0.06 earnings benefit from lower other expenses, that was offset by higher tax rate and diluted share count, which were each a headwind of $0.03 per share versus last year.
We delivered another quarter of robust free cash flow with second-quarter adjusted free cash flow of $1.6 billion, up 2% year on year, along with conversion of 103%.
Our year-on-year free cash flow performance was driven by strong double-digit growth in sales and income, which was mostly offset by a timing of an income tax payment of approximately $400 million in last year's Q3, which is traditionally paid in Q2.
Through the first half of the year, we increased adjusted free cash flow to $3 billion versus $2.5 billion last year.
Second-quarter capital expenditures were $394 million and approximately $700 million year to date.
For the full year, we are currently tracking to the low end of our expected capex range of $1.8 billion to $2 billion, given vendor constraints and the pace of capital projects.
During the quarter, we returned $1.4 billion to shareholders through the combination of cash dividends of $858 million and share repurchases of $503 million.
Year to date, we have returned $2.5 billion to shareholders in the form of dividends and share repurchases.
Our strong cash flow generation and disciplined capital allocation enabled us to continue to strengthen our capital structure.
We ended the quarter with $12.7 billion in net debt, a reduction of $3.5 billion since the end of Q2 last year.
As a result, our net debt-to-EBITDA ratio has declined from 1.9 a year ago to 1.3 at the end of Q2.
Our net debt position, along with our strong cash flow generation capability, 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 18% year on year in the second quarter, driven by improving industrial manufacturing activity and prior pandemic impacts.
First, starting with our personal safety business, we posted double-digit organic growth in our head, face, gearing and fall protection solutions as demand in general industrial and construction end markets remains strong.
However, this growth was more than offset by a decline in our overall respiratory portfolio due to last year's strong COVID-related demand resulting in an organic sales decline of low single digits for our personal safety business.
Within our respiratory portfolio, second-quarter disposable respirator sales increased 3% year on year but declined 11% sequentially as COVID-related hospitalizations declined.
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 broad-based, led by double-digit increases in automotive aftermarket, roofing granules, abrasives, adhesives and tapes and electrical markets.
Safety and industrial's second-quarter operating income was $718 million, up 15% versus last year.
Operating margins were 22.1%, down 130 basis points year on year as leverage on sales growth was more than offset by increases in raw materials, logistics and ongoing legal costs.
Moving to transportation and electronics, which grew 24% organically despite sustained challenges from semiconductor supply chain constraints.
Organic growth was led by our auto OEM business, up 76% year on year, compared to a 49% increase in global car and light truck builds.
This outperformance was due to several factors.
First, the regional mix of year-on-year growth in car and light truck builds were in regions where we have high dollar content per vehicle.
Second, a year-on-year increase in sell-in of 3M products versus the change in build rate.
Lastly, we continue to apply 3M innovation to vehicles, gaining penetration onto new platforms.
Our electronics-related business was up double digits organically with continued strength in semiconductor, factory automation and data centers, along with consumer electronic devices, namely tablets and TVs.
Looking ahead, we continue to monitor the global semiconductor supply chain and its potential impact on the electronics and automotive industries.
Turning to the rest of transportation and electronics.
Advanced materials, commercial solutions and transportation safety each grew double digits year on year.
Second-quarter operating income was $546 million, up over 50% year on year.
Operating margins were 22%, up 340 basis points year on year, driven by strong leverage on sales growth, which was partially offset by increases in raw materials and logistic costs.
Turning to our healthcare business, which delivered second-quarter organic sales growth of 23%.
Organic growth was driven by continued year on year and sequential improvements in healthcare electric procedure volumes as COVID-related hospitalizations decline.
Our medical solutions business grew mid-teens organically or up approximately 20%, excluding the decline in disposable respirator demand.
I am pleased with the performance of Acelity, which grew nearly 20% organically in the quarter as it helps us build on our leadership in Advanced Wound Care.
Sales in our oral care business more than doubled from a year ago as patient visits have nearly returned to pre-COVID levels.
The separation and purification business increased 10% year on year due to ongoing demand for biopharma filtration solutions for COVID-related vaccine and therapeutics, along with improving demand for water filtration solutions.
Health information systems grew high single digits, driven by strong growth in clinician solutions.
And finally, food safety increased double digits organically as food safety activity returns, along with continued strong growth from new product introduction.
Health care's second-quarter operating income was $576 million, up over 90% year on year.
Operating margins were 25.3%, up 880 basis points.
Second-quarter margins were driven by leverage on sales growth, which was partially offset by increasing raw materials and logistics costs, along with increased investments in growth.
