3M (MMM) 2021 Q2 法說會逐字稿

Ladies and gentlemen, thank you for standing by. Welcome to the 3M second quarter earnings conference call. (Operator Instructions) As a reminder, this conference is being recorded, Tuesday, July 27, 2021.

女士們、先生們，感謝你們的支持。歡迎參加 3M 第二季財報電話會議。 （操作員指示）提醒一下，本次會議將於 2021 年 7 月 27 日星期二進行錄製。

I would now like to turn the call over to Bruce Jermeland, Senior Vice President of Investor Relations at 3M.

現在我想將電話轉給 3M 公司投資者關係資深副總裁 Bruce Jermeland。

Thank you, and good morning, everyone, and welcome to our second quarter earnings conference call. With me today are Mike Roman, 3M's Chairman and Chief Executive Officer; and Monish Patolawala, our Chief Financial Officer. Mike and Monish will make some formal comments, then we will take your questions. Please note that today's earnings release and slide presentation accompanying this call are posted on our Investor Relations website at 3M.com under the heading Quarterly Earnings.

謝謝大家，早安，歡迎參加我們的第二季財報電話會議。今天與我一起出席的還有 3M 公司董事長兼執行長 Mike Roman；和我們的財務長 Monish Patolawala。麥克和莫尼什將發表一些正式評論，然後我們將回答您的問題。請注意，今天的收益報告和本次電話會議的幻燈片演示已發佈在我們的投資者關係網站 3M.com 的“季度收益”標題下。

Please turn to Slide 2. As we have done throughout the year, I would like to remind you to mark your calendars for our next earnings call, which will take place on Tuesday, October 26.

請翻到投影片 2。正如我們全年所做的那樣，我想提醒您在日曆上標記我們的下一次收益電話會議，該會議將於 10 月 26 日星期二舉行。

Please take a moment to read the forward-looking statement on Slide 3. During today's conference call, we will make 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-K lists some of the most important risk factors that could cause actual results to differ from our predictions.

請花一點時間閱讀投影片 3 上的前瞻性聲明。在今天的電話會議中，我們將做出某些預測性陳述，以反映我們對 3M 未來業績和財務結果的當前看法。這些聲明是基於對未來事件的某些假設和預期，這些假設和預期受風險和不確定性的影響。我們最新的 10-K 表格第 1A 項列出了一些可能導致實際結果與我們的預測不同的最重要的風險因素。

Please note, throughout today's presentation, we'll 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.

請注意，在今天的演示中，我們將參考某些非 GAAP 財務指標。非公認會計準則 (non-GAAP) 指標的對帳表可在今天的新聞稿附件中找到。

Please turn to Slide 4, and I'll now hand it off to Mike. Mike?

請翻到投影片 4，我現在將其交給 Mike。麥克風？

Thank you, Bruce, and good morning, everyone. 3M's performance in the second quarter was strong as we posted organic growth across all business groups and geographic areas. Our team executed well and delivered increased earnings, expanded margins and robust cash flow. From a macro perspective, the global economy continues to improve, though uncertainty remains due to COVID-19 and heightened concern over the increase in Delta variant cases. We saw ongoing strength in many end markets, including home improvement, oral care and general industrial, along with a pickup in health care elective procedures. We continue to work to mitigate ongoing inflationary pressures and supply chain challenges as well as end market dynamics such as the semiconductor shortage impacting automotive build rates and electronics. We are also beginning to see a decline in pandemic-related demand for disposable respirators, which I will discuss on the next slide.

謝謝你，布魯斯，大家早安。 3M 公司第二季的業績表現強勁，所有業務部門和地理區域均實現了有機成長。我們的團隊表現出色，實現了獲利增加、利潤率擴大和現金流強勁。從宏觀角度來看，全球經濟持續改善，但由於新冠疫情以及對德爾塔變異病例增加的擔憂加劇，不確定性仍然存在。我們看到許多終端市場持續走強，包括家居裝修、口腔護理和一般工業，同時醫療保健選擇性程序也有所回升。我們將繼續努力緩解持續的通膨壓力和供應鏈挑戰以及終端市場動態，例如影響汽車製造率和電子產品的半導體短缺。我們也開始看到與疫情相關的一次性呼吸器需求下降，我將在下一張投影片中討論這個問題。

Looking forward, we will stay focused on investing in emerging growth opportunities, improving productivity and advancing sustainability. We are confident in our ability to continue executing well in the face of COVID-19 uncertainties and are raising our full year guidance for organic growth to 6% to 9%, and earnings per share to $9.70 to $10.10.

展望未來，我們將繼續專注於投資新興成長機會、提高生產力和推動永續發展。面對 COVID-19 的不確定性，我們有信心繼續保持良好表現，並將全年有機成長預期上調至 6% 至 9%，每股收益上調至 9.70 美元至 10.10 美元。

Please turn to Slide 5. In the second quarter, we delivered total sales of $8.9 billion. We posted organic growth of 21% versus a 13% decline in last year's second quarter, along with earnings of $2.59 per share. We expanded adjusted EBITDA margins to over 27% and increased adjusted free cash flow to $1.6 billion with a conversion rate of 103%. Strong cash flow allowed us to further strengthen our balance sheet while returning $1.4 billion to shareholders through dividends and share repurchases.

請翻到投影片 5。第二季度，我們的總銷售額達到 89 億美元。我們實現了 21% 的有機成長，而去年第二季度則下降了 13%，每股收益為 2.59 美元。我們將調整後的 EBITDA 利潤率擴大至 27% 以上，並將調整後的自由現金流增加至 16 億美元，轉換率為 103%。強勁的現金流使我們能夠進一步加強資產負債表，同時透過股息和股票回購向股東返還 14 億美元。

I am proud of our team's execution in a dynamic environment. We are finding new ways to innovate for customers and improve our operational performance. In addition to our strong day-to-day execution, we are investing to capitalize on favorable market trends and serve emerging customer needs. I want to share a few impactful examples.

我為我們團隊在動態環境中的表現感到自豪。我們正在尋找新的方法為客戶進行創新並提高我們的營運績效。除了強大的日常執行力之外，我們還在投資利用有利的市場趨勢並滿足新興客戶的需求。我想分享一些有影響力的例子。

In health care, our innovative PREVENA Therapy incision management system is the first and only medical device indicated by the U.S. FDA to help reduce surgical site infections in high-risk patients, helping lower the costly financial burden of complications, delivering on both improved clinical outcomes and cost savings for the health care system.

在醫療保健領域，我們創新的 PREVENA Therapy 切口管理系統是美國 FDA 批准的首個也是唯一一個可幫助減少高風險患者手術部位感染的醫療設備，有助於降低併發症帶來的昂貴經濟負擔，既能改善臨床療效，又能為醫療保健系統節省成本。

In automotive electrification, we are building on 3M's long history in consumer electronics and now expanding our solutions for the future of transportation, including new display technologies for both electric and internal combustion engines, helping us drive above-market growth in our automotive business.

在汽車電氣化方面，我們以 3M 在消費性電子領域的悠久歷史為基礎，正在擴展我們針對未來交通運輸的解決方案，包括針對電動和內燃機的新顯示技術，幫助我們推動汽車業務高於市場的成長。

In home improvement, we are building out a suite of innovations to help consumers personalize their homes, including our fast-growing line of command damage-free hanging solutions, $500 million franchise that leverages our world-class adhesive platform with even greater opportunities ahead. We have increased opportunities across our businesses to apply 3M science and drive long-term growth, and we will continue to invest and win in those areas.

在家庭裝修方面，我們正在打造一系列創新產品，幫助消費者個性化他們的家居，其中包括我們快速增長的無損懸掛解決方案系列，價值 5 億美元的特許經營權，利用我們世界一流的粘合劑平台，未來將帶來更大的機遇。我們在整個業務中增加了應用 3M 科學和推動長期成長的機會，我們將繼續在這些領域進行投資並取得勝利。

As you all have seen, the ongoing impact of COVID-19 is highly variable across geographies. Since the onset of the pandemic, we have increased our annual respirator production fourfold to 2.5 billion by activating idle surge capacity and building additional lines, while shifting 90% of distribution into health care to protect nurses, doctors and first responders.

如大家所見，COVID-19 的持續影響在不同地區存在很大差異。自疫情爆發以來，我們透過啟動閒置的緊急產能和建造額外的生產線，將呼吸器的年產量提高了三倍，達到 25 億隻，同時將 90% 的分銷轉移到醫療保健領域，以保護護士、醫生和急救人員。

One of our strengths is to quickly adapt to changing marketplace needs. Global demand reached its peak in Q1 of this year, which included stockpiling from governments and hospitals. We are now seeing a deceleration in overall health care demand and are adjusting production, increasing supply to industrial and consumer channels while continuing to prioritize health care workers in the geographies seeing increased COVID-19 cases and elevated hospitalization rates. As we do this, we are reducing overall output to meet end-market trends. Like we have in the past, we are prepared to rapidly increase production in response to COVID-19-related needs or future emergencies when needed.

我們的優勢之一是能夠快速適應不斷變化的市場需求。今年第一季度，全球需求達到高峰，包括政府和醫院的囤貨。我們現在看到整體醫療保健需求正在減速，我們正在調整生產，增加對工業和消費者管道的供應，同時繼續優先考慮新冠肺炎病例增加和住院率上升地區的醫護人員。在這樣做的同時，我們也在減少整體產量以滿足終端市場的趨勢。與過去一樣，我們準備在需要時迅速提高產量，以應對與 COVID-19 相關的需求或未來的緊急情況。

As I reflect on the first half, I am pleased with our performance. We delivered strong sales and margin growth, along with good cash flow while building for the future and advancing sustainability with significant new carbon, water and plastic commitments.

回顧上半場，我對我們的表現感到滿意。我們實現了強勁的銷售額和利潤成長，以及良好的現金流，同時著眼於未來，並透過在碳、水和塑膠方面做出重大新承諾來推動永續發展。

In the second half, in addition to investing in growth, productivity and sustainability, we also must navigate ongoing COVID-19 impacts and continue taking actions to address inflationary pressures and supply chain challenges. We will do this by driving an unrelenting focus on operational performance, which includes improving service, quality, operating costs and cash generation.

