3M (MMM) 2021 Q1 法說會逐字稿

Ladies and gentlemen, thank you for standing by. Welcome to the 3M First Quarter Earnings Conference Call. (Operator Instructions) As a reminder, this conference is being recorded, Tuesday, April 27, 2021.

女士們先生們，謝謝你們的支持。歡迎參加 3M 第一季財報電話會議。 （操作員說明）謹此提醒，本次會議將於 2021 年 4 月 27 日星期二進行錄音。

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

我現在想將電話轉給 3M 投資者關係高級副總裁 Bruce Jermeland。

Thank you, and good morning, everyone. And welcome to our first quarter earnings conference call. With me today are Mike Roman, 3M's Chairman and Chief Executive Officer; Monish Patolawala, our Chief Financial Officer; along with John Banovetz, our Chief Technology Officer. John is joining us today to discuss our new sustainability goals, which we introduced in February. Mike, Monish and John will make some formal comments, then we'll take your questions.

謝謝大家，大家早安。歡迎參加我們的第一季財報電話會議。今天與我在一起的有 3M 董事長兼執行長 Mike Roman； Monish Patolawala，我們的財務長；以及我們的首席技術長 John Banovetz。約翰今天將與我們一起討論我們在二月提出的新的永續發展目標。麥克、莫尼什和約翰將發表一些正式評論，然後我們將回答您的問題。

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.

請注意，今天的收益發布和伴隨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. Before we begin, let me remind you of the dates for our upcoming 2021 quarterly earnings conference calls, which will be held on July 27 and October 26.

請參閱投影片 2。開始之前，讓我提醒您即將舉行的 2021 年季度財報電話會議的日期，該會議將於 7 月 27 日和 10 月 26 日舉行。

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。在今天的電話會議上，我們將做出某些預測性聲明，以反映我們目前對 3M 未來業績和財務表現的看法。這些陳述是基於對未來事件的某些假設和預期，這些假設和預期存在風險和不確定性。我們最新的 10-K 表格的第 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 will be making references to certain non-GAAP financial measures. Reconciliations of the non-GAAP measures can be found in the attachment to today's press release. And finally, as previously disclosed in our Form 8-K dated March 22, 2021, 3M changed its accounting principle for pension and post-retirement plan costs and our measure of segment operating performance. The information provided herein reflects the impact of these changes for all-time periods presented.

請注意，在今天的整個演示中，我們將提及某些非公認會計準則財務指標。非公認會計原則措施的調節可以在今天新聞稿的附件中找到。最後，正如我們先前在 2021 年 3 月 22 日的 8-K 表格中所揭露的那樣，3M 更改了退休金和退休後計畫成本的會計原則以及我們對分部營運績效的衡量標準。本文提供的資訊反映了這些變化對所呈現的所有時間段的影響。

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

請翻到投影片 4，我現在將其交給麥克。麥克風？

Thank you, Bruce. Good morning, everyone, and thank you for joining us. The first quarter was strong for 3M, with broad-based organic growth across all business groups and geographic areas. Our team executed well and posted record sales, robust cash flow and expanded margins, along with a double-digit increase in earnings per share. We saw encouraging improvement in many of our end markets, while others remained well below pre-pandemic levels. We also faced and addressed ongoing supply chain disruptions due to COVID-19, exacerbated by improving macroeconomic trends and winter storm Uri, all of which are increasing the cost of doing business.

謝謝你，布魯斯。大家早安，感謝您加入我們。 3M 在第一季表現強勁，所有業務集團和地理區域均實現了廣泛的有機成長。我們的團隊執行良好，銷售額創歷史新高，現金流強勁，利潤率擴大，每股盈餘達到兩位數成長。我們看到許多終端市場出現令人鼓舞的改善，而其他市場仍遠低於疫情前的水平。我們也面臨並解決了因 COVID-19 造成的持續供應鏈中斷，宏觀經濟趨勢改善和冬季風暴烏裡加劇了供應鏈中斷，所有這些都增加了開展業務的成本。

I am proud of the way 3Mers have stepped up to manage and overcome these challenges, keeping our factories running, expanding our manufacturing capacity, and driving innovation for our customers across our businesses. We have found new ways to engage with customers and create solutions no matter where we are around the world, learnings we will take forward as we come out of the pandemic.

我對 3Mers 加強管理和克服這些挑戰、保持工廠運轉、擴大製造能力以及為我們的客戶推動創新的方式感到自豪。無論我們身在世界何處，我們都找到了與客戶互動並創建解決方案的新方法，當我們走出疫情後，我們將繼續發揚這些經驗。

Looking ahead, we expect continued strengthening of the global economy, though we anticipate the recovery to be uneven as the trajectory of the pandemic, rollout of vaccines and government policies evolve in different stages around the world. We are confident in our business as we navigate COVID-19 uncertainty. And with 1 quarter behind us, we are maintaining our full year guidance for organic growth, earnings per share and cash flow.

展望未來，我們預期全球經濟將繼續走強，但隨著全球大流行的軌跡、疫苗的推出和政府政策在不同階段的演變，我們預期復甦將不平衡。在應對 COVID-19 的不確定性時，我們對我們的業務充滿信心。一季度過去了，我們仍維持對有機成長、每股盈餘和現金流的全年指引。

Our team remains focused on driving growth, improving operational performance and delivering for our customers and shareholders.

我們的團隊仍然專注於推動成長、提高營運績效以及為客戶和股東提供服務。

Please turn to Slide 5. Company-wide, total sales increased to $8.9 billion, with organic growth of 8% and earnings of $2.77 per share, up 27% year-on-year on an adjusted basis. Geographically, organic growth was led by Asia Pacific, up 13%, with China up 32%. Growth in the Americas was 6%, with the United States up 7%, while EMEA grew 6%. We expanded our adjusted EBITDA margins to nearly 28%, with all business groups above 23% and increased free cash flow to $1.4 billion with a conversion rate of 86%.

