04.29.22
3M reported its first quarter 2022 results.
Sales were $8.8 billion, down 0.3% year-on-year, which included organic sales growth of 2% year-on-year. GAAP earnings per share were $2.26, down 18% year-on-year. Adjusted earnings per share were $2.65, down 10% year-on-year.
Operating cash flow was $1 billion, down 40% year-on-year, while adjusted free cash flow was $0.7 billion, down 50% year-on-year.
"In a challenging global environment, 3M delivered a strong start to 2022 with solid growth, operating margins, and robust cash generation," said Mike Roman, 3M chairman and CEO.
"We continue to prioritize actions to better serve our customers while managing supply chain and inflationary challenges," Roman continued. "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. Looking ahead, our teams will continue to focus on improving our operational performance and delivering value for our customers and shareholders."
Sales were $8.8 billion, down 0.3% year-on-year, which included organic sales growth of 2% year-on-year. GAAP earnings per share were $2.26, down 18% year-on-year. Adjusted earnings per share were $2.65, down 10% year-on-year.
Operating cash flow was $1 billion, down 40% year-on-year, while adjusted free cash flow was $0.7 billion, down 50% year-on-year.
"In a challenging global environment, 3M delivered a strong start to 2022 with solid growth, operating margins, and robust cash generation," said Mike Roman, 3M chairman and CEO.
"We continue to prioritize actions to better serve our customers while managing supply chain and inflationary challenges," Roman continued. "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. Looking ahead, our teams will continue to focus on improving our operational performance and delivering value for our customers and shareholders."