3M sees FY23 adjusted EPS $8.50-$9.00, consensus $10.22

Sees FY23 revenue down 2%-6%, consensus $33.38B. The company said, "3M’s full-year expectations for 2023 include the following: -6 to -2 percent adjusted total sales growth reflecting the following: -3 percent to flat adjusted organic sales growth, includes -2 percentage point impact from disposable respirator decline and exit of Russia -2 to -1 percent adjusted foreign currency translation impact -1 percent adjusted divestiture impact. Adjusted earnings per share^ of $8.50 to $9.00, versus 2022 of $9.88 on a comparable basis. 2023 adjusted earnings per share include -$0.55 to -$0.80 of combined year-on-year headwinds from the decline in disposable respirator demand, exit of Russia, foreign currency translation, and divestitures. Adjusted operating cash flow^ of $5.8 to $6.3 billion contributing to 90% to 100% adjusted free cash flow conversion. These expectations reflect changes in certain of 3M’s non-GAAP measures beginning in 2023 as discussed in the preceding section. 3M expects to record a pre-tax restructuring charge of $75 to $100 million in the first quarter of 2023. This pre-tax charge and associated savings is included in the company’s full-year 2023 outlook."