請參閱投影片 5。全公司總銷售額增至 89 億美元，有機成長 8%，每股收益 2.77 美元，調整後年增 27%。從地理上看，亞太地區的有機成長領先，成長了 13%，其中中國成長了 32%。美洲成長 6%，其中美國成長 7%，歐洲、中東和非洲成長 6%。我們將調整後的 EBITDA 利潤率擴大至近 28%，所有業務部門均超過 23%，並將自由現金流量增加至 14 億美元，轉換率為 86%。

3M increased our dividend in the first quarter, marking our 63rd straight year of increases. We also continue to build 3M for the long-term and prioritize investments in growth, productivity and sustainability. While we manage end-market challenges related to COVID-19, we are investing to capitalize on global growth opportunities in health care, electronics, home improvement, personal safety, and other favorable market trends. This includes our priority growth platforms, which grew 10% in the quarter as we apply science to advance growing areas like automotive electrification, and biopharma filtration. The fundamental strengths of 3M, our unique technology platforms, advanced manufacturing, global capabilities and leading brands position us well to win in these markets into the future.

3M 在第一季增加了股息，這是我們連續第 63 年增加股息。我們也繼續致力於長期建立 3M，並優先考慮對成長、生產力和永續性的投資。在我們應對與 COVID-19 相關的終端市場挑戰的同時，我們正在投資利用醫療保健、電子、家居裝修、個人安全和其他有利市場趨勢方面的全球成長機會。這包括我們的優先成長平台，隨著我們應用科學來推進汽車電氣化和生物製藥過濾等成長領域，該平台在本季度成長了 10%。 3M 的基本優勢、我們獨特的技術平台、先進的製造、全球能力和領先品牌使我們能夠在未來贏得這些市場。

We are accelerating digital strategies across 3M and expanding our use of data and data analytics to better serve our customers and improve performance. For example, we are using new cloud-based technologies to provide better insights into our global workflows from raw material purchase through product delivery, which is helping us navigate the current supply chain challenges. We are stepping up our leadership in sustainability with significant new commitments that will bend the curve on carbon emissions, water use and improving water quality.

我們正在加快整個 3M 的數位化策略，並擴大數據和數據分析的使用，以更好地服務客戶並提高績效。例如，我們正在使用新的基於雲端的技術來更好地了解我們從原材料採購到產品交付的全球工作流程，這有助於我們應對當前的供應鏈挑戰。我們正在透過重大的新承諾來加強我們在永續發展方面的領導地位，這些承諾將改變碳排放、用水和改善水質的曲線。

In a similar way, we are implementing a long-term plan to advance equity and inclusion as we launch new scholarship programs and a new goal to create 5 million opportunities in STEM education, with initial efforts focused here in the twin cities. At the same time, 3M continues to help lead the fight against COVID-19, with 630 million respirators distributed in the first quarter.

同樣，我們正在實施一項促進公平和包容的長期計劃，推出新的獎學金計劃和創造 500 萬個 STEM 教育機會的新目標，最初的努力集中在這兩個雙城。與此同時，3M 繼續幫助領導對抗 COVID-19，第一季分發了 6.3 億個呼吸器。

We are also providing our expertise as we engage with the Biden administration and governments around the world on how to better prepare for future pandemics. Overall, I am pleased with our performance in the first quarter as we remain focused on driving growth, improving productivity and advancing sustainability.

當我們與拜登政府和世界各國政府就如何更好地應對未來的流行病進行接觸時，我們也將提供我們的專業知識。總體而言，我對我們第一季的表現感到滿意，因為我們仍然專注於推動成長、提高生產力和推動永續發展。

To provide additional insight on that last point, sustainability, I will now turn it over to 3M's Chief Technology Officer, John Banovetz. John?

為了對最後一點（可持續性）提供更多見解，我現在將其轉交給 3M 首席技術長 John Banovetz。約翰？

Thank you, Mike. Good morning, everyone, and please turn to Slide 6. I'm proud to lead 3M's Research and Development and Sustainability teams. Every day, we bring our innovation to bear on tough challenges, which includes applying 3M science to create a more efficient company and a more sustainable world. As you may have seen, in February, we announced expanded sustainability goals. We plan to commit approximately $1 billion over the next 20 years through both capital and operating investments to make our operations more efficient and effective with a focus on air, water and waste.

謝謝你，麥克。大家早安，請看投影片 6。我很自豪能夠領導 3M 的研發和永續發展團隊。我們每天都利用創新來應對嚴峻的挑戰，其中包括應用 3M 科學來創造更有效率的公司和更永續的世界。正如您可能已經看到的，二月份，我們宣布了擴大的永續發展目標。我們計劃在未來 20 年內透過資本和營運投資投入約 10 億美元，以提高我們的營運效率和效果，並專注於空氣、水和廢物。

First, we are committing to become carbon-neutral across our global operations. We expect to rapidly bend our curve of emissions with 2019 as our baseline and aggressive milestones along the way: a 50% reduction by 2030, 80% by 2040 and 100% by 2050.

首先，我們致力於在全球營運中實現碳中和。我們預計以 2019 年為基準，並在此過程中設定積極的里程碑，迅速彎曲排放曲線：到 2030 年減排 50%，到 2040 年減排 80%，到 2050 年減排 100%。

Second, 3M plans to reduce water use at our facilities by 25% over the next decade, targeting a 10% reduction by 2022 and 20% reduction by 2025. Third, at our largest locations, we are taking action and installing advanced filtration technology that will return even higher quality water to the environment after its use in our operations. These goals are driven by science and a clearly defined path. We have identified the investments and technologies that will enable our success from thermal oxidizers to reverse osmosis, and work is already underway.

