2024-07-26 12:48:05 ET
3M Company (MMM)
Q2 2024 Earnings Conference Call
July 26, 2024, 09:00 AM ET
Company Participants
Bruce Jermeland - Senior Vice President, Investor Relations
William Brown - Director and CEO
Monish Patolawala - President and CFO
Conference Call Participants
Jeffrey Sprague - Vertical Research Partners
Nigel Coe - Wolfe Research
Scott Davis - Melius Research
Julian Mitchell - Barclays
Steven Tusa - JPMorgan
Andrew Obin - Bank of America
Andrew Kaplowitz - Citigroup
Joseph O'Dea - Wells Fargo Securities
Brett Linzey - Mizuho Securities
Nicole Deblase - Deutsche Bank
Deane Dray - RBC Capital Markets
Presentation
Operator
Ladies and gentlemen, thank you for standing by. Welcome to the 3M Second Quarter Earnings Conference Call. During the presentation, all participants will be in a listen-only mode. Afterwards, we will conduct a question-and-answer session. [Operator Instructions] As a reminder, this call is being recorded Friday, July 26, 2024.
I would now like to turn the call over to Bruce Jermeland, Senior Vice President of Investor Relations at 3M.
Bruce Jermeland
Thank you, and good morning, everyone and welcome to our second quarter earnings conference call. With me today are Bill Brown, 3M's Chief Executive Officer; and Monish Patolawala, our President and Chief Financial Officer. Bill and Monish will make some formal comments, then we'll take your questions.
Please note that today’s earnings release and slide presentation accompanying this call are posted on the home page of our Investor Relations website at 3M.com.
Please turn to Slide 2. Please take a moment to read the forward-looking statement. During today’s conference call, we will be making certain predictive statements that reflect our current views about 3M's future performance and financial results. These statements are based on certain assumptions and expectations of future events that are subject to risks and uncertainties. Item 1A of our most recent Form 10-Q lists some of the most important risk factors that could cause actual results to differ from our predictions.
Please note, throughout today’s presentation we will be making references to certain non-GAAP financial measures. Reconciliations of the non-GAAP measures can be found in the attachments to today’s press release.
With that, please turn to Slide 3 and I'll hand the call off to Bill. Bill?
William Brown
Okay, thank you Bruce and good morning everyone. This morning we reported second quarter results with non-GAAP earnings per share of $1.93, up nearly 40% with 1% organic revenue growth. Adjusted free cash flow was $1.2 billion with conversion of 109%. I'd like to thank the 3M employees for all their hard work in delivering solid second quarter results. Monish will provide further details on the quarter and then I'll wrap up our prepared remarks with guidance for the year before opening the call to Q&A.
I've now been in the job for nearly three months and have been busy visiting a number of our factories and labs, as well as taking a fresh look at our strategy and how we're executing against it. As you know, 3M has been undergoing a lot of change in the past few years following COVID, most recently with a successful spinoff of the healthcare business executing on a significant restructuring effort and working to mitigate risks, including discontinuing PFAS manufacturing by the end of 2025 and settling legal matters....
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3M Company (MMM) Q2 2024 Earnings Call Transcript