下半年，除了投資於成長、生產力和永續性之外，我們還必須應對新冠疫情的持續影響，並繼續採取行動應對通膨壓力和供應鏈挑戰。我們將透過持續關注營運績效來實現這一目標，包括改善服務、品質、營運成本和現金創造。

I would like to thank 3Mers for your commitment and resilience as we bring together people, ideas and science to help transform businesses, solve customer challenges and improve lives around the world. That wraps up my opening comments.

我要感謝 3Mers 的承諾和韌性，我們將人才、創意和科學匯聚在一起，幫助轉變企業，解決客戶挑戰，並改善世界各地的生活。我的開場白就到此結束。

And I'll turn it over to Monish to cover more details on the quarter and our updated guidance. Monish?

我將把時間交給 Monish，介紹本季的更多細節和我們最新的指導。莫尼什？

Thank you, Mike, and I wish you all a very good morning. Please turn to Slide 6. Company-wide, second quarter sales were $8.9 billion, up 25% year-on-year or an increase of 21% on an organic basis. Sales growth, combined with operating rigor and disciplined cost management, drove adjusted operating income of $2 billion, up 40%, with adjusted operating margins of 22%, up 240 basis points year-on-year.

謝謝你，麥克，祝大家早安。請翻到幻燈片 6。第二季全公司銷售額為 89 億美元，年增 25%，有機成長 21%。銷售額的成長，加上嚴謹的營運和嚴格的成本管理，推動調整後的營業收入達到 20 億美元，年增 40%，調整後的營業利潤率為 22%，年增 240 個基點。

Second quarter GAAP and adjusted earnings per share were $2.59, up 44% compared to last year's adjusted results. On this slide, you can see the components that impacted both operating margins and earnings per share as compared to Q2 last year. Our strong year-on-year organic volume growth, along with ongoing productivity, restructuring efforts and other items added 4.1 percentage points to operating margins and $0.89 to earnings per share year-on-year.

第二季 GAAP 和調整後每股收益為 2.59 美元，與去年調整後結果相比成長 44%。在這張投影片上，您可以看到與去年第二季相比影響營業利潤率和每股盈餘的因素。我們強勁的同比有機銷售成長，加上持續的生產力、重組努力和其他項目，使營業利潤率同比增加了 4.1 個百分點，每股收益同比增加了 0.89 美元。

Included in this margin and earnings benefit were a few items of note. First, during the quarter, the Brazilian Supreme Court issued a ruling that clarified the calculation of Brazil's federal sales-based social tax, essentially lowering the social tax that 3M should have paid in prior years. This favorable ruling added $91 million to operating income or 1 percentage points to operating margins and $0.12 to earnings per share.

利潤和收益收益中包含一些值得注意的項目。首先，本季度，巴西最高法院發布了一項裁決，明確了巴西聯邦基於銷售的社會稅的計算方式，實質上降低了 3M 公司前幾年應繳納的社會稅。這項有利的裁決使營業收入增加了 9,100 萬美元，營業利潤率增加了 1 個百分點，每股收益增加了 0.12 美元。

Next, as you will see later today in our 10-Q, we increased our other environmental liability by nearly $60 million and our respirator liabilities by approximately $20 million as part of our regular review. In addition, we also incurred a year-on-year increase in ongoing legal defense costs. We are currently scheduled to begin a PFAS-related trial in Michigan in October, along with the next step in the combat arms earplug multi-district litigation, with one trial in September and one in October. And finally, during the second quarter, we incurred a pretax restructuring charge of approximately $40 million as part of the program we announced in Q4 of last year.

接下來，正如您今天稍後在我們的 10-Q 中看到的那樣，作為定期審查的一部分，我們其他環境負債增加了近 6000 萬美元，呼吸器負債增加了約 2000 萬美元。此外，我們的持續法律辯護費用也較去年同期增加。我們目前計劃於 10 月在密西根州開始一場與 PFAS 相關的審判，同時進行戰鬥武器耳塞多地區訴訟的下一步，其中 9 月和 10 月各進行一次審判。最後，在第二季度，作為去年第四季度宣布的計劃的一部分，我們產生了約 4000 萬美元的稅前重組費用。

Second quarter net selling price and raw materials performance reduced both operating margins and earnings per share by 140 basis points and $0.17, respectively. This headwind was larger than forecasted as we experienced broad-based cost increases for chemicals, resins, outsourced manufacturing and logistics as the quarter progressed. As a result of these increasing cost trends, we now forecast a full year raw materials and logistics cost headwind in the range of $0.65 to $0.80 per share versus a prior expectation of $0.30 to $0.50.

第二季淨售價和原料表現分別導致營業利潤率和每股盈餘下降 140 個基點和 0.17 美元。隨著本季的進展，我們經歷了化學品、樹脂、外包製造和物流成本的廣泛上漲，這種不利因素比預測的要大。由於這些成本上升趨勢，我們現在預測全年原料和物流成本逆風將在每股 0.65 美元至 0.80 美元之間，而先前預期為每股 0.30 美元至 0.50 美元。

As we have discussed, we have been and are taking multiple actions including increasing selling prices to address these cost headwinds. As a result, we expect continued improvement in our selling price performance in the second half of the year. However, given the pace of cost increases, we currently expect a third quarter net selling price and raw materials headwind to margins in the range of 50 to 100 basis points, which we anticipate will turn to a net benefit in the fourth quarter as our selling price and other actions start catching up to the increased costs.

正如我們所討論的，我們已經並正在採取多項措施，包括提高銷售價格來應對這些成本阻力。因此，我們預計下半年銷售價格表現將持續改善。然而，考慮到成本上漲的速度，我們目前預計第三季淨銷售價格和原材料將對利潤率造成 50 至 100 個基點的不利影響，我們預計，隨著我們的銷售價格和其他行動開始趕上增加的成本，利潤率將在第四季度轉為淨收益。

Moving to divestiture impacts. The lost income from the sale of drug delivery in May of last year was a headwind of 10 basis points to operating margins and $0.02 to earnings per share. Foreign currency, net of hedging impacts, reduced margins 20 basis points while benefiting earnings by $0.08 per share. Finally, 3 nonoperating items combined had a net neutral impact to earnings per share year-on-year. This result included a $0.06 earnings benefit from lower other expenses that was offset by higher tax rate and diluted share count, which were each a headwind of $0.03 per share versus last year.

轉向剝離影響。去年 5 月藥品配送銷售收入的損失對營業利潤率造成了 10 個基點的負面影響，對每股收益造成了 0.02 美元的損失。扣除避險影響後，外幣導致利潤率降低 20 個基點，但每股收益增加 0.08 美元。最後，3 項非營業項目合計對每股盈餘產生了年比淨中性影響。這一結果包括因其他費用降低而產生的 0.06 美元收益，但被更高的稅率和稀釋的股份數量所抵消，與去年相比，這兩項均造成每股 0.03 美元的阻力。

Please turn to Slide 7 for a discussion of our cash flow and balance sheet. We delivered another quarter of robust free cash flow with second quarter adjusted free cash flow of $1.6 billion, up 2% year-on-year, along with conversion of 103%. Our year-on-year free cash flow performance was driven by strong double-digit growth in sales and income, which was mostly offset by timing of an income tax payment of approximately $400 million in last year's Q3, which is traditionally paid in Q2.

請翻到投影片 7 來了解我們的現金流量和資產負債表。我們又實現了強勁的自由現金流，第二季調整後的自由現金流為 16 億美元，較去年同期成長 2%，轉換率為 103%。我們的同比自由現金流表現是由銷售額和收入的強勁兩位數增長所推動的，但這大部分被去年第三季度約 4 億美元的所得稅支付時間所抵消，而這筆所得稅傳統上是在第二季度支付的。

Through the first half of the year, we increased adjusted free cash flow to $3 billion versus $2.5 billion last year. Second quarter capital expenditures were $394 million and approximately $700 million year-to-date. For the full year, we are currently tracking to the low end of our expected CapEx range of $1.8 billion to $2 billion, given vendor constraints and the pace of capital projects.

今年上半年，我們的調整後自由現金流從去年的 25 億美元增加到 30 億美元。第二季資本支出為 3.94 億美元，年初至今約 7 億美元。對於全年而言，考慮到供應商的限制和資本項目的進展速度，我們目前預計資本支出範圍的低端為 18 億美元至 20 億美元。

During the quarter, we returned $1.4 billion to shareholders through the combination of cash dividends of $858 million and share repurchases of $503 million. Year-to-date, we have returned $2.5 billion to shareholders in the form of dividends and share repurchases. Our strong cash flow generation and disciplined capital allocation enabled us to continue to strengthen our capital structure.

本季度，我們透過 8.58 億美元的現金股利和 5.03 億美元的股票回購向股東返還了 14 億美元。年初至今，我們已以股利和股票回購的形式向股東返還了 25 億美元。我們強勁的現金流產生和嚴格的資本配置使我們能夠繼續加強我們的資本結構。

We ended the quarter with $12.7 billion in net debt, a reduction of $3.5 billion since the end of Q2 last year. As a result, our net debt-to-EBITDA ratio has declined from 1.9 a year ago to 1.3 at the end of Q2. Our net debt position, along with our strong cash flow generation capability, continues to provide us financial flexibility to invest in our business, pursue strategic opportunities and return cash to shareholders while maintaining a strong capital structure.

截至本季末，我們的淨債務為 127 億美元，自去年第二季末以來減少了 35 億美元。因此，我們的淨負債與 EBITDA 比率從一年前的 1.9 下降到第二季末的 1.3。我們的淨債務狀況以及強大的現金流產生能力繼續為我們提供財務靈活性，以投資我們的業務，尋求策略機會並向股東返還現金，同時保持強大的資本結構。

Please turn to Slide 8, where I will summarize the business group performance for Q2. I will start with our Safety and Industrial business, which posted organic growth of 18% year-on-year in the second quarter driven by improving industrial manufacturing activity and prior year pandemic impacts.

請翻到投影片 8，我將在此總結第二季的業務集團業績。首先從我們的安全和工業業務開始，受工業製造活動改善和去年疫情影響的推動，該業務第二季度同比增長 18%。

First, starting with our personal safety business, we posted double-digit organic growth in our head, face, hearing and fall protection solutions as demand in general industrial and construction end markets remained strong. However, this growth was more than offset by a decline in our overall respiratory portfolio due to last year's strong COVID-related demand resulting in an organic sales decline of low single digits for our personal safety business.