其次，3M 計劃在未來十年內將我們工廠的用水量減少25%，目標是到2022 年減少10%，到2025 年減少20%。第三，在我們最大的工廠，我們正在採取行動並安裝先進的過濾技術，在我們的營運中使用後，我們將向環境返回更高品質的水。這些目標是由科學和明確定義的路徑所驅動的。我們已經確定了使我們從熱氧化器到逆滲透取得成功的投資和技術，並且工作已經在進行中。

At 3M's facility in Antwerp, for example, we have expanded our thermal oxidizer system and reduced our carbon emissions by 1 million tons per year. Overall, our thermal oxidizers reduce our carbon footprint by more than 90% when fully installed. And in Decatur, Alabama, we have implemented a water treatment system with granular activated carbon, also known as a GAC system, that has improved the quality of water we return to the environment by 90%. We intend to add complementary technology that will further improve water quality by 2024.

例如，在安特衛普的 3M 工廠，我們擴大了熱氧化器系統，每年減少 100 萬噸碳排放。整體而言，完全安裝後，我們的熱氧化器可減少 90% 以上的碳足跡。在阿拉巴馬州迪凱特，我們實施了顆粒活性碳水處理系統（也稱為 GAC 系統），該系統將返回環境的水品質提高了 90%。我們打算增加補充技術，到 2024 年進一步改善水質。

We will continue to advance new state-of-the-art technologies, including through partnerships with customers, governments, communities and others to further accelerate our progress. Our actions demonstrate 3M's commitment to continuous improvement and our ongoing work to advance our environmental stewardship. Over the last 2 decades, 3M has reduced our emissions by 70%, while doubling revenues.

我們將繼續推動新的最先進技術，包括透過與客戶、政府、社區和其他方面的合作，進一步加快我們的進步。我們的行動體現了 3M 對持續改善的承諾以及我們為推動環境管理所做的持續努力。在過去 20 年中，3M 的排放量減少了 70%，同時收入翻了一番。

Our headquarters is fully powered by renewable electricity and 40% of 3M's global electricity use is now renewable, on our way to 100%. Every new 3M product includes a sustainability value commitment. And over the last 5 years, our innovations have helped customers avoid 75 million tons of emissions. And just last week, we committed to reduce our use of new plastic made from petroleum, also known as virgin fossil-based plastic, by 125 million pounds by 2025 through new packaging and innovative product design in our Consumer business.

我們的總部完全由再生電力供電，目前 3M 全球用電量的 40% 是再生電力，並且正在努力達到 100%。每款 3M 新產品都包含永續發展價值承諾。在過去 5 年裡，我們的創新幫助客戶避免了 7,500 萬噸的排放。就在上週，我們承諾透過消費品業務的新包裝和創新產品設計，到 2025 年將石油製成的新塑膠（也稱為原始化石塑膠）的使用量減少 1.25 億磅。

We recognize the urgency of the world's climate and environmental challenges and are focused on making a difference both today and in future generations. I encourage you to read our Annual Sustainability Report to be released in early May for more details on our progress and priorities.

我們認識到世界氣候和環境挑戰的緊迫性，並致力於為今天和子孫後代帶來改變。我鼓勵您閱讀我們將於五月初發布的年度永續發展報告，以了解有關我們的進展和優先事項的更多詳細資訊。

Please turn to Slide 7, and I'll turn it over to Monish. Monish?

請翻到投影片 7，我將把它交給莫尼什。莫尼什？

Thank you, John, and I wish you all a very good morning. Company-wide first quarter sales were $8.9 billion, up 9.6% year-on-year or an increase of 8% on an organic basis. Sales growth, combined with operating rigor and disciplined cost management, drove adjusted operating income of $2 billion, up 19%, with adjusted operating margins of 22.5%, up 170 basis points year-on-year. First quarter GAAP and adjusted earnings per share were $2.77, up 27% compared to last year's adjusted results.

謝謝你，約翰，祝大家早安。第一季全公司銷售額為 89 億美元，較去年同期成長 9.6%，有機成長 8%。銷售成長，加上嚴格的營運和嚴格的成本管理，推動調整後營業收入達到 20 億美元，成長 19%，調整後營業利潤率為 22.5%，較去年同期成長 170 個基點。第一季 GAAP 和調整後每股收益為 2.77 美元，比去年調整後業績成長 27%。

On this slide, you can see the components that impacted both margins and earnings per share. Organic volume growth, along with our ongoing cost management and productivity efforts, were the biggest contributors to first quarter operating margins and earnings, adding 150 basis points to margins and $0.34 to earnings per share year-on-year.

在這張投影片上，您可以看到影響利潤率和每股盈餘的因素。銷售的有機成長，加上我們持續的成本管理和生產力努力，是第一季營業利潤和收益的最大貢獻者，比去年同期增加了 150 個基點的利潤和 0.34 美元的每股盈餘。

Turning to selling prices and raw materials. As Mike mentioned, we experienced increasing costs, particularly for raw materials and logistics due to the impacts from the strengthening end markets, ongoing COVID pandemic, along with winter storm Uri. As a result, first quarter net selling price and raw materials performance reduced both operating margins and earnings per share by 20 basis points and $0.01, respectively.

轉向銷售價格和原料。正如麥克所提到的，由於終端市場走強、持續的新冠疫情以及冬季風暴「烏裡」的影響，我們的成本不斷增加，特別是原材料和物流成本。結果，第一季淨售價和原料表現使營業利潤率和每股收益分別下降了 20 個基點和 0.01 美元。

In our view, we expect global supply chain dynamics to remain fluid and for raw material and logistics headwinds to persist. Therefore, we now anticipate a full year raw materials and logistics headwind of $0.30 to $0.50 per share versus a prior expectation of flat to a $0.10 headwind at the start of the year.

我們認為，我們預計全球供應鏈動態將保持不穩定，原料和物流逆風將持續存在。因此，我們現在預計全年原料和物流阻力為每股 0.30 美元至 0.50 美元，而年初的預期為持平至 0.10 美元。

Looking at the second quarter, we currently anticipate a net selling price and raw materials headwinds to operating margins in the range of 75 to 125 basis points. We are taking multiple actions to address these increased headwinds, including selling price increases, global sourcing efforts, improving yields in our factories and ongoing demand planning, given the dynamic environment. We expect these actions will gain traction as we move through the year, particularly in the second half.