Lastly, second-quarter organic growth for our consumer business was 18% year on year with strong sell-in and sell-out trends across most retail channels.
Our home improvement business continues to perform well, up high teens organically on top of a strong comparison from a year ago.
This business continued to experience strong demand in many of our category-leading franchises, particularly Command, Filtrete and Meguiar's.
Stationery and office grew strong double digits organically in Q2 as this business laps last year's COVID-related comparisons.
We continue to see strength in consumer demand for scotch branded packaging and shipping products, along with improved sell-in trends in Post-it Solutions and Scotch branded home and office tapes as retailers prepare for back to school and return to workplace.
Our home care business was up low single digits organically versus last year's strong COVID-driven comparison.
And finally, our consumer health and safety business was up double digits as we lap COVID-related impacts from a year ago, along with improved supply of safety products for our retail customers.
Consumer's operating income was $311 million, up 12% year on year.
Operating margins were 21%, down 160 basis points as increased costs for raw materials, logistics and outsourced hard goods manufacturing, along with investments in advertising and merchandising more than offset leverage from sales growth.
While uncertainty remains, we expect global economic and end-market growth to remain strong, however, continue to be fluid as the world wrestles with ongoing COVID-related impacts that we all see and monitor.
Therefore, there are a number of items that will need to be navigated as we go through the second half of the year.
For example, we anticipate continued sequential improvement in healthcare elective procedure volumes.
Also, we expect ongoing strength in the home improvement market and currently anticipate students returning to classrooms and more people returning to the workplace.
Next, we remain focused on driving innovation and penetration with our global auto OEM and electronics customers.
These two end markets continue to converge as highlighted by the well-known constraints in semiconductor chip supply.
This limited chip supply is expected to reduce year-on-year automotive and electronics production volumes in the second half.
As mentioned earlier, we expect demand for disposable respirators to wane and negatively impact second-half revenues by approximately $100 million to $300 million year on year.
Turning to raw materials and logistics.
As noted, we anticipate a year-on-year earnings headwind of $0.65 to $0.80 per share for the full year or $0.40 to $0.55 in the second half due to rising cost pressures.
We are taking a number of actions, including broad-based selling price increases to help mitigate this headwind.
And finally, the restructuring program we announced last December remains on track.
As part of this program, we expect to incur a pre-tax charge in the range of $60 million to $110 million in the second half of this year.
Thus, taking into account our first-half performance, along with these factors, we are raising our full-year guidance for both organic growth and earnings per share.
Organic growth is estimated to be 6% to 9%, up from the previous range of 3% to 6%.
We now anticipate earnings of $9.70 to $10.10 per share against a prior range of $9.20 to $9.70.
Also, as you can see, we now expect free cash flow conversion in the range of 90% to 100% versus a prior range of 95% to 105%.
This adjustment is primarily due to ongoing challenges in global supply chains, raw materials and logistics, which are expected to persist for some time.
Turning to the third quarter, let me highlight a few items of note.
First, we currently anticipate continued improvement in healthcare electric procedure volumes across most parts of the world.
Global smartphone shipments are expected to be down high single digits year on year, while global car and light truck builds, I expect to be down 3% year on year.
Relative to disposable respirators, we anticipate a year-on-year reduction in sales of $50 million to $100 million due to continued decline in global demand.
As mentioned earlier, we are anticipating a third-quarter year-on-year operating margin headwind of 50 to 100 basis points from selling prices, net of higher raw materials and logistic costs.
On the restructuring front, which I previously discussed, we expect a Q3 pre-tax charge in the range of $50 million to $75 million as a part of this program.
And finally, we expect higher investments in growth, productivity and sustainability in the quarter, along with higher legal defense costs as proceedings progress.
To wrap up, our team has delivered a strong first-half performance, including broad-based growth, good operational execution, robust cash flows and an enhanced capital structure.
With that being said, there's always more we can do and will do.
We continue to prioritize capital to our greatest opportunities for growth, productivity and sustainability, while remaining focused on delivering for our customers, improving operating rigor and enhancing daily management.

user
3m sees fy earnings per share $9.70 to $10.10.
q2 sales $8.9 billion versus refinitiv ibes estimate of $8.56 billion.
sees fy earnings per share $9.70 to $10.10.
q2 adjusted earnings per share $2.59.
qtrly transportation and electronics sales of $2.5 billion, up 28.1 percent in u.s. dollars.
expects 2021 total sales growth of 7 to 10 percent with organic local-currency sales growth in range of 6 to 9 percent.

assistant