首先，從我們的個人安全業務開始，由於一般工業和建築終端市場的需求仍然強勁，我們的頭部、面部、聽力和防墜落解決方案實現了兩位數的有機增長。然而，由於去年與 COVID 相關的強勁需求，我們的整體呼吸產品組合下降，抵消了這一增長，導致我們的個人安全業務的有機銷售額出現低個位數下降。

Within our respiratory portfolio, second quarter disposable respirator sales increased 3% year-on-year but declined 11% sequentially as COVID-related hospitalizations declined. Looking ahead, we anticipate continued deceleration in disposable respirator demand through the balance of this year and into 2022.

在我們的呼吸產品組合中，第二季一次性呼吸器銷售額年增 3%，但由於與 COVID 相關的住院人數下降，較上季下降 11%。展望未來，我們預計今年餘下時間至 2022 年一次性呼吸器的需求將持續減速。

Turning to the rest of Safety and Industrial. Organic growth was broad-based, led by double-digit increases in automotive aftermarket, roofing granules, abrasives, adhesives and tapes and electrical markets. Safety and Industrial's second quarter operating income was $718 million, up 15% versus last year. Operating margins were 22.1%, down 130 basis points year-on-year as leverage on sales growth was more than offset by increases in raw materials, logistics and ongoing legal costs.

轉向其餘的安全和工業領域。有機成長基礎廣泛，其中汽車售後市場、屋頂顆粒、磨料、黏合劑和膠帶以及電氣市場均實現了兩位數成長。安全與工業部門第二季的營業收入為 7.18 億美元，比去年同期成長 15%。營業利益率為 22.1%，年減 130 個基點，因為銷售成長的槓桿作用被原材料、物流和持續法律成本的增加所抵消。

Moving to Transportation and Electronics, which grew 24% organically despite sustained challenges from semiconductor supply chain constraints. Organic growth was led by our auto OEM business, up 76% year-on-year compared to a 49% increase in global car and light truck builds. This outperformance was due to several factors. First, the regional mix of year-on-year growth in car and light truck builds were in regions where we have high dollar content per vehicle. Second, a year-on-year increase in sell-in of 3M product versus the change in build rate. Lastly, we continue to apply 3M innovation to vehicles, gaining penetration onto new platforms.

轉向運輸和電子領域，儘管面臨半導體供應鏈限制的持續挑戰，但該領域仍實現了 24% 的有機成長。有機成長主要由我們的汽車 OEM 業務帶動，年增 76%，而全球轎車和輕型卡車產量僅成長 49%。這種優異表現源自於多種因素。首先，轎車和輕型卡車產量年增的區域分佈是每輛車價值較高的地區。第二，3M產品銷售量較去年同期成長，而生產力則發生變化。最後，我們繼續將 3M 創新應用於汽車，並滲透到新的平台。

Our electronics-related business was up double digits organically, with continued strength in semiconductor, factory automation and data centers, along with consumer electronic devices, namely tablets and TVs. Looking ahead, we continue to monitor the global semiconductor supply chain and its potential impact on the electronics and automotive industries.

我們的電子相關業務實現了兩位數的有機成長，半導體、工廠自動化和資料中心以及平板電腦和電視等消費性電子設備持續保持強勁成長。展望未來，我們將繼續關注全球半導體供應鏈及其對電子和汽車產業的潛在影響。

Turning to the rest of Transportation and Electronics. Advanced materials, commercial solutions and transportation safety each grew double digits year-on-year. Second quarter operating income was $546 million, up over 50% year-on-year. Operating margins were 22%, up 340 basis points year-on-year driven by strong leverage on sales growth, which was partially offset by increases in raw materials and logistic costs.

轉向其餘的運輸和電子領域。先進材料、商業解決方案和運輸安全均實現兩位數的年增長。第二季營業收入為5.46億美元，年增50%以上。營業利潤率為 22%，年增 340 個基點，這得益於銷售成長的強勁槓桿作用，但原材料和物流成本的增加部分抵消了這一增長。

Turning to our Health Care business, which delivered second quarter organic sales growth of 23%. Organic growth was driven by continued year-on-year and sequential improvements in health care elective procedure volumes as COVID-related hospitalizations decline. Our Medical Solutions business grew mid-teens organically or up approximately 20%, excluding the decline in disposable respirator demand. I am pleased with the performance of Acelity, which grew nearly 20% organically in the quarter as it helps us build on our leadership in advanced wound care.

談到我們的醫療保健業務，該業務第二季的有機銷售額成長了 23%。隨著新冠相關住院人數的下降，醫療保健選擇性手術數量持續同比和連續改善，推動了有機增長。除一次性呼吸器需求下降外，我們的醫療解決方案業務實現了中等程度的有機成長，即成長約 20%。我對 Acelity 的業績感到滿意，該公司本季的有機成長率接近 20%，這有助於我們鞏固在先進傷口護理領域的領導地位。

Sales in our Oral Care business more than doubled from a year ago as patient visits have nearly returned to pre-COVID levels. The separation and purification business increased 10% year-on-year due to ongoing demand for biopharma filtration solutions for COVID-related vaccine and therapeutics, along with improving demand for water filtration solutions. Health information systems grew high single digits, driven by strong growth in clinician solutions. And finally, food safety increased double digits organically as food safety (sic) [services] activity returns, along with continued strong growth from new product introduction.

由於患者就診量已幾乎恢復到疫情之前的水平，我們的口腔護理業務的銷售額較一年前增長了一倍以上。由於對 COVID 相關疫苗和治療的生物製藥過濾解決方案的持續需求以及對水過濾解決方案的需求不斷增加，分離和淨化業務同比增長了 10%。在臨床醫生解決方案強勁成長的推動下，健康資訊系統實現了高個位數成長。最後，隨著食品安全（原文如此）[服務]活動的恢復以及新產品推出帶來的持續強勁增長，食品安全實現了兩位數的有機增長。

Health care's second quarter operating income was $576 million, up over 90% year-on-year. Operating margins were 25.3%, up 880 basis points. Second quarter margins were driven by leverage on sales growth, which was partially offset by increasing raw materials and logistics costs, along with increased investments in growth. Lastly, second quarter organic growth for our Consumer business was 18% year-on-year with strong sell-in and sell-out trends across most retail channels. Our home improvement business continues to perform well, up high teens organically on top of a strong comparison from a year ago. This business continued to experience strong demand in many of our category-leading franchises, particularly Command, Filtrete and Meguiar's. Stationery and office grew strong double digits organically in Q2 as this business laps last year's COVID-related comparisons. We continue to see strength in consumer demand for Scotch branded packaging and shipping products, along with improved sell-in trends in Post-it Solutions and Scotch branded home and office tapes as retailers prepare for back-to-school and return to workplace.

醫療保健第二季營業收入為5.76億美元，年增90%以上。營業利益率為25.3%，上漲880個基點。第二季度的利潤率是由銷售成長的槓桿作用推動的，但原材料和物流成本的增加以及成長投資的增加部分抵消了這一增長。最後，我們的消費者業務第二季度有機成長率為 18%，大多數零售通路的銷售趨勢強勁。我們的家居裝修業務持續表現良好，與去年同期相比，實現了高成長。此項業務在我們許多類別領先的特許經營店中繼續受到強勁需求，尤其是 Command、Filtrete 和 Meguiar's。文具和辦公用品在第二季度實現了強勁的兩位數有機成長，該業務超過了去年與 COVID 相關的成長。隨著零售商為開學和復工做準備，我們繼續看到消費者對蘇格蘭品牌包裝和運輸產品的需求強勁，同時便利貼和蘇格蘭品牌家用和辦公膠帶的銷售趨勢也有所改善。

Our Home Care business was up low single digits organically versus last year's strong COVID-driven comparison. And finally, our Consumer health and safety business was up double digits as we lap COVID-related impacts from a year ago, along with improved supply of safety products for our retail customers.

與去年受新冠疫情推動的強勁成長相比，我們的家庭護理業務有機增長了個位數。最後，由於我們克服了一年前與 COVID 相關的衝擊，同時為我們的零售客戶提供了更好的安全產品供應，我們的消費者健康和安全業務實現了兩位數成長。

Consumer's operating income was $311 million, up 12% year-on-year. Operating margins were 21%, down 160 basis points as increased costs for raw materials, logistics and outsourced hardgoods manufacturing, along with investments in advertising and merchandising more than offset leverage from sales growth.

消費者業務營業收入為3.11億美元，較去年成長12%。營業利潤率為 21%，下降 160 個基點，因為原材料、物流和外包耐用品製造成本的增加，以及廣告和商品投資的增加，抵消了銷售成長的影響。

Please turn to Slide 9 for a discussion of our full year 2021 guidance. While uncertainty remains, we expect global economic and end market growth to remain strong, however, continue to be fluid as the world wrestles with ongoing COVID-related impacts that we all see and monitor. Therefore, there are a number of items that will need to be navigated as we go through the second half of the year. For example, we anticipate continued sequential improvement in health care elective procedure volumes. Also, we expect ongoing strength in the home improvement market and currently anticipate students returning to classrooms and more people returning to the workplace.

請翻到投影片 9，了解我們 2021 年全年指導的討論。儘管不確定性依然存在，我們預計全球經濟和終端市場成長仍將保持強勁，然而，隨著世界正在努力應對我們都看到和監測到的與新冠疫情相關的持續影響，情況仍將不斷變化。因此，下半年我們需要處理一些事項。例如，我們預計醫療保健選擇性手術的數量將持續連續改善。此外，我們預計家居裝飾市場將持續走強，目前預計學生將重返課堂，更多人將重返工作崗位。

Next, we remain focused on driving innovation and penetration with our global auto OEM and electronics customers. These 2 end markets continue to converge as highlighted by the well-known constraints in semiconductor chip supply. This limited chip supply is expected to reduce year-on-year automotive and electronics production volumes in the second half. As mentioned earlier, we expect demand for disposable respirators to wane and negatively impact second half revenues by approximately $100 million to $300 million year-on-year.

接下來，我們將繼續致力於推動全球汽車 OEM 和電子客戶的創新和滲透。眾所周知，半導體晶片供應的限制凸顯了這兩個終端市場繼續融合。預計晶片供應有限將導致下半年汽車和電子產品產量年減。如前所述，我們預計一次性呼吸器的需求將會減弱，並對下半年的收入造成約 1 億至 3 億美元的負面影響。

Turning to raw materials and logistics. As noted, we anticipate a year-on-year earnings headwind of $0.65 to $0.80 per share for the full year or $0.40 to $0.55 in the second half due to rising cost pressures. We are taking a number of actions, including broad-based selling price increases to help mitigate this headwind. And finally, the restructuring program we announced last December remains on track. As part of this program, we expect to incur a pretax charge in the range of $60 million to $110 million in the second half of this year.