展望第二季度，我們目前預期淨售價和原物料對營業利潤率的不利影響將在 75 至 125 個基點之間。鑑於動態環境，我們正在採取多種行動來應對這些增加的不利因素，包括提高銷售價格、全球採購工作、提高工廠產量以及持續的需求規劃。我們預計這些行動將在今年尤其下半年獲得牽引力。

Moving to divestiture impacts. The lost income from the drug delivery divestiture in May of last year was neutral to margins, however, was a $0.03 headwind year-on-year to earnings. Foreign currency, net of hedging impacts, added 40 basis points to margins and $0.13 to earnings per share as the U.S. dollar weakened against most major currencies year-on-year. We continue to expect foreign exchange to be an earnings benefit of $0.15 per share for the full year.

轉向剝離影響。去年 5 月，藥品輸送業務剝離帶來的收入損失對利潤率來說是中性的，但與去年同期相比，盈利卻出現了 0.03 美元的逆風。由於美元兌大多數主要貨幣年比走弱，扣除對沖影響後的外幣利潤增加了 40 個基點，每股收益增加了 0.13 美元。我們仍然預計全年外匯收益將達到每股 0.15 美元。

Three other nonoperating items impacted our year-on-year earnings per share performance. First, our continued strong cash flow and liquidity position give us the opportunity in Q1 to redeem an additional $450 million of debt early that was due to mature in 2022. As a result, we incurred higher net interest expense of approximately $0.02 per share versus Q1 last year. This impact was more than offset by year-on-year nonoperating pension benefit of $0.05 per share. Combined, these items resulted in lower net nonoperating expense of $0.03 per share versus last year's first quarter.

其他三個非經營項目影響了我們的年比每股收益表現。首先，我們持續強勁的現金流和流動性狀況使我們有機會在第一季度提前贖回預計於2022 年到期的額外4.5 億美元債務。因此，與第一季相比，我們每股淨利息支出增加約0.02 美元去年。這一影響被每股 0.05 美元的同比非營業性退休金福利所抵消。這些項目合計導致每股淨營業外支出比去年第一季降低 0.03 美元。

Secondly, a lower tax rate versus last year provided a $0.14 benefit to earnings per share. The lower tax rate was primarily a function of non-repeating favorable adjustments related to U.S. tax treatment of international income, along with regional income mix and equity-based compensation. Our full year 2021 tax rate expectations remained unchanged in the range of 20% to 21%. Finally, average diluted shares were up 1% year-on-year, which reduced per share earnings by $0.02.

其次，與去年相比較低的稅率使每股收益增加了 0.14 美元。較低的稅率主要是由於與美國對國際收入的稅收待遇以及區域收入組合和基於股權的薪酬相關的非重複優惠調整。我們對 2021 年全年稅率預期保持在 20% 至 21% 的範圍內不變。最後，平均稀釋股價較去年同期上漲 1%，每股盈餘減少 0.02 美元。

Please turn to Slide 8 for a discussion of our cash flow and balance sheet. We delivered another quarter of robust free cash flow with first quarter adjusted free cash flow of $1.4 billion, up 49% year-on-year with conversion of 86%. Cash flows in the quarter were primarily driven by robust growth in cash flow from operations, along with our ongoing daily management of working capital. First quarter capital expenditures were $310 million. For the full year, we continue to expect CapEx to be in the range of $1.8 billion to $2 billion.

請參閱投影片 8，以了解我們的現金流量和資產負債表的討論。我們又一個季度實現了強勁的自由現金流，第一季調整後自由現金流為 14 億美元，年增 49%，轉換率為 86%。本季的現金流主要是由營運現金流的強勁成長以及我們持續的營運資金日常管理所推動的。第一季資本支出為 3.1 億美元。我們繼續預計全年資本支出將在 18 億美元至 20 億美元之間。

During the quarter, we returned $1.1 billion to shareholders through the combination of cash dividends of $858 million and share repurchases of $231 million. 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 億美元現金股利和 2.31 億美元股票回購向股東返還 11 億美元。我們強大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 $13 billion in net debt, a reduction of nearly $5 billion since the end of Q1 last year. As a result, our net debt-to-EBITDA ratio has declined significantly from 2.2 a year ago to 1.4 at the end of Q1. 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.

本季末，我們的淨債務為 130 億美元，自去年第一季末以來減少了近 50 億美元。因此，我們的淨負債與 EBITDA 比率從一年前的 2.2 大幅下降至第一季末的 1.4。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 9, where I will summarize the business group performance for Q1. I will start with our Safety and Industrial business, which posted organic growth of 10.3% year-on-year in the first quarter. This result includes a 6.4 percentage point benefit from pandemic-related respirator demand. Looking ahead, we continue to anticipate strong pandemic-related respirator mass demand. However, the year-on-year contribution to sales growth will decline as we lap last year's quarterly comparisons.

請參閱投影片 9，我將在其中總結第一季的業務部門績效。我先從我們的安全和工業業務開始，該業務第一季同比有機增長10.3%。這一結果包括與大流行相關的呼吸器需求帶來的 6.4 個百分點的收益。展望未來，我們繼續預計與大流行相關的呼吸器的大量需求將強勁。然而，隨著我們與去年的季度比較相比，對銷售成長的年比貢獻將會下降。

Overall, general industrial manufacturing activity continued to improve during Q1, resulting in a pickup in growth across the portfolio.

整體而言，第一季一般工業製造業活動持續改善，導致整個投資組合成長加快。

Personal safety posted double-digit organic growth year-on-year, driven by ongoing demand for respirators. Industrial adhesives and tapes grew low double digits, primarily due to strong demand across industrial and electronics end markets. The continued strength in the residential housing market drove good performance in our roofing's granules business, which was up double digits organically versus Q1 of last year.

