MMM - 3M Company (MMM) Management presents at 2024 Wells Fargo Industrials Conference (Transcript)
2024-06-11 10:54:12 ET
3M Company (MMM)
2024 Wells Fargo Industrials Conference
June 11, 2024, 08:15 AM ET
Company Participants
Monish Patolawala - CFO
Conference Call Participants
Joe O'Dea - Wells Fargo
Presentation
Joe O'Dea
All right. Good morning, everyone. We are excited to get the Wells Fargo 2024 Industrials Conference underway and thrilled to have 3M with us this morning. From the company, we have CFO, Monish Patolawala. I'm Joe O'Dea. I cover the multi-industry sector here at Wells. To kick it off, I'll turn it over to you, Monish, with some prepared remarks and then we'll jump into Q&A.
Monish Patolawala
Sounds good. Thanks for having us, Joe. It's great to be here and talk about what the company's been doing. As you saw, 1Q, good start to the year. We're back to organic growth. We had good margin expansion, good EPS growth on a year-over-year basis. We successfully spun out Solventum as of April 1st and we've reduced risk and uncertainty by bringing two large litigations to settlement. At the same time, you can see that we also reinitiated guidance for the year taking out Health Care. So post Health Care, we reinitiated guidance for the year which is flat to plus 2% on revenue organic growth which includes 100 basis points of headwind due to the portfolio actions that we're taking that we have already discussed before and good execution, good margin expansion. The guide implies that 200 basis points to 275 basis points of margin expansion on a year-over-year basis and strong free cash flow conversion and continuing to drive that....
3M Company (MMM) Management presents at 2024 Wells Fargo Industrials Conference (Transcript)