轉向原材料和物流。如上所述，由於成本壓力上升，我們預計全年每股收益將年減 0.65 美元至 0.80 美元，下半年每股收益將年減 0.40 美元至 0.55 美元。我們正在採取一系列措施，包括廣泛提高售價，以幫助緩解這一不利因素。最後，我們去年 12 月宣布的重整計畫仍在按計劃進行。作為該計劃的一部分，我們預計今年下半年將產生 6,000 萬至 1.1 億美元的稅前費用。

Thus, taking into account our first half performance, along with these factors, we are raising our full year guidance for both organic growth and earnings per share. Organic growth is estimated to be 6% to 9%, up from the previous range of 3% to 6%. We now anticipate earnings of $9.70 to $10.10 per share against a prior range of $9.20 to $9.70. Also, as you can see, we now expect free cash flow conversion in the range of 90% to 100% versus our prior range of 95% to 105%. This adjustment is primarily due to ongoing challenges in global supply chains, raw materials and logistics, which are expected to persist for some time.

因此，考慮到我們上半年的業績以及這些因素，我們提高了全年有機成長和每股盈餘的預期。有機成長率預計為 6% 至 9%，高於先前的 3% 至 6% 的範圍。我們現在預計每股收益為 9.70 美元至 10.10 美元，而先前的預期為 9.20 美元至 9.70 美元。另外，正如您所看到的，我們現在預計自由現金流轉換率將在 90% 到 100% 之間，而之前的範圍是 95% 到 105%。此次調整主要是由於全球供應鏈、原材料和物流方面持續存在的挑戰，預計這些挑戰將持續一段時間。

Turning to the third quarter. Let me highlight a few items of note. First, we currently anticipate continued improvement in health care elective procedure volumes across most parts of the world. Global smartphone shipments are expected to be down high single digits year-on-year, while global car and light truck builds are expect to be down 3% year-on-year. Relative to disposable respirators, we anticipate a year-on-year reduction in sales of $50 million to $100 million due to continued decline in global demand.

轉向第三季。讓我強調幾點值得注意的事項。首先，我們目前預計世界大部分地區的醫療保健選擇性手術數量將持續改善。預計全球智慧型手機出貨量將年減 3%，而全球汽車和輕型卡車產量預計將年減 3%。相對於一次性呼吸器，由於全球需求持續下降，我們預計銷售額將年減 5,000 萬至 1 億美元。

As mentioned earlier, we are anticipating a third quarter year-on-year operating margin headwind of 50 to 100 basis points from selling prices, net of higher raw materials and logistic costs. On the restructuring front, which I previously discussed, we expect a Q3 pretax charge in the range of $50 million to $75 million as a part of this program. And finally, we expect higher investments in growth, productivity and sustainability in the quarter, along with higher legal defense costs as proceedings progress.

如前所述，我們預計第三季的營業利潤率將年減 50 至 100 個基點，主要源自於銷售價格上漲（扣除原料和物流成本上漲）。在重組方面，正如我之前討論過的，作為該計劃的一部分，我們預計第三季的稅前費用將在 5000 萬美元至 7500 萬美元之間。最後，我們預計本季在成長、生產力和永續性方面的投資將會增加，同時隨著訴訟的進展，法律辯護成本也會增加。

To wrap up, our team has delivered a strong first half performance, including broad-based growth, good operational execution, robust cash flows and an enhanced capital structure. With that being said, there's always more we can do and will do. We continue to prioritize capital to our greatest opportunities for growth, productivity and sustainability, while remaining focused on delivering for our customers, improving operating rigor and enhancing daily management.

總而言之，我們的團隊在上半年取得了強勁的業績，包括廣泛的成長、良好的營運執行、強勁的現金流和增強的資本結構。話雖如此，我們總是可以做更多的事情，並且將會做更多的事情。我們繼續優先考慮資本，以實現我們最大的成長、生產力和永續性機會，同時繼續專注於為客戶提供服務、提高營運嚴謹性和加強日常管理。

I want to thank our customers and vendors for their ongoing loyalty and partnership and especially our employees for their dedication, perseverance and execution in these uncertain times.

我要感謝我們的客戶和供應商一直以來的忠誠和合作，特別是感謝我們的員工在這個不確定的時期所展現的奉獻、毅力和執行力。

With that, I thank you for your attention, and we will now take your questions.

謝謝大家的關注，現在我們將回答大家的提問。

(Operator Instructions) Our first question comes from the line of Scott Davis with Melius Research.

（操作員指示）我們的第一個問題來自 Melius Research 的 Scott Davis。

I'm on Slide 13 in the appendix just looking at the price data. And based on my notes, price was up about, I think, 70 basis points last quarter. It looks like 10 basis points this quarter, but the real headwind was Asia Pacific. What -- can you give us a little color into kind of -- I know some of this might be mixed. So what's impacting the price dynamic. Perhaps there's some comp issues too there, so I'll just leave it at that.

我正在附錄的第 13 張投影片上查看價格資料。根據我的記錄，我認為上個季度價格上漲了約 70 個基點。本季看起來有 10 個基點，但真正的逆風是亞太地區。什麼——您能給我們稍微解釋一下嗎——我知道其中一些可能是混合的。那麼什麼因素影響了價格動態呢？也許那裡也存在一些問題，所以我就不多說了。

Yes. Sure, Scott. It's a great question. And you're right. But as I first said, we are raising prices everywhere. It's taking a little bit of time, but it's broad-based. You've seen what we have said we'll do in the third quarter and the fourth quarter. To answer your question specifically on the second quarter, you hit on one point, which is a comp issue from year-over-year. But the second piece of this was also as the volumes came in pretty strong in the second quarter, we had some rebates that get accounted for with that extra volume, and that drove it. But when you reflect on the guide that we gave you, price pretty much came in where we had thought. It's just slightly lower than that. So we were expecting this.

是的。當然，斯科特。這是一個很好的問題。你是對的。但正如我首先所說，我們正在各地提高價格。這需要一點時間，但影響很廣泛。您已經看到我們說過我們將在第三季和第四季採取的行動。為了具體回答您關於第二季度的問題，您提到了一點，這是與去年同期相比的一個問題。但第二部分也是由於第二季的銷售非常強勁，我們有一些回扣，這些回扣與額外的銷售有關，這推動了銷售的成長。但是當您回顧我們給您的指南時，價格基本上與我們想像的一致。只是比那略低一點而已。所以我們預料到了這一點。

Okay. And then was there a supply chain impact on sales, an explicit supply chain impact on sales that held back sales? Or was it more just a cost logistics issue?

好的。那麼供應鏈對銷售是否有影響，是否有明顯的供應鏈影響因而阻礙了銷售？或者這只是成本物流問題？

I would say, Scott, it's really hard to figure out exactly what the impact was. There definitely was an impact, I would say, in general, in the larger market, and 3M was no different where supply constraints were there. The team has done a marvelous job of trying to keep the factories running the best they can and making sure we are taking care of our customers as quickly as we can. So I would say there were more inefficiencies that we have had to deal with just as raw material was not as fluid as we would have thought through this process. But overall, we have done our best to keep our customers whole through this process.

我想說，史考特，真的很難弄清楚到底是什麼影響。我想說，總體而言，這肯定會對更大的市場產生影響，而 3M 在供應受限的情況下也不例外。團隊做了出色的工作，盡力保持工廠最佳運轉，並確保我們盡快為客戶提供服務。所以我想說，我們必須處理更多低效率的問題，因為原料並不像我們想像的那樣流動。但總的來說，我們已盡最大努力確保客戶在過程中的安全。

But this is an ongoing piece, Scott, that we'll have to watch how the second half plays itself out. You're seeing not only us but end markets also getting impacted by some of the raw material shortages. And we're just going to keep working this as we go through the second half.

但斯科特，這是一個持續進行的作品，我們必須觀察下半場如何發展。您會看到，不僅我們，而且終端市場也受到一些原材料短缺的影響。在下半場，我們將繼續努力。

Our next question comes from the line of Joe Ritchie with Goldman Sachs.

我們的下一個問題來自高盛的喬·里奇。

Can you guys talk a little bit about the durability in the health care margins, impressive back to 25% this quarter. I'm just wondering if this is now kind of like a baseline going forward, we're back to kind of like the 2019-ish type levels?

你們能否談談醫療保健利潤率的持久性，本季利潤率回升至 25%，令人印象深刻。我只是想知道這是否有點像未來的基線，我們是否回到了 2019 年左右的水平？

Yes. I think, Joe, that's a great question. I think we also keep looking at that all the time. I would just start with the team has done a really nice job of continuing to drive margins up while still investing in the business. The sharp increase on a year-over-year basis is driven by a lot of the volume increase that you saw Q2 of last year versus Q2 of this year. Third, I would say the volume leverage has helped. But we still got hurt by raw materials and logistics costs, and we continue to invest in the business.

是的。喬，我認為這是一個很好的問題。我認為我們也一直在關注這個問題。首先我想說的是，團隊在繼續投資業務的同時，也出色地完成了持續提高利潤率的工作。與去年同期相比的大幅成長主要是由於去年第二季與今年第二季相比銷量大幅增加所致。第三，我想說，數量槓桿起了作用。但我們仍受到原材料和物流成本的影響，我們仍繼續對該業務進行投資。

I would -- to answer your specific question on what does it look like going forward, I think it all comes down to ultimately where does volume turn out to be. As I said in my prepared remarks that disposable respirators are starting to slow down. You're seeing a Q3 impact of $50 million to $100 million on a year-over-year basis and $100 million to $300 million for the second half. Some -- many -- most of that should hit the Health Care segment. So we'll see where volume plays itself out.

我想——回答你關於未來前景如何的具體問題，我認為這最終取決於交易量會達到什麼程度。正如我在準備好的演講中所說，一次性呼吸器的銷售量開始下降。您會看到第三季的影響與去年同期相比為 5,000 萬至 1 億美元，而下半年的影響則為 1 億至 3 億美元。其中大部分應該會進入醫療保健領域。因此我們將觀察成交量如何發揮作用。

But secondly, I think is how much investments we keep driving as we see hospitalizations increase and elective procedures go up. So I think it's going to be a trade between that. Overall, I would say the team and I, we all believe in continuous improvement. So we're going to keep driving productivity, continuing to reduce cost, investing where we think it's the right place to invest and driving efficiency in SG&A as much as we can.