在呼吸器持續需求的推動下，個人安全業務較去年同期實現兩位數有機成長。工業用黏合劑和膠帶成長兩位數，主要是由於工業和電子終端市場的強勁需求。住宅市場的持續強勁推動了我們屋頂顆粒業務的良好表現，與去年第一季相比有機成長了兩位數。

Turning to the rest of the Safety and Industrial businesses. Automotive aftermarket grew high single digits organically. The electrical markets business was up mid-single digits and abrasives grew low single digits. While our closure and masking business declined year-on-year.

轉向其餘的安全和工業業務。汽車售後市場有機成長高個位數。電氣市場業務實現中個位數成長，磨料磨料業務實現低個位數成長。而我們的封鎖和遮蔽業務則是年減。

Safety and Industrial's first quarter segment operating margins were 24.4%, up 70 basis points year-on-year. Operating margins were driven by leverage on sales growth, which was partially offset by increase in raw materials, logistics and legal costs.

安全與工業部門第一季營業利益率為24.4%，較去年同期成長70個基點。營業利潤率受到銷售成長槓桿的推動，但部分被原材料、物流和法律成本的增加所抵消。

Moving to Transportation and Electronics, which delivered a strong start to the year with first quarter organic sales growth of 9.8% despite the well-known semiconductor supply chain constraints. Our electronics-related business was up high teens organically with continued strength in semiconductor, factory automation and data centers, along with strong demand for consumer electronic devices, namely tablets and TVs. Our auto OEM business was up 21% year-on-year compared to the 14% increase in global car and light truck builds.

轉向交通和電子領域，儘管半導體供應鏈受到眾所周知的限制，但該領域今年開局強勁，第一季有機銷售額增長 9.8%。隨著半導體、工廠自動化和資料中心的持續強勁，以及對消費性電子設備（即平板電腦和電視）的強勁需求，我們的電子相關業務有機增長了十幾倍。我們的汽車 OEM 業務年增 21%，而全球轎車和輕型卡車製造業務較去年同期成長 14%。

Looking ahead, we continue to monitor the global semiconductor supply chain and its potential impact on the electronics and automotive industries.

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 advanced materials, which increased mid-single digits, largely as a result of the year-on-year increase in automotive builds. And finally, our transportation safety business was flat year-on-year, while commercial solutions declined slightly.

轉向先進材料，其成長達到中個位數，這主要是由於汽車製造量的同比增長。最後，我們的運輸安全業務較去年同期持平，而商業解決方案則略有下降。

Transportation and Electronics first quarter operating margins were 23.3%, up 260 basis points year-on-year, benefiting from strong leverage on sales growth and prior year COVID-related asset write-downs, which were partially offset by increases in raw materials and logistics costs.

運輸和電子第一季營業利潤率為 23.3%，年增 260 個基點，受益於銷售成長的強勁槓桿和上一年新冠相關資產減記，但部分被原材料和物流的成長所抵消成本。

Turning to our Health Care business. Health care providers continue to be challenged from the ebbs and flows of COVID-19 cases as elective procedure volumes still remains significantly below pre-pandemic levels. At the same time, we continue to experience strong pandemic-related demand for respirators to protect frontline health care workers, which more than offset the headwinds from the decline in elective procedure volumes. As a result, our Health Care business delivered first quarter organic sales growth of 9.3% versus last year.

轉向我們的醫療保健業務。由於選擇性手術量仍遠低於大流行前的水平，醫療保健提供者繼續面臨 COVID-19 病例潮起潮落的挑戰。同時，我們繼續感受到與大流行相關的對呼吸器的強勁需求，以保護第一線醫護人員，足以抵消選擇性手術量下降的不利影響。因此，我們的醫療保健業務第一季有機銷售額較去年增長 9.3%。

The Medical Solutions business grew high single digits, driven by continued strong respirator demand. Excluding respirators, organic growth in this business was down low single digits due to the ongoing year-on-year impact of lower procedure volumes. Organic sales for our oral care business increased double digits year-on-year. This result is primarily due to last year's COVID-related comp as dental offices started closing their doors during Q1 last year.

在持續強勁的呼吸器需求的推動下，醫療解決方案業務實現了高個位數成長。不包括呼吸器，由於手術量減少的持續同比影響，該業務的有機增長下降了低個位數。我們的口腔護理業務的有機銷售額年增兩位數。這一結果主要歸因於去年與新冠病毒相關的補償，因為去年第一季牙科診所開始關閉。

The separation and purification business increased low teens year-on-year. This business continues to experience solid demand for biopharma filtration solutions for COVID-related vaccines and therapeutics development and manufacturing, along with improving demand trends for water filtration solutions. Health information systems returned to positive organic growth, up mid-single digits, while food safety declined mid-single digits organically versus last year's strong comparison.

分離純化業務年增率低十幾位。該業務對用於新冠病毒相關疫苗和治療藥物開發和製造的生物製藥過濾解決方案的需求持續強勁，同時水過濾解決方案的需求趨勢也在不斷改善。衛生資訊系統恢復了正有機成長，成長了中個位數，而食品安全與去年的強勁比較相比有機下降了中個位數。

Health Care's first quarter operating margins were 22.7%, up 120 basis points year-on-year. First quarter margins were driven by leverage on sales growth, which was partially offset by supply chain disruptions and increasing raw materials and logistics costs.

醫療保健第一季營業利益率為22.7%，較去年同期成長120個基點。第一季的利潤率是由銷售成長的槓桿推動的，但供應鏈中斷以及原材料和物流成本的增加部分抵消了影響。

Lastly, first quarter organic growth for our Consumer business was 7.8% year-on-year, with strength across most retail channels led by e-commerce. Organic sales growth continued to be led by a home improvement business, up double digits organically, driven by strong demand for command adhesives, filtrate air quality solutions and ScotchBlue Painters Tape.

