3M Company reports recurring developments across its science-based industrial, transportation and electronics, and consumer businesses. Company updates commonly cover quarterly results, guidance, margins, cash flow, portfolio reshaping, transformation costs, PFAS and litigation-related items, and capital-structure activity.
News also includes product and capacity updates tied to 3M technologies and brands, including 3M Expanded Beam Optical interconnect solutions for data centers and Scotch-Brite consumer cleaning products. Other recurring themes include investor events, board and leadership appointments, government affairs, and manufacturing investments linked to the company's global operations.
3M (NYSE: MMM) has announced the election of Anne H. Chow and Pedro J. Pizarro to its Board of Directors, effective February 9, 2023. This decision increases the board's size from 11 to 13 members. Chow, former CEO of AT&T Business, brings over three decades of experience in technology and business, while Pizarro has led Edison International since 2016. Their appointments are expected to enhance 3M’s leadership with insights from their extensive backgrounds in global organization transformation and strategic management. 3M aims to leverage this knowledge to strengthen its market position.
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The 3M Board of Directors has declared a quarterly dividend of $1.50 per share for Q1 2023. Shareholders of record as of February 17, 2023 will receive this payment on March 12, 2023. 3M has a historic track record of over 100 years of uninterrupted dividend payments. As of December 31, 2022, the company reported 549,245,105 common shares outstanding and 62,801 shareholders of record.
3M has introduced a new medical adhesive, 3M™ Medical Tape 4578, capable of adhering for up to 28 days, effectively doubling the previous standard of 14 days. This advancement aims to enhance patient care by lowering costs, reducing patient disruption, and accumulating more data for healthcare decisions. The adhesive is designed for various medical devices, including glucose and heart monitors, and offers liner-free stability with a storage life of up to one year. With over 55 years of skin adhesion science, this product strengthens 3M's position in the medical adhesive market.
On Feb. 3, 2023, plaintiffs in the Combat Arms Earplugs Version 2 (CAEv2) litigation filed a motion to dismiss Aearo's bankruptcy with the U.S. Bankruptcy Court. Aearo and 3M aim to mediate a resolution with all involved parties while preparing their written response to the motion. The bankruptcy court has affirmed Aearo's legitimacy, indicating it has appropriate liabilities under the Bankruptcy Code. If the motion is granted, it may complicate the ongoing litigation process. Oral arguments regarding initial bellwether trials are scheduled for the week of May 1, 2023, which could significantly impact the case's trajectory.
3M has launched a docuseries titled "Skilled", aimed at promoting careers in the skilled trades and addressing existing misconceptions. The series, featuring fall protection sales specialist Andrea Martin, debuted on January 22 at the 2023 Sundance Film Festival. 3M plans to amplify this initiative by creating five million unique STEM and skilled trades learning experiences for underrepresented individuals by 2025. The docuseries will also reach 30,000 students through partnerships with Teach for America. This effort aligns with 3M's broader goals of advancing economic equity and increasing workforce representation.
3M has made significant advancements in virtual reality (VR) technology by developing pancake lenses that reduce headset size by 50% while enhancing image quality. This innovation, a result of five years of research, positions 3M as a leader in the growing VR market. The company holds over 180 patents related to optical technology and received the Display Component of the Year award in May 2022 for its HARP lens. With the VR industry set for pivotal growth in 2023, 3M emphasizes its commitment to customer collaboration and content development, aiming to eliminate the historical barriers of bulky headsets and drive consumer adoption.
3M (NYSE: MMM) announced its fourth-quarter and full-year 2022 results, reporting a 0.4% organic growth which fell short of the 1-3% expectation. The company's adjusted earnings were $2.28 per share, while GAAP EPS was $0.98. Full-year sales totaled $34.2 billion, a 3% decline year-on-year. Challenges included inflation, global conflicts, and a sharp decline in consumer markets, particularly in location value="LC/cn"China. For 2023, 3M anticipates adjusted earnings per share between $8.50 and $9.00, with expected -6% to -2% sales growth due to ongoing market pressures.
3M (NYSE: MMM) launched a documentary film titled "Skilled" aimed at promoting trades careers and breaking stereotypes. Debuting at the Sundance Film Festival on January 22, 2023, the film features four tradespeople and will be available for streaming on May 3. 3M's initiative targets increasing awareness and educational access in skilled trades, with a goal to create 5 million unique learning experiences by 2025. The research shows broad support for the trades, with nine in 10 believing more individuals should pursue such careers. 3M is collaborating with Teach For America to further this agenda by screening the documentary in classrooms.
3M and Discovery Education have launched the Young Scientist Challenge Alumni Network and Alumni Grants Program aimed at supporting past participants and future science leaders. This initiative is part of the 3M Young Scientist Challenge, a competition for middle school students to win a mentorship with a 3M scientist and a $25,000 grand prize. The Alumni Network provides networking opportunities and resources while the Alumni Grants program will award a total of $25,000 annually to ten former finalists. The grant applications are open until March 23, 2023, with funding available for projects related to participants' original creations and community initiatives.