但其次，我認為隨著住院人數增加和選擇性手術增加，我們將繼續推動多少投資。所以我認為這將是一種交易。總的來說，我想說，我和團隊都相信持續改進。因此，我們將繼續提高生產力，繼續降低成本，在我們認為合適的地方進行投資，並盡可能提高銷售、一般和行政費用 (SG&A) 的效率。

Maybe just following up on that, it is helpful to have that context. As I think about just the Health Care business, right, you did mention that elective procedures have increased and perhaps maybe that's going to offset some of the respirator issue. Should we think of that as being mix accretive if, in fact, elective procedures are increasing and are potentially offsetting the weakness in respirators?

也許只是跟進這一點，了解這個背景是有幫助的。當我想到醫療保健業務時，對，您確實提到選擇性手術有所增加，也許這會抵消一些呼吸器問題。如果事實上選擇性手術正在增加並且有可能抵消呼吸器的弱點，我們是否應該將其視為混合增值？

I would tell you I think the way we got to think about it is, as electives go up, we don't have a one-for-one perfect connection between electives. So it depends on which piece of the demand goes up, Joe. So it's really hard to give you the perfect answer on whether it's mix or not. What I generally believe is as elective procedures go up and as volume ticks up, you will see us getting more leverage because of that. How much the disposable respirator volume goes down and where it comes from will also have an impact. So it's a hard one for me to quantify exactly.

我想告訴你，我認為我們應該這樣思考，隨著選修課的增加，選修課之間並沒有一對一的完美連結。所以這取決於哪部分需求上升，喬。因此，對於它是否是混合，很難給出完美的答案。我通常認為，隨著選擇性手術的增加和數量的增加，你會看到我們因此獲得更大的槓桿作用。一次性呼吸器容量減少多少以及來自哪裡也會產生影響。所以對我來說，這很難準確量化。

Our next question comes from the line of Deane Dray with RBC Capital Markets.

我們的下一個問題來自 RBC Capital Markets 的 Deane Dray。

Just want to say that Slide 9 is especially helpful with all the moving parts, your assumptions for the year and assumptions for the third quarter. So I appreciate all those specifics. And my first question is on capital allocation. You got the balance sheet in good shape, 1.3x net leverage. You did restart buybacks, but still share count look -- creep looks like it increased. Why would you not be doing more buybacks here? And can we start there, please?

我只想說，幻燈片 9 對於所有活動部分、您對今年的假設以及對第三季的假設特別有幫助。所以我很欣賞這些細節。我的第一個問題是關於資本配置的。您的資產負債表狀況良好，淨槓桿比率為 1.3 倍。你確實重新開始了回購，但股票數量看起來仍然在增加。為什麼你不在這裡進行更多回購？我們可以從那裡開始嗎？

Yes. Sure, Deane. As I told you, from our priority of capital allocation, our first priority is always investing organically between R&D and CapEx, because we think that's the biggest return for our money. The second is dividend. You've seen we have increased dividend. It's 63rd year in a row that dividends' up. It matters to our shareholders. That's our second priority. Our third priority is M&A, and we will normally do M&A in the area where we believe that the target that we're going to acquire can benefit from being a part of 3M. Right now, we are busy integrating Acelity, and the team is doing a nice job integrating that. So we don't see any acquisitions of the size of Acelity in the near future, but we have an active pipeline of a number of things.

是的。當然，迪恩。正如我告訴你的，從我們的資本配置優先順序來看，我們的首要任務始終是在研發和資本支出之間進行有機投資，因為我們認為這是我們資金的最大回報。第二是分紅。您已經看到我們增加了股息。這是股息連續第 63 年上漲。這對我們的股東很重要。這是我們的第二要務。我們的第三大優先事項是併購，我們通常會在我們認為收購目標可以從成為 3M 的一部分中受益的領域進行併購。目前，我們正忙於整合 Acelity，團隊的整合工作做得很好。因此，我們認為近期不會有任何像 Acelity 這麼大規模的收購，但我們在許多方面都有積極的籌備。

And then our last discretionary use of capital allocation is share buyback. So for the year -- year-to-date, we have done $700 million, give or take. And I would say share buyback and continued share back (sic) [buyback] depends on what the volume is going to be, depends on the needs of future capital in uses that we have as well as what the cash flow that we generate will depend on that. So I would say we'll keep you posted during these quarterly calls as we continue this program and decide how much we do.

我們對資本配置的最後一項自由裁量使用是股票回購。因此，今年迄今為止，我們的收入大約已達 7 億美元。我想說的是，股票回購和持續股票回購取決於股票回購的數量，取決於我們未來資本使用的需求，以及我們產生的現金流量將取決於此。因此我想說，我們會在季度電話會議中隨時向大家通報我們將繼續實施該計劃並決定實施多少。

Terrific. And then just as a follow-up, given all the changes, it seems like day-to-day in the macro, any commentary about how July has started, especially regionally would be helpful here.

了不起。然後作為後續，考慮到所有的變化，宏觀似乎每天都在發生，任何關於 7 月如何開始的評論，特別是區域性的評論都會有所幫助。

Yes, Deane, I would say, I start with the expectation that the team is going to continue to execute well as we go into the second half of the year. And we've talked about some of the dynamics. Monish outlined a number that we're seeing. I would say, so far, no surprises as we start the first few weeks of July. We are expecting the global macroeconomic and end market strength to continue. It will remain fluid. We talked about the uncertainties as we look into the second half. We expect and are seeing continued increase in elective procedures in health care, home improvement expected to remain strong.

是的，迪恩，我想說，我首先期望球隊在進入下半年時能夠繼續表現良好。我們已經討論了一些動態。莫尼什概述了我們看到的一個數字。我想說，到目前為止，七月頭幾週還沒有什麼意外。我們預計全球宏觀經濟和終端市場將持續走強。它將保持流動性。我們討論了下半年的不確定性。我們預計並看到醫療保健和家居裝修領域的選擇性手術持續增加，預計仍將保持強勁勢頭。

Industrial, more broadly, generally improving as we go in the second half. We talked about it in the first half, we saw broad-based growth across geographies, and we expect this to continue it. The uncertainty there is COVID and the impact on any increases in cases and hospitalizations. There are certainly some areas around the world where we're seeing that. And even as we talk about the decline in respirator -- disposable respirator demand globally, we're seeing areas that we are increasing supply. And so that's going to be one of the things that can impact second half geographically across the world. So we -- while we expect overall pandemic-related respirator demand to decline, we expect some areas we'll see stronger demand and -- as COVID plays out. So that gives you a little bit of a view of how we look around the world second half.

更廣泛地說，工業在下半年總體上有所改善。我們在上半年討論過這個問題，我們看到了各個地區的廣泛成長，我們預計這種情況將持續下去。 COVID 的不確定性以及對病例和住院人數增加的影響。在世界某些地區我們確實看到了這種情況。即使我們談論全球一次性呼吸器需求的下降，我們也看到一些地區的供應正在增加。這將成為影響全球地理區域下半年的因素之一。因此，雖然我們預期與疫情相關的整體呼吸器需求會下降，但隨著疫情的蔓延，我們預期某些地區的需求將會增加。這樣您就可以稍微了解一下我們對下半年世界情勢的看法。

Our next question comes from the line of John Walsh with Crédit Suisse.

我們的下一個問題來自瑞士信貸的約翰·沃爾什。

Maybe just for the first one, a clarification. Wanted to know if you could give us an order of magnitude of what you're looking at in terms of price increases that you plan to put through across the product portfolio, and obviously understand it will probably vary by product line.

也許只是針對第一個問題進行澄清。想知道您是否可以告訴我們您計劃在整個產品組合中實施的價格上漲幅度，顯然，這可能會因產品線而異。

And then second question is, if I look at your kind of organic growth, kind of the same growth-on-growth in Q2 as Q1, was curious if you have any commentary around customer channel inventory and if you're seeing any change in behavior there.

第二個問題是，如果我看一下你們的有機成長，第二季的成長與第一季相同，我很好奇您對客戶頻道庫存有什麼評論，以及您是否看到那裡的行為有任何變化。

Yes, John, I would say price -- our teams, our focus, as Monish talked about, on taking price in the second half to help us offset what we're seeing in inflation. And that's fairly broad-based. We -- it takes -- as we talked about, it takes some time to implement price changes and get ahead of inflation. And it's been -- inflation has been an ongoing challenge as we've gone through the year. So we're expecting to see stronger price broad-based as we get into the second half. And into fourth quarter, we start to see a price raw positive impact.

是的，約翰，我想說價格——正如莫尼什所說，我們的團隊、我們的重點是下半年的價格，以幫助我們抵消通貨膨脹的影響。這是相當廣泛的。正如我們所討論的，實施價格變化並控制通貨膨脹需要一些時間。通貨膨脹一直是我們今年面臨的持續挑戰。因此，我們預計進入下半年，價格將全面走高。進入第四季度，我們開始看到價格的正面影響。

Now if you look at where our channel inventories today, this is something we're always asking ourselves. It's a dynamic that we are continuously measuring and assessing every region of the world. And I would say, given the dynamics in the marketplace, the snapback in the economy, the fluid and uneven market dynamics, it's difficult to know what the right level is today. We get visibility on where our sell-in and sell-out is. With that snapback in demand, it's hard to get clear visibility on levels -- appropriate levels of inventory. There are some areas, of course, that are very visible, the ongoing semiconductor chip shortages, and they're impacting production volumes, and we are -- we see our inventory in the channel aligning with that.

現在，如果您查看我們今天的通路庫存，您會發現這是我們一直在問自己的問題。我們正在不斷測量和評估世界各地的動態。我想說，考慮到市場的動態、經濟的反彈、不穩定和不均衡的市場動態，很難知道今天的正確水準是多少。我們能夠清楚地了解我們的銷售情況。隨著需求的回升，很難清楚地了解庫存水準—適當的庫存水準。當然，有些領域非常明顯，例如持續的半導體晶片短缺，這影響了產量，我們看到通路中的庫存與此相符。

We've talked quite a bit about the visibility we're putting on N95 respirators specifically. But beyond that, it's really going to depend on how demand plays out in each market to really get a view as we go through third quarter of where inventory in the channel sits.