最後，我們的消費者業務第一季有機成長率為 7.8%，年成長 7.8%，以電子商務為主導的大多數零售通路表現強勁。有機銷售成長繼續由家居裝修業務帶動，在對命令黏合劑、過濾空氣品質解決方案和 ScotchBlue Painters Tape 的強勁需求的推動下，有機銷售成長兩位數。

Stationery and office returned to positive organic growth in Q1, up mid-single digits with ongoing strength in consumer demand for packaging and shipping products. This business also delivered improved growth in Scotch brand office tapes as we start to lap the COVID-related impacts from remote work and school trends. And finally, our home care business was up low single digits organically versus last year's strong comparison.

隨著消費者對包裝和運輸產品的需求持續強勁，文具和辦公用品在第一季恢復了正有機成長，實現了中個位數成長。隨著我們開始關注遠距工作和學校趨勢與新冠病毒相關的影響，該業務也帶動了 Scotch 品牌辦公室膠帶的成長。最後，與去年的強勁比較相比，我們的家庭護理業務有機增長了低個位數。

Consumer's operating margins were 21.1% or similar to last year as leverage on sales growth was offset by increasing cost for raw materials, logistics, outsourced hard goods manufacturing and increased investments in advertising and merchandising.

消費者的營業利潤率為 21.1%，與去年持平，這是因為原材料、物流、外包耐用品製造成本的增加以及廣告和銷售投資的增加抵消了銷售成長的槓桿作用。

Please turn to Slide 10 for a discussion of our full year 2021 guidance. As you can see from our Q1 results, we are off to a good start to the year. Looking ahead, as Mike mentioned, we expect continued strengthening of the global economy, along with increasing opportunities in end markets with favorable trends. However, we foresee that the improvement will remain fluid and uneven as we go through 2021, given the ongoing impact of the pandemic.

請參閱投影片 10，以了解我們 2021 年全年指導的討論。正如您從我們第一季的業績中看到的那樣，我們今年有了一個很好的開始。展望未來，正如麥克所提到的，我們預期全球經濟將繼續走強，終端市場的機會也會增加，趨勢良好。然而，鑑於疫情的持續影響，我們預計 2021 年的改善仍將不穩定且不平衡。

As a result, we anticipate a number of items that will need to be navigated as we go through the year. For example, starting with the evolving impacts from COVID, including respirator demand, health care elective procedures, supply chains, shutdowns and government response. Next, the continued constrained supply of semiconductor chips and related impacts to consumer electronics and automotive OEM production. In addition, the expected increase in cost for raw materials and logistics and in some cases, constrained availability.

因此，我們預計在這一年中需要處理許多項目。例如，從新冠肺炎不斷變化的影響開始，包括呼吸器需求、醫療保健選擇性程序、供應鏈、停工和政府應對措施。其次，半導體晶片供應持續受限，並對消費性電子產品和汽車 OEM 生產產生相關影響。此外，原材料和物流成本預計會增加，在某些情況下還會限制供應。

And finally, we expect to increase investments through the year in growth, productivity and sustainability along with managing ongoing legal costs as PFAS and other legal proceedings progress. Thus, taking these items into account, along it with being early in the year, we think it's prudent to maintain our full year guidance of 3% to 6% for organic growth, earnings per share of $9.20 to $9.70 and free cash flow conversion of 95% to 105%.

最後，我們預計全年將增加對成長、生產力和永續性的投資，並隨著 PFAS 和其他法律程序的進展管理持續的法律成本。因此，考慮到這些因素，再加上今年年初，我們認為維持全年有機成長 3% 至 6% 的指導、每股收益 9.20 美元至 9.70 美元以及自由現金流轉換95% 至 105%。

Turning to the second quarter, let me highlight a few items of note. First, we expect continued strong execution by the 3M team in the face of a very fluid and uncertain environment. As I mentioned during my remarks, we have increased the expected headwind from raw materials and logistics costs for the full year. We are taking several actions, including increasing selling prices to address these headwinds as we go through the year. These actions will take a little time to gain traction. Therefore, we anticipate a second quarter year-on-year operating margin headwind of 75 to 125 basis points from selling prices net of higher raw materials and logistics costs.

談到第二季度，讓我強調一些值得注意的事項。首先，我們預期 3M 團隊在充滿流動性和不確定性的環境中將持續保持強勁的執行力。正如我在演講中提到的，我們增加了全年原材料和物流成本的預期阻力。我們正在採取多項行動，包括提高銷售價格，以應對這一年中的這些不利因素。這些行動需要一點時間才能獲得關注。因此，我們預計，扣除原料和物流成本上漲後的銷售價格，第二季營業利潤率將年減 75 至 125 個基點。

And finally, we expect a pretax restructuring charge in the range of $25 million to $50 million as we continue our actions related to our December 2020 announcement.

最後，隨著我們繼續採取與 2020 年 12 月公告相關的行動，我們預計稅前重組費用將在 2,500 萬至 5,000 萬美元之間。

To wrap up, we are off to a good start for the year delivering broad-based growth, strong operational execution and robust cash flows. We are prioritizing capital to our greatest opportunities for growth, productivity and sustainability while focused on delivering for our customers, improving operating rigor and enhancing daily management.

總而言之，我們今年有了一個良好的開端，實現了廣泛的成長、強勁的營運執行力和強勁的現金流。我們將資本優先用於成長、生產力和永續發展的最大機會，同時專注於為客戶提供服務、提高營運嚴謹性和加強日常管理。

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

在此，我感謝您的關注，我們現在將回答您的問題。

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

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

Are you guys seeing any strange order patterns as far as like double ordering or any kind of panic inventory rebuild? Anything -- I mean I would imagine you'd probably see it in Transportation and Electronics, kind of perhaps equally in Transportation and Electronics of all the segments. But I'll just leave it at that. Anything on the ordering patterns that's unusual.

