"Sales declined 4% from last year's second quarter to reach $8.3 billion. The company forecasts full-year sales to decline as much as 5% compared to 2022. Expected earnings per share of $8.60 to $9.10 will be the lowest annual haul for 3M since 2019."
https://www.startribune.com/3m-raises-outlook-following-layoffs-restructuring/600292142/
Varys is spot on re “the end of the beginning” for PFAS.” 12 billion is the start. Whatever remains in Rotten Remain co will end in bankruptcy. 3M is already prepping for that inevitable event and you can see it in certain publicly info.
Wow Varys you really hit a nerve with someone. Hahaha!
Re: PFAS, I was only listening with one ear but didn't they say $12B?
100% agree with Varys.
21 hours ago by Varys | 104 reactions (+33/-71)
Post ID: @nab+1nMYsjeC
Wow … 71 down votes.
(Looks at the downvotes...) - Well, it is nice to know 3M public relations still cares about something. I suggest you all get back to work at the golf tourney.
The stock price isn't a dead cat bounce, that isn't quite the right description. 3M's stock has a long history of moving opposite the news right after quarterly announcements. (i.e. the better the results, the lower the drop and vice versa)
Some investors, I suspect, think that we are nearing the end of major litigation and that $10B is most of the hit. We are actually closer to the 'end of the beginning' and the $10B is a substantial part of PFAS and earplug bills that will ultimately be much larger.
In terms of AIP, I know my division and BG is below plan. I don't get a view to corporate until everyone else does.
As for the supply chain, it mostly 'healed' 9 months ago. Around then most of the stuff was getting where it was needed to go in a timely fashion. Any significant supply chain hits to 3M today are purely self-inflicted.
You have not seen anything yet.
Real estate property prices are dropping 10% YoY in Woodbury, Maplwood, Oakdale markets.
After 3M moves out of 3M Center, property will be worthless.
New hires should really look into renting at this point.
Dead cat bounce to $110 at best. After dividend cut get ready for $80
I would thought MR initiated the A3M model that makes the supply chain operating model failed miserably. He is the root cause of halving the 3M share price in the greatest history
How does this align with corporate AIP calculations. Yes we were down in all categories with the exception of free cash, but I was under the impression we predicted that for 23.
Aip being one of the most voodoo witchcraft calculations just curious if anyone can make heads or tails of the calculations or do we need to wait three months for them to update the website?
Also… Novice… the healing of supply chain just means it’s broken and starting to get better. Our supply chain absolutely su-ks and couldn’t plan themselves into next week. Mike was just indicating it’s su-king less.
Varys, do you think the share price will go up? Or is it just a dead cat bounce?
Well, I missed a bunch of guesses in the betting pool, oh well.
But DAMN, what an awful quarter, probably the worst since late 2008 or early 2009.
Overall earnings, I think I was right they were bad, I just didn't account for how low Wall Street had set expectations.
HCBG - "Preparing a soft spin" - i.e. we're delaying the spin. I'm counting that one as a correct call.
PFAS - $10 B for just the US drinking water utilities. Europe will want at least as much.
In the call, I heard literally NOTHING about actually trying to grow sales. Mike and Monish have given up on the company. It was all 'reduce', 'cut', 'shrink', etc.
I sticking with my prior bankruptcy call. 3M is will be (90% chance) declaring bankruptcy after the HC spin.
Stock will likely be below $100 within two months.
Just a hundred bucks from options strike price. Almost there. (That is not a healthy balance sheet.) There is no outlook for growth. The market just rewards cuts for temporary margin relief.
Post ID: @cqi+1nMYsjeC
It means, the framus intersects with the ramistan approximately at the paternostra.
"Sales declined 4% from last year's second quarter..."
"The company forecasts full-year sales to decline as much as 5% compared to 2022."
Question: How is this good news?
It means nothing. Just like improved productivity. These is jargon to mask our failures. Rather roman and potty’s failures.
What does it mean when they keep saying “Supply chain heal”?