我們已經多次討論過 N95 呼吸器的可見性。但除此之外，這實際上將取決於每個市場的需求如何變化，以便我們在第三季真正了解通路庫存的狀況。

(Operator Instructions) Our next question comes from the line of Julian Mitchell with Barclays.

（操作員指示）我們的下一個問題來自巴克萊銀行的朱利安米切爾。

Just wanted to try and circle back to the Safety and Industrial outlook. I suppose it's possible if we look at Q4 that your sales in that segment could be down year-on-year in aggregate because of respirators. Just wanted any perspectives on that. And also, the margin implication in 2020, your S&I margins were up a good amount. Q2, they're softer, I think, sequentially and year-on-year as the respirator business rolls over. So should we expect that sort of mix headwinds to play out for a few more quarters?

只是想嘗試回到安全和工業展望。我認為，如果我們看一下第四季度，可能會發現由於呼吸器的原因，該部門的銷售額總體上可能會比去年同期下降。只是想聽聽對此的看法。此外，就 2020 年的利潤影響而言，您的 S&I 利潤率大幅上升。我認為，隨著呼吸器業務的轉型，第二季的業績將比上一季和去年同期有所疲軟。那麼，我們是否應該預期這種混合逆風將持續數季？

Yes. I think, Julian, it's a great question on Safety and Industrial. So to answer your specific question first on the impact, could it be negative on a year-over-year basis? As we said, and just a reminder, in 2019, we used to have revenue approximately $600 million of disposable respirators that went up to $1.4 billion in 2020. And as I look at the second half, we told you there could be a risk of $100 million to $300 million, which is the range of where we think disposable respirator volume would come down on a year-over-year basis. And if we go to that higher end of the range, which is $300 million, yes, the answer is you could definitely see negative volumes.

是的。朱利安，我認為這是有關安全和工業的一個很好的問題。因此，首先回答您關於影響的具體問題，與去年同期相比，它會產生負面影響嗎？正如我們所說，需要提醒的是，2019 年，我們的一次性呼吸器收入約為 6 億美元，而到 2020 年則成長到了 14 億美元。展望下半年，我們告訴您，可能有 1 億至 3 億美元的風險，我們認為在這個範圍內，一次性呼吸器銷售將比去年同期下降。如果我們看一下這個範圍的高端，即 3 億美元，那麼答案是你肯定會看到負值。

What we have been doing as a part of this as health care demand has waned due to lower hospitalizations due to COVID and increase in electives is we have been moving production out from the hospital channel to different parts, which is industrial and governments, which we are actively doing. The other piece of safety and Industrial is, as I mentioned in Q2, we have seen growth in quite a few other segments of Safety and Industrial, whether it's in our respiratory portfolio with our safety portfolio, with head and face masks, whether you've seen us increase in our abrasive business, in our adhesives business, our roofing granules. So all the other segments, automotive aftermarket, have seen increase. And depending on how the economy plays itself out, and as long as industrial activity continues, you should see continued growth in those areas. And our current assumption is that long term, those markets will come back. I think it's going to be a little fluid in the second half, depending on how COVID plays itself out.

由於新冠疫情導致的住院人數減少和選修課增加，導致醫療保健需求減弱，我們一直在做的就是將生產從醫院管道轉移到不同的部分，即工業和政府，我們正在積極地這樣做。安全和工業的另一個方面是，正如我在第二季度提到的那樣，我們看到安全和工業的許多其他領域都在增長，無論是我們的呼吸產品組合、安全產品組合、頭部和麵罩，還是我們的磨料業務、粘合劑業務、​​屋頂顆粒業務都在增長。因此，汽車售後市場的所有其他部分都出現了成長。並且，根據經濟情勢發展，只要工業活動持續，你就會看到這些地區持續成長。我們目前的假設是，從長遠來看，這些市場將會復甦。我認為下半年的情況會有些不穩定，這取決於 COVID 的發展。

To answer your second question on margin, you're right, as we have seen in 2019 versus '20, we did get benefited a lot by the volume leverage that we got across Safety and Industrial. So ultimately, where volume lands in the second half will have an impact on where margins ultimately go. We are actively working on price increases, broad-based in that segment. It's -- how much of that is offset by price and -- raws and logistics cost is the second offset. And the third one is the ongoing legal fees or reserves that we have taken, will be the third one. And then the last one, I would say, is what do we invest in growth, productivity and sustainability and especially growth. Because as industrial activity goes up in '22 and '23, we're going to continue to invest in that segment. So put all that together, that's how we see where margins are going to land.

關於保證金的第二個問題，您說得對，正如我們在 2019 年與 20 年所看到的那樣，我們確實從安全和工業領域的交易量槓桿中受益匪淺。因此，下半年銷售的下降最終將影響利潤率的最終走向。我們正在積極致力於提高該領域廣泛的價格。其中有多少被價格抵消，原材料和物流成本是第二個抵消因素。第三個是我們已經收取的持續法律費用或儲備金，將是第三個。我想說的最後一個問題是，我們在成長、生產力和永續性方面投資什麼，尤其是成長。因為隨著 2022 年和 2023 年工業活動的增加，我們將繼續對該領域進行投資。所以把所有這些綜合起來，這就是我們看到的利潤率將會落到哪裡。

Our next question comes from the line of Stephen Tusa with JPMorgan.

我們的下一個問題來自摩根大通的 Stephen Tusa。

Can you just maybe talk about other than the mask headwind kind of sequentially, do you expect the kind of auto stuff -- like what else is getting worse sequentially, kind of when we think about 3 to 4 -- 3 and 4Q trends?

您能否談談，除了口罩逆風之外，您是否預計會出現其他自動化問題？例如，當我們考慮 3 到 4 季的趨勢時，還有哪些因素會逐漸惡化？

So Steve, I would say, I would just put everything in the context of back to end markets, in total, we feel will remain strong. I think you're going to see volatility as we get through the second half with what happens with COVID. So a couple of items to note. We believe that elective procedures will continue to go up quarter-over-quarter. But in some parts of the world, you could see it go down.

所以史蒂夫，我想說，我只是把一切都放在終端市場的背景下，總的來說，我們認為它將保持強勁。我認為，隨著新冠疫情的蔓延，隨著我們進入下半年，你會看到市場波動。有幾點要注意。我們相信選擇性手術的數量將逐季上升。但在世界某些地區，你會看到它下降。

Secondly, I would say auto does show an increase. It's still on a year-over-year headwind, down 3% in the third quarter. And if my memory is right, it's projected to be down 3.7% in the fourth quarter. I think the semiconductor shortages will have an impact on what happens there, and we'll see where that plays itself out.

其次，我想說汽車確實有所成長。與去年同期相比，該公司的銷售額仍處於逆風狀態，第三季下降了 3%。如果我沒記錯的話，預計第四季將下降 3.7%。我認為半導體短缺將對那裡的情況產生影響，我們將拭​​目以待。

Smartphone shipments are supposed to be down on a year-over-year basis. We'll see where it land sequentially. And then tablets and TVs, which also benefited tremendously last year are also projected to be down on a year-over-year basis, but hard to quantify what exactly it looks like on a sequential basis. You have seen us -- you have seen a pretty good increase in stationery and office supply in the second quarter. That momentum is there right now, where we are seeing sell-in trends as retailers are planning to have people -- more people return to the workplace, kids in school. But depending on how the pandemic plays out, that could have an impact.

預計智慧型手機出貨量將年減。我們將依次觀察其著陸位置。而平板電腦和電視，雖然去年也獲得了巨大的收益，但預計同比銷量也會下降，但很難量化環比銷量的具體情況。你已經看到我們——第二季文具和辦公用品的銷售出現了相當不錯的成長。現在這種勢頭已經出現，我們看到了銷售趨勢，因為零售商正計劃讓人們——更多的人重返工作崗位，孩子們重返工作崗位。但這可能會產生影響，取決於疫情的發展。

And then on Safety and Industrial, as I mentioned in the prior question, I think there's an assumption that industrial activity continues. But currently, the supply chain shortages across the world also put a lot of variability onto what that demand looks like. And that's why when we put all that together, we said we are prudent to call the year at 6% to 9% for the year versus the 3% to 6% that we had said earlier. But overall, I would -- go ahead.

然後關於安全和工業，正如我在上一個問題中提到的，我認為人們假設工業活動會持續下去。但目前，全球供應鏈的短缺也為需求帶來了很大的變化。這就是為什麼當我們把所有這些因素綜合起來時，我們謹慎地將今年的成長率預測為 6% 至 9%，而不是我們之前所說的 3% 至 6%。但總的來說，我會繼續。

I guess at the high end of the range, I think first half to second half sales are down, which makes sense because of the mask dynamic. And normally, seasonally, I think you're down in the 4Q from a modestly up 3Q versus 2Q. But I guess is there anything this year seasonally, i.e. kind of the semi shortages kind of pushing demand to be a little bit better seasonally sequentially? You're kind of saying there's a lot of moving parts and like. So it's kind of normal seasonality and then including kind of the masks.

我認為，在高端市場，上半年到下半年的銷售額會下降，這是有道理的，因為口罩的動態。通常，從季節性來看，我認為第四季的銷售額會比第三季略有下降，而第二季的銷售額會略有上升。但我想今年是否有季節性因素，例如半短缺是否會推動需求比往年略有改善？您的意思是有很多活動部件之類的。所以這是一種正常的季節性現象，包括口罩。

That's right, Steve. There is a lot of variability. But we'll keep you posted. Yes.

沒錯，史蒂夫。存在著很大的可變性。但我們會及時通知您。是的。

Our next question comes from the line of Nigel Coe with Wolfe Research.

我們的下一個問題來自 Wolfe Research 的 Nigel Coe。

Yes. So on the raw mats, Monish, based on your FICO convention and forward purchasing, et cetera, when do you expect commodity inflation to peak? And I don't know whether that's on a year-over-year basis or whether that's on a sequential basis, but when do you expect to see the peak in those raw mats?