你們是否看到任何奇怪的訂單模式，例如雙重訂購或任何類型的恐慌庫存重建？任何東西——我的意思是，我想你可能會在運輸和電子行業中看到它，也許在所有細分市場的運輸和電子行業中都會看到它。但我就這樣吧。訂購模式上的任何不尋常之處。

Scott, so I would say we see certainly a pickup in orders when we see markets recovering and improving. Transportation and Electronics are strong end markets for us in Q1. I wouldn't say that we see anything unusual there. It's what comes with a normal pickup in the marketplace. When you look at it, a good measure for us is what's happening with channel inventories. And I would say we seem very much in line with what you have written about in your reports that we see the changes due to growth trends.

史考特，所以我想說，當我們看到市場復甦和改善時，我們肯定會看到訂單的增加。運輸和電子產品是我們第一季的強勁終端市場。我不會說我們在那裡看到任何不尋常的東西。這是市場上普通皮卡所配備的。當你觀察它時，對我們來說一個很好的衡量標準是通路庫存的變化。我想說，我們似乎非常符合您在報告中所寫的內容，即我們看到了成長趨勢帶來的變化。

Overall, inventory in our industrial channels remains still relatively low. Transportation and Electronics, with the supply chain impacts from the semiconductor shortage, we're seeing some challenges there. And it's just the responding with that -- with the disruption from the semiconductor shortage. Health Care is pretty steady, reacting to the trend still, electric procedures well below pre-pandemic level. So that's impacting there. And in Consumer, it's a mixed case. We have high demand and home improvements, so we're seeing lower levels there. So I would say we -- you see a little lower levels when you see the pickup, but it's responding to the marketplace.

整體來看，工業通路庫存仍處於較低水準。運輸和電子領域，由於半導體短缺對供應鏈產生影響，我們看到了一些挑戰。這只是對此的回應——半導體短缺造成的破壞。醫療保健相當穩定，仍在對趨勢做出反應，電子程序遠低於大流行前的水平。所以這對那裡產生了影響。在消費者中，情況好壞參半。我們有很高的需求和房屋裝修，所以我們看到那裡的水平較低。所以我想說，當你看到皮卡時，你會看到略低的水平，但它是對市場的反應。

Otherwise, I would say the trends in the quarter were -- the ordering trends were pretty much in line with what we expected, a little better than we expected in March, which was really reflected in our broad-based growth. But otherwise, nothing unusual.

否則，我會說本季的趨勢是——訂單趨勢與我們的預期非常一致，比我們 3 月的預期要好一些，這確實反映在我們廣泛的成長中。但除此之外，並沒有什麼異常。

Okay. That's helpful. And then just to clarify on the $0.30 to $0.50 supply chain, raw material, logistics, whatever issues, is that net of what you expect on price for the year? Or is there some opportunity to offset that full amount with price, you're just not certain yet of the magnitude?

好的。這很有幫助。然後澄清一下 0.30 至 0.50 美元的供應鏈、原材料、物流，無論什麼問題，這是否扣除了您對今年價格的預期？或者是否有機會用價格來抵銷全部金額，只是您還不確定其幅度？

Yes. Scott, that's a great question. No, $0.30 to $0.50 is just pure on raw material and logistics headwind. As I said in my prepared remarks, we are going after price increases, improving yields in our factories as well as working with our supply chain partners to reduce the impact as much as we can. You can see in the first quarter, we had 70 basis points of price increase. And as I've also said, it's going to take a little bit of time for these actions to gain traction. So we expect that the second half will be better than the first half from a price perspective.

是的。斯科特，這是一個很好的問題。不，0.30 至 0.50 美元只是純粹的原材料和物流逆風。正如我在準備好的演講中所說，我們正在追求價格上漲，提高工廠的產量，並與我們的供應鏈合作夥伴合作，盡可能減少影響。你可以看到，第一季度，我們的價格上漲了 70 個基點。正如我也說過的，這些行動需要一點時間才能獲得支持。所以我們預計下半年從價格角度來看會比上半年好。

Our next question comes from the line of Jeff Sprague with Vertical Research Partners.

我們的下一個問題來自 Jeff Sprague 和 Vertical Research Partners 的電話。

Probably could be tons of price cost and other questions. But maybe since we have John on the line, if you don't mind, could I throw one at him. Just wondering if you could actually update us on kind of the size of the priority programs currently that were outlined to us when we were in St. Paul, whenever that was, it seems like a lifetime ago, I think it was 2019? And anything you could tell us really kind of on the vitality rate of the portfolio overall. One of the things that I always try to put my finger on, it's always just a little bit difficult is the flip side of the new product development, what's going on, on kind of end-of-life and commoditization at the low end. And so the effort to counter that. If you have any color there, that would be interesting also.

可能可能是大量的價格成本和其他問題。但既然我們接到了約翰的電話，如果你不介意的話，我可以丟一個電話給他嗎？只是想知道您是否真的可以向我們更新我們在聖保羅時向我們概述的當前優先計劃的規模，無論何時，這似乎是一生前的事情，我想那是 2019 年？您可以告訴我們有關投資組合整體活力率的任何資訊。我總是試著指出的一件事，總是有點困難，就是新產品開發的另一面，正在發生的事情，關於低端產品的生命週期結束和商品化。因此，我們正在努力應對這個問題。如果那裡有任何顏色，那也會很有趣。

Yes. Thanks, Jeff. Thanks for the question. So maybe on the first part around our priority growth platforms and our PGPs or so, they're about 5% of the overall portfolio, I would say, and growing quite a bit, I think, as Mike referenced. We've seen approximately about a 10% growth over the last quarter of those platforms and they continue to grow. And as you know, they sit in high-growth market spaces for us. And so we would expect that growth to continue on those platforms as we continue to find customer solutions in those areas.

是的。謝謝，傑夫。謝謝你的提問。因此，也許在我們的優先成長平台和 PGP 左右的第一部分，我想說，它們約佔整體投資組合的 5%，而且我認為，正如麥克提到的那樣，它們增長了不少。我們看到這些平台上個季度成長了大約 10%，並且還在繼續成長。如您所知，它們對我們來說處於高成長的市場空間。因此，隨著我們繼續在這些領域尋找客戶解決方案，我們預計這些平台將繼續成長。

Second comments kind of around the vitality of the NPVI or the part of it. We've talked about NPVI in the past, and that's definitely an important metric for 3M, without a question, but it's also a secondary metric for us. The primary, obviously, being our growth in our profitability for that.

