3M does $8.8 billion in sales for Q1

3M (MMM) first quarter 2022 sales saw a fractional decrease of 0.3%, which included organic sales growth of 2.2% year-on-year.

Mike Roman, chairman and CEO said, “in a challenging global environment, 3M delivered a strong start to 2022 with solid growth, operating margins, and robust cash generation.”

The company reported net sales of $8.83 billion down from $8.85 billion in the comparable first quarter of the previous year.

In net sales segments for Q1, the firm noted Safety and Industrial at $3.05 billion; Transportation and Electronics at $2.340 billion; Health Care was $2.124 billion; and Consumer was at $1.313 billion.

3M reported first quarter 2022 GAAP earnings per share were $2.26, down 18% year-on-year. Adjusted earnings per share were $2.65, down 10% year-on-year.

The Bottom Line: 3M sales declined 0.3% to just over $8.8 billion.

What the CEO said: “In response to feedback from our shareholders and to provide additional clarity on the strength of our underlying business performance, starting in the first quarter we are reporting adjusted earnings to exclude costs for significant litigation. These included, as we communicated on March 30, the announced additional investment related to Zwijndrecht, which resulted in a 26-cent charge, along with costs related to other significant litigation of 13-cents in the first quarter,” said Mike Roman.

“We continue to prioritize actions to better serve our customers while managing supply chain and inflationary challenges. Our balance sheet remains strong, and we continued to invest in capital expenditures and R&D to support long-term growth and advance our sustainability commitments, while also returning significant cash to shareholders,” said Roman.

Company info: Click HERE to read the first quarter financial report from 3M.