是的。那麼，Monish，就原材料而言，根據您的 FICO 慣例和遠期購買等，您預計商品通膨何時達到高峰？我不知道這是按年計算還是按環比計算，但您預計何時會看到這些原材料的峰值？

So if you're asking specifically on commodities, I think it's a really hard one to call. For example, I would tell you, when we first gave our guide of $0.30 to $0.50, which has now been guided to $0.65 to $0.80, I would tell you, what we have seen is a broad-based increase in all commodities, whether it is polypropylene, chemical, resins. We are seeing in our outsourced manufacturing goods, not just the labor costs, but other commodities that go into that also getting passed. And then logistics costs has continued to be a pretty strong headwind.

因此，如果你專門詢問商品，我認為這真的很難回答。例如，我想告訴你，當我們第一次給出 0.30 美元到 0.50 美元的指導價時，現在已經指導價到 0.65 美元到 0.80 美元，我想告訴你，我們看到的是所有大宗商品的普遍上漲，無論是聚丙烯、化學品還是樹脂。我們發現，在外包製造產品中，不只是勞動成本，其他商品的成本也被轉嫁出去了。而物流成本繼續成為相當大的阻力。

Where that will peak, I think, in my view, and I may be wrong here, at some point, demand and supply need to start settling itself out. There's a lot of demand. There's not enough supply based on all the V-shape recovery with the congestion in the ports, et cetera. And until that stabilizes itself out, I think we're going to continue to see inflation. We have seen where crude prices have gone up much heavier than we had thought coming into the year. Polypropylene has remained strong or heavy inflationary. Ocean rates have gone up a lot in the last 3 to 6 months. So it's really hard for us to come back and say when does it peak and when it would start coming down.

我認為，在我看來，在某個時候，需求和供應需要開始穩定下來，而這個數字將會達到頂峰，儘管我的觀點可能是錯的。需求量很大。由於 V 型復甦、港口擁塞等原因，供應不足。我認為，在通膨趨於穩定之前，我們將繼續看到通膨。我們已經看到，今年原油價格的漲幅遠超乎我們的預期。聚丙烯一直維持強勢或嚴重通貨膨脹。過去3至6個月裡，海運費率大幅上漲。因此，我們很難回過頭來說什麼時候達到高峰以及何時開始下降。

So we have taken what we know. We have put in all the factors that we know. We've had a prediction of where we think these things could go. And we have come up with $0.65 to $0.80, which currently is our best guide of where we think inflation is going to be. But with that said, as I've mentioned, we are taking broad-based price increases everywhere to help offset the mitigation of this. We are also increasing yield. We are working with our suppliers to reduce prices, et cetera. And then in -- so third quarter, we'll see a headwind of 50 to 100 basis points price versus raw. And in the fourth quarter, our anticipation is that we should be able to get it to be flat to positive, which means price will offset the raw material inflation.

所以我們採取了我們所知道的措施。我們已經考慮了所有我們知道的因素。我們已經預測了這些事情可能的發展方向。我們得出的通膨預期是 0.65 美元到 0.80 美元，這是我們目前對通膨水準的最佳預測。但話雖如此，正如我所提到的，我們正在各地採取廣泛漲價措施，以幫助抵消這種影響。我們也在提高產量。我們正在與供應商合作降低價格等等。然後在第三季度，我們將看到價格相對於原材料下跌 50 到 100 個基點的阻力。在第四季度，我們預計價格應該能夠持平至正值，這意味著價格將抵消原物料通膨。

Okay. That's really helpful explanation. But I think I'll stick with you here on the second half outlook. You're calling out legal costs -- legal defense costs in the second half of the year. You didn't give a number around that, so I'm assuming it's not that material. But in this space, how do you think about the magnitude of that in the back half? I'm just concerned defense costs and not settlements necessarily, I'm thinking here about earplug litigation and also the Hoosick Falls settlement that you just announced?

好的。這真是很有幫助的解釋。但我認為我會繼續和你一起展望下半年。您正在呼籲法律費用—下半年的法律辯護費用。您沒有給出確切的數字，因此我認為它不是那麼重要。但是在這個領域，您如何看待後半部的規模？我只是擔心辯護費用，而不一定關心和解，我在這裡考慮的是耳塞訴訟以及您剛剛宣布的 Hoosick Falls 和解案？

Yes. So I think the first one that the Hoosick Falls settlement was a part of our reserve. So that was a part of the calculus already. I would say we will -- we are -- it's ongoing litigation. If you look at all the SEC material that we file as well as the Q that will get filed later on the day should give you an update of all the cases. But just for your benefit, we got a PFAS case coming up in the October of this year. It's with Wolverine and the use of PFAS in there, and we've got 2 combat arm trials coming up. So as we prepare for those cases, that's the increased costs in legal fees. And what I would tell you is we will spend what is required to defend ourselves as we go through these cases. And that's what the cost is being incurred for.

是的。所以我認為，首先，Hoosick Falls 定居點是我們保護區的一部分。所以這已經是微積分的一部分了。我想說的是，我們會——我們正在——進行訴訟。如果您查看我們提交的所有 SEC 資料以及當天稍後提交的 Q，您將會了解所有案件的最新情況。但為了您的利益，我們將於今年 10 月處理一起 PFAS 案件。它與金剛狼和 PFAS 一起使用，我們即將進行 2 次戰鬥臂測試。因此，當我們為這些案件做準備時，律師費的成本就會增加。我想告訴你們的是，在處理這些案件的過程中，我們將花費必要的資金為自己辯護。這就是產生成本的原因。

Our next question comes from the line of Andrew Obin with Bank of America.

我們的下一個問題來自美國銀行的安德魯‧奧賓 (Andrew Obin)。

Just a sort of longer-term question. I think historically, 3M has very strong position in terms of sort of global capacity in your key technologies. How do you think about sort of global nonwoven capacity post COVID? And are you seeing emergence of new players? Does it change sort of strategic landscape for 3M vis-à-vis players, particularly players out of Asia longer term?

這只是一種長期問題。我認為從歷史上看，3M 在關鍵技術的全球產能方面具有非常強勢的地位。您如何看待新冠疫情之後全球不織布產能？您是否看到了新參與者的出現？從長遠來看，這是否會改變 3M 相對於其他競爭對手（尤其是亞洲以外競爭對手）的策略格局？

Yes. Thanks, Andrew. We -- as I highlighted in my prepared remarks, we saw probably the peak of demand, at least near term, in Q1. And we -- as you know, we built additional capacity as we went through 2020. By the end of the year, we were at a run rate of 2.5 billion N95 respirators on an annual basis. And so that's the capacity we come into the year. Other manufacturers build capacity as well to respond to the pandemic. And I think you see some of them idling some of their capacity as demand comes off the peak.

是的。謝謝，安德魯。正如我在準備好的演講中所強調的那樣，我們可能在第一季看到了需求的高峰，至少在短期內是如此。如您所知，我們在 2020 年增加了額外的產能。到年底，我們的年生產能力已達到 25 億個 N95 口罩。這就是我們今年的產能。其他製造商也在建設產能以應對疫情。我認為，隨著需求高峰的消退，你會看到其中一些公司正在閒置部分產能。

And we'll begin that process as well to idle lines to be ready for the next emergency or changes in COVID-19. I mean we can ramp up quickly. So our strategy is to be in a position to be a leader in personal safety -- personal protective equipment in normal times. And that's really serving the broader industrial markets, serving consumer markets, serving health care markets, and that's our strategy for where we manufacture and the volumes. And then we have that idle capacity so we can surge in times of emergency.

我們也將啟動這項流程，閒置生產線，為下一次緊急情況或 COVID-19 的變更做好準備。我的意思是我們可以快速提升。因此，我們的策略是成為個人安全領域的領導者－在正常時期提供個人防護設備。這實際上服務於更廣泛的工業市場、消費市場和醫療保健市場，這就是我們的生產地點和產量策略。然後，我們就有了閒置產能，可以在緊急情況下迅速增加產能。

I think we're in a better position than ever before globally to be able to respond to a pandemic. And I would add, it's been good to see governments following through on their commitments to stockpile. That's something that we have a number of efforts underway around the world that we're supporting as we've come through the first half of the year. So that, I think, prepares the world better for the next emergency, the next pandemic. So it's going to -- it will depend. When you look at where are we going to end up with respirator demand, we think we'll end up somewhere above where we were prepandemic. As use and protocols are changing around the world, we'll be well aligned to serve that. Our brand will be strong. We've got a leading brand position in PPE and can -- and really take advantage of that position around the world.

我認為我們現在在全球範圍內比以往任何時候都更有能力應對大流行。我想補充一點，很高興看到各國政府履行儲備承諾。這是我們上半年在世界各地開展的一系列努力之一，我們正在為此提供支援。因此，我認為這可以讓世界更好地為下一次緊急情況和下一次流行病做好準備。所以這要看情況。當你考慮到呼吸器需求最終會達到什麼水準時，我們認為最終需求量會高於疫情前的水準。隨著世界各地的使用和協議不斷變化，我們將做好充分的準備來滿足這一變化。我們的品牌將會很強大。我們在個人防護裝備領域擁有領先品牌地位，並且可以在全球範圍內真正利用這一地位。

And so I think we've got the model well aligned. I think there's a surge capacity that will be available. How much will depend both on the demand that comes in any kind of future emergency. And I think we're -- like I said, we're ready for our part of that.

所以我認為我們已經很好地協調了模型。我認為會有可用的激增容量。具體金額將取決於未來任何緊急情況下的需求。我認為我們——就像我說的，我們已經準備好了。

I guess my question was sort of broader and longer term. A lot of this technology is used, air filters, automotive, and I was just wondering if you expect this incremental capacity that was brought on by your competitors to go into these industrial adjacencies and generally just more global competition. That was the question, actually.

我想我的問題比較廣泛，也比較長期。許多這樣的技術都被使用在空氣濾清器、汽車等領域，我只是想知道您是否預期競爭對手帶來的增量產能會進入這些工業領域，並且總體上會加劇全球競爭。事實上，這就是問題所在。

Yes, Andrew, I can speak about us. I mean we are our nonwoven capacity. We do leverage that and utilize that in other areas, other products that we have like air filtration. So it is an opportunity for us that even with the capacity that we've built to be -- respond to the pandemic, we can take advantage of that and use that in other areas. And that's something that we're able to do broadly. We take our technologies and find innovative uses for them and air filtration is one of those. Will others do that? I'm sure there will be a focus in other markets for some of that capacity around the world. How much? I don't know how to give you a view of that perspective. The world will continue to grow, and we see trends in personal safety, air filtration. So the demand is going to continue to grow. So to some degree, it will -- the demand -- the capacity will grow into the demand as we go forward over time.

