Thread regarding 3M layoffs

Having analyzed the transcript of the Q2 2023 Earnings Call by counting important words (pros and cons) results in the following summary:

3M, a declining company in a negative environment heavily impacted by headwinds with severe supply chain and inventory challenges is lagging restructuring and adjustments and is driven by organic market developments.

Words and word combos counted:

headwind 20
decline 19, growth 15 (incl. growth... negative 2, growth... decline 1, growth... minus 1)
organic 18, organic growth 8
down 30, up 26
negative 10, positive 5
weak 7, strong/strength 25
impact 42, progress 9, improve 29, benefit 22
supply chain 26, inventory 14
restructuring 26, adjust 33, spin... of 7

Did anyone manage to count how many times the words “headwind" or "headwinds" were used during the earnings call yesterday? It must have been excessive, like 50+ times…

Sounds like most rumors expected to be announced today were false. I guess we shall see what happens in Q3! Either Mike and 3M provided a false narrative and incorrect sales figures or I am working for a different 3M and have a false sense of reality. Crazy.

Proactive initiatives drive strong quarterly financial results; raise full year adjusted EPS guidance

ST. PAUL, Minn. – July 25, 2023 − 3M (NYSE: MMM) today reported second quarter 2023 results.
“In the second quarter, the actions we took to strengthen our supply chain and restructure the company led to improved service
for customers, reduced costs across 3M, and better than expected margins and cash flow," said Mike Roman, 3M chairman and
chief executive officer. “As we execute our strategy, we are positioning 3M for long-term performance, including progressing
the planned spin of our Health Care business and addressing a significant portion of PFAS litigation.”

As a former employee I agree with the previous post regarding upper management, the board, and Mike Roman. are destroying this once great company. Also It's alleged that 3M's forever chemicals were identified by a 3M scientist in the late 1950's early 1960's as an incideious chemical that is a major carcinogen and was never reported by 3M. 3M allegedly hid that data from the public. The lawsuits are world wide and ongoing due to pfas contamination in drinking water, produce food packaging, wild game and live stock in certain areas throught the world. 3M was recently fined in excess of 10 billion dollars to clean up pfas in groundnwater, lakes, rivers, and streams. Michigan is one of the many pfas polluted hot spots.. Google pfas contamination map, and Tartan Park, Mn, "the town 3M built" which identifies cancer clusters among children in the local high-school.

The word "headwind" or "headwinds" was said 29 times in the last earnings call.

The word 'headwinds' will be said five times.

MR will say the company is “well position for the future”

More layoffs, how wonderful everything is here, advanced bs, HCBG spin with no answers or substance, excuses for 3M underperforming “headwinds” blah blah blah…

so far, we have only seen the ESC townhall scheduled by Tireman after the earning call.

Has MR scheduled a townhall immediately after the earnings call like he did back in April? If so, be ready to start packing up your personal belongings.

It's almost a year to the day when the healthcare spin was announced. If there isn't a substantial status update then Varys' prediction of a delay in Spinco's launch looks very likely.

@1qrf+1nJraXHl SC Johnson, good idea, a real possibility.

On further reflection, I'd also put Newell on the CBG possible buyer list too.

"Layoffs are taking longer than planned outside the US."

Assuming the so-called 'HR' function did the math, it seems their calculations were wrong.... which questions the very premise of how these forecasts are made, based on what data and who is doing that? Disappointed (but not surprised) to see incompetency across the board in every department!

Agreed, they are going to announce CBG is for sale. They will put it up so that they can get multiple bidders to drive up the sale price. I don't agree that they have a firm agreement to sell it yet.

Re: potential CBG acquisition, you missed SC Johnson. Very similar cultural fit.

Share price to drop by 8% on Tues announcement.

Think they’ll announce a Return to Office? I was offered a good paid parking spot; wondering if that’s on the horizon and I should take it.

I realize this is low on the totem pole of importance, but it’s the only thing I personally have a decision in.

Ohhhh, I like this game - who is buying what?

Assuming the CBG and HCBG double sales rumor is true, who are the buyers?

Here are some ideas: The *'ed companies would be my first guesses.

CBG:

• Kimberly Clark * (solid shelf-space add on for them with more than a little technical overlap)
• Henkel * (maybe cleanest bolt-on for them)
• Saint-Gobain
• Procter and Gamble
• Unilever (technical shift for them)
• Shurtape (would be a really big stretch for them..)
• Avery-Dennison (going back to serious consumer after all these years?)

HCBG: (I have a hard time seeing HCBG going as one bit part to a competitor, I still think it makes more sense in pieces.)

• B-D *
• Baxter *
• Cardinal Health (but why? unless Cardinal is just buying market share...)
• J&J
• Danaher

2 key announcements on Tuesday. 1. Cbg will be sold to an existing competitor. They will procure brands and product range. 2. Hcbg is being purchased by an existing competitor. Both announcements will outline timing
In addition talk through parent co and explain future considering litigation, which is not a good news story.
I know people will disagree with these comments. But I would wait for Tuesday if I were you

My entry in the betting pool: (reposted)

• Top and bottom line small misses - will blame 'supply chain' issues.
• Dividend continues
• Share re-purchases "paused"
• Layoffs are taking longer than planned outside the US.
• Big one: Announce delay of HC spin off by 1-2 quarters