是的，安德魯，我可以談談我們。我的意思是我們的不織布產能。我們確實利用了這一點，並將其運用到其他領域、我們擁有的其他產品中，例如空氣過濾。因此，這對我們來說是一個機會，即使我們已經建立了應對疫情的能力，我們也可以利用它並將其用於其他領域。這是我們能夠廣泛做到的事情。我們採用我們的技術並尋找其創新用途，空氣過濾就是其中之一。其他人會這麼做嗎？我確信，世界各地的其他市場將會成為關注的焦點。多少？我不知道該如何向您提供這個觀點。世界將繼續發展，我們看到個人安全和空氣過濾的趨勢。因此需求將會持續成長。因此，從某種程度上來說，隨著時間的推移，容量將會成長以滿足需求。

Our next question comes from the line of Nicole DeBlase from Deutsche Bank.

我們的下一個問題來自德意志銀行的 Nicole DeBlase。

So you always give kind of helpful color by geography, and there's been a lot of noise about things kind of falling down in China with respect to a lot of different pieces of macro data. Can you guys just talk a little bit about what you're seeing in China across your businesses?

因此，你總是會根據地理位置給出一些有用的信息，而且關於中國經濟在許多不同宏觀數據方面下滑的傳言很多。你們能否簡單談談你們在中國的業務狀況？

Sure, Nicole. I -- like I highlighted for the broader business, we saw broad-based growth, double-digit growth in our Transportation and Electronics, our Safety and Industrial and our Health Care businesses. Consumer was up mid-single digits as we came through the quarter. And our growth was led by general industrial, some of the segments that are growing there, including our abrasives portfolio, auto, OEM had strong growth and electronics. It's an important market for us. It's 10% of our total revenue. It grew over 20% in the first half. Last year, second quarter, we saw 3% growth. So China recovered, if you remember, ahead of other regions around the world.

當然，妮可。正如我強調的更廣泛的業務一樣，我們看到了廣泛的成長，我們的運輸和電子、安全和工業以及醫療保健業務都實現了兩位數的成長。進入本季度，消費者支出成長了中等個位數。我們的成長主要由一般工業主導，其中包括磨料產品組合、汽車、原始設備製造商和電子產品等一些正在成長的領域。這對我們來說是一個重要的市場。這是我們總收入的10%。上半年成長超過20%。去年第二季度，我們的成長率為3%。如果你還記得的話，中國的復甦速度比世界其他地區都要快。

And when you look at the second half, comparisons start to get a little more challenging. And so we're expecting just year-over-year comps, I would say, we expect to see a little more challenge there. We still see opportunities for growth across our businesses in some of the same areas that we've highlighted on a global basis. Automotive will continue to be a focus, penetrating with the OEMs there. And we see -- even though it's our smallest business, we see significant opportunities to serve Chinese consumers through our Consumer business, especially in areas like air and water quality. So it's -- we see opportunities, maybe a more challenging year-over-year comp, but still opportunities for growth.

當你看下半場時，比較開始變得更具挑戰性。因此，我們預計將同比數據提高，我想說，我們預計會面臨更多挑戰。我們仍然看到，在我們在全球範圍內強調的一些領域中，我們的業務仍存在成長機會。汽車產業將繼續成為焦點，並深入滲透到當地的原始設備製造商。我們看到——儘管這是我們最小的業務，但我們看到了透過消費者業務為中國消費者提供服務的巨大機遇，特別是在空氣和水質等領域。所以，我們看到了機遇，也許比去年同期更具挑戰性，但仍然存在成長機會。

Got it. And if I could just follow-up on the second half margin outlook. There's clearly a lot of moving pieces here with legal costs, growth investments, price cost. Maybe just to boil it down, do you guys still expect to kind of be in that 30% to 40% incremental margin range in 3Q and 4Q?

知道了。我是否可以跟進下半年的利潤前景？這裡顯然有許多變動因素，包括法律成本、成長投資、價格成本。也許只是為了歸結一下，你們是否仍然預計第三季和第四季的增量利潤率會在 30% 到 40% 之間？

So I would just say, Nicole, volume is the biggest driver that gives us leverage. So I think that's step #1 with all the volatility, the uncertainty that's out there. The question is where does second half volumes land as well as we've given you the range on disposable respirators are going to be down $100 million to $300 million on a year-over-year basis. The team continues to drive operating rigor, so driving productivity and efficiency across the supply chain. We are going after price increases, and our anticipation is that in the fourth quarter, we should be able to offset the price -- the raw and logistics cost impact.

所以我只想說，妮可，銷售量是我們獲得槓桿的最大動力。因此，我認為這是應對所有波動性和不確定性的第一步。問題是下半年的銷售會如何？我們已經給出了一次性呼吸器的銷售範圍，與去年同期相比將下降 1 億至 3 億美元。該團隊繼續推動營運嚴謹性，從而提高整個供應鏈的生產力和效率。我們正在追求價格上漲，我們預計在第四季度，我們應該能夠抵銷價格——原材料和物流成本的影響。

So I would boil it down to saying what margin will come down to in the second half and what incrementals are will depend on the volume, will depend on our ability to offset the price -- the raw and logistics pressure through price increase, continued productivity and good execution by the 3M team.

因此，我可以歸結為以下幾點：下半年利潤率將下降到多少，增量是多少，將取決於產量，取決於我們透過漲價、持續提高生產力和 3M 團隊的良好執行來抵消價格（原材料和物流壓力）的能力。

And then finally, our decision on how much we're going to invest in growth, productivity and sustainability, plus a lot of these indirects that start snapping back, as hopefully, people start traveling. You've seen we've been very disciplined in the first half of making sure that we didn't spend ahead of what volumes come back. But as we see volumes coming back in, you're going to see those indirect start snapping back up. And then the last one is the legal fees and continuing to do what we think is right to protect ourselves as these cases go through. So that's all the factors that will ultimately impact what the incrementals are going to be.

最後，我們決定在成長、生產力和永續性方面投入多少，以及許多開始回升的間接投資，希望人們開始旅行。你已經看到，我們在上半年一直非常嚴格，確保我們的支出不會超過收入的預期。但隨著交易量的回升，你會看到這些間接交易開始回升。最後一個是律師費，在案件審理過程中，我們會繼續採取我們認為正確的方式來保護自己。所有這些因素最終都會影響增量。

Our next question comes from the line of Andrew Kaplowitz with Citi.

我們的下一個問題來自花旗銀行的 Andrew Kaplowitz。

This is Eitan Buchbinder on for Andy Kaplowitz. Priority growth platforms delivered 10% growth in Q1. Can you update on how the group performed in Q2 as well as your outlook for the faster-growing businesses in the back half of the year?

我是 Eitan Buchbinder，為 Andy Kaplowitz 主持節目。優先成長平台在第一季實現了 10% 的成長。您能否介紹一下集團第二季的業績以及對下半年成長較快的業務的展望？

Yes, Eitan. The priority growth platforms also had strong growth. We talked about it Q1, second quarter as well. So overall, they were up over 40% in second quarter. Now over $500 million in revenue as a group. And I highlighted a couple of other areas of our businesses that are seeing strong sequential growth and market dynamics that are attractive. So these priority growth platforms broadly are in attractive market spaces. Part of that priority investment in growth that we've been talking about even as we came through 2020, staying focused and aggressively investing in growth areas and PGPs, as we call them, the priority growth platforms, continue to be an important part and performing well.

是的，Eitan。優先成長平台也實現了強勁成長。我們也討論了第一季和第二季的問題。因此整體而言，第二季的漲幅超過 40%。目前集團收入已超過 5 億美元。我還強調了我們業務的其他幾個領域，它們正經歷強勁的連續成長和具有吸引力的市場動態。因此，這些優先成長平台總體上處於具有吸引力的市場空間。我們一直在談論的優先成長投資的一部分，即使在 2020 年，我們也一直專注於並積極投資於成長領域和 PGP（我們稱之為優先成長平台），它們仍然是重要組成部分並且表現良好。

That's helpful. The Electronics business group was up 13% year-over-year but down sequentially about 4%. So could ongoing chip supply constraints lead the business to decline sequentially in Q3?

這很有幫助。電子業務集團年增 13%，但較上季下降約 4%。那麼，持續的晶片供應限制是否會導致第三季業務連續下滑？

Well, we saw, as we said, some strength in their end markets. And I think it's -- the first half, we were up overall, still low teens for the business. And maybe it's -- I would say the -- it's really more of a seasonality than a sequential dynamic. And as we get to the second half, the one other thing I would add, we're going to start to see some more challenging comps. We saw strong growth dynamics, not only in our home improvement and other areas in Consumer also in the Cleaning Supplies business as we went through the pandemic. So that's the other dynamic to watch.

嗯，正如我們所說，我們看到了他們的終端市場的一些實力。我認為——上半年我們的業務總體上是成長的，但仍然處於較低的水平。也許 — — 我想說 — — 這實際上更多的是一種季節性，而不是連續的動態。當我們進入下半場時，我想補充一點，我們將開始看到一些更具挑戰性的比賽。在經歷疫情期間，我們看到了強勁的成長勢頭，不僅在我們家居裝飾和消費品的其他領域，而且在清潔用品業務中也是如此。這是值得關注的另一個動態。

That concludes the question-and-answer portion of our conference call. I will now turn the call back over to Mike Roman for closing comments.

我們的電話會議問答部分到此結束。現在我將把電話轉回給 Mike Roman 進行最後發言。

To wrap up, our second quarter performance was strong, marked by broad-based growth, increased margins and robust cash flow. I'm confident in our ability to continue executing well as we navigate COVID-19 impacts. And we will stay focused on taking advantage of market trends and overcoming supply challenges while continuing to invest in growth, productivity and sustainability.

總而言之，我們第二季的業績表現強勁，體現在廣泛的成長、利潤率的提高和強勁的現金流。我相信，在應對新冠疫情影響的同時，我們有能力繼續保持良好的執行力。我們將繼續專注於利用市場趨勢和克服供應挑戰，同時繼續投資於成長、生產力和永續性。

Thank you for joining us.

感謝您加入我們。

Ladies and gentlemen, that does conclude the conference call for today. We thank you for your participation and ask that you please disconnect your line.

女士們、先生們，今天的電話會議到此結束。我們感謝您的參與，並請您斷開線路。