第二條評論有點圍繞著 NPVI 或其一部分的活力。我們過去討論過 NPVI，毫無疑問，這對 3M 來說絕對是一個重要指標，但對我們來說也是一個次要指標。顯然，首要的是我們獲利能力的成長。

I'd say, over the last few years, our NPVI and things have trended to be about in the mid-20s, if you take an average over the last 5 years or so, which is, I think roughly a pretty good guide for 3M overall. And obviously, COVID had some of that impact on trends here in the near-term as well as we've gone forward.

我想說，在過去的幾年裡，如果你取過去 5 年左右的平均值，我們的 NPVI 和其他事情趨向於大約在 20 多歲左右，我認為這對於整體3M。顯然，新冠疫情對近期以及我們未來的趨勢產生了一些影響。

And then kind of the, as you said, the commoditization or the churn, I personally don't think a whole lot about that. I think about, are we aligned with our customers? Are we solving customer needs? Are our R&D resources geared toward growth and solving those issues for our customers and making sure that we can deliver our technologies and our solutions to our customers in order to be able to grow and sustain profitable margin and ROIC.

然後，正如您所說，商品化或客戶流失，我個人對此並沒有太多考慮。我想，我們是否與客戶保持一致？我們是否在解決客戶的需求？我們的研發資源是否致力於成長並為客戶解決這些問題，並確保我們能夠向客戶提供我們的技術和解決方案，以便能夠成長和維持利潤率和投資回報率。

And just a quick follow-up. Is that NPVI a mid-20s kind of 5-year number or 3-year number? What time span...

只是快速跟進。 NPVI 是 20 多歲的 5 年期數字還是 3 年期數字？什麼時間跨度...

Yes, it's about a 5-year number.

是的，這大約是5年的數字。

It's a 5-year number. Okay.

這是一個5年的數字。好的。

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

我們的下一個問題來自加拿大皇家銀行資本市場部的迪恩德雷 (Deane Dray)。

I guess if there's a surprise this quarter, it's that despite having a solid operating beat, you're leaving guidance unchanged. And Monish walked through all the list of headwinds and sized all of them or at least framed them, with the exception of the last item about potential legal costs. Could you just either size for us or frame for us what the expectation might be this quarter, either in terms of remediation costs or product liability? Because you're certainly signaling that something could be brewing here.

我想如果說本季有什麼驚喜的話，那就是儘管營運表現穩健，但指引保持不變。莫尼什列出了所有不利因素，並對所有不利因素進行了評估，或至少對它們進行了界定，除了最後一項關於潛在法律成本的例外。您能否為我們確定本季的規模或框架，無論是在補救成本還是產品責任方面？因為你肯定在暗示這裡可能正在醞釀一些事情。

Yes. Sure, Deane. As I said in my prepared remarks, I think some of this -- I'll just start first with all the headwinds that I've mentioned. At the same time, all the other actions that we are also taking to continue to drive operating rigor, whether it's raising price, driving operating rigor and continue strong cash flow. So I'll keep all that first with the headwinds with some partial offsets that will take a little bit of time to implement.

是的。當然，迪恩。正如我在準備好的演講中所說，我認為其中一些 - 我將首先從我提到的所有不利因素開始。同時，我們也採取了所有其他行動來繼續推動營運嚴謹性，無論是提高價格、推動營運嚴謹性或持續強勁的現金流。因此，我將首先保留所有這些內容，以應對一些部分抵消的逆風，這將需要一點時間來實現。

As regards legal fees, and you can see this more -- or legal costs, you can see this more as you -- as we file our Q this morning. But there are a couple of things. You'll see the PFAS reserves are up around $50 million between the end of fourth quarter to this quarter. And then the mass respirator accrual is up approximately $20 million. To predict what exactly is going to be in the second half of the year is quite tough. But what we do see is as we prepare for some of these trials, example, the combat arms trial that's on in Florida right now with the MDL as well as some of the other cases that will start picking up in PFAS, we expect that our legal fees -- or legal cost to prepare for these trials will go up during the second half of this year.

至於法律費用，您可以更多地看到這一點 - 或者法律費用，您可以在我們今天早上提交問題時更多地看到這一點。但有一些事情。您將看到從第四季末到本季度，PFAS 儲備增加了約 5000 萬美元。然後，大規模呼吸器的應計費用增加了約 2000 萬美元。要準確預測下半年會發生什麼事是相當困難的。但我們確實看到的是，當我們為其中一些試驗做準備時，例如，目前在佛羅裡達州與 MDL 進行的戰鬥武器試驗以及將在 PFAS 中開始出現的一些其他案件，我們預計我們的今年下半年，準備這些審判的法律費用或法律費用將會增加。

Okay. That's very helpful. And then just as a second question, it is interesting. We're talking about A, is going to be tepid, but the back-to-school, return to office is outside of the seasonality, but that's -- it is encouraging. Can you frame for us expectations in terms of how much that might contribute in the second quarter?

好的。這非常有幫助。作為第二個問題，這很有趣。我們談論的是 A，將會不溫不火，但重返校園、重返辦公室不在季節性範圍內，但這是令人鼓舞的。您能否為我們預測第二季可能貢獻多少？

Yes, Deane, what we talked about is we did see a return to growth in our stationery and office business in first quarter, up mid-single digits, as Monish mentioned, that is the first indication that we're seeing a pickup from return to school and return to the workplace to a degree. It's one of those areas where we -- it's one of those areas where we're looking at the uncertainties related to COVID. How will it play out? How big a return to school, how big a return to the workplace and when that will end up being what drives the answer to your question.

是的，迪恩，我們談論的是我們確實看到第一季文具和辦公業務恢復成長，成長了中個位數，正如莫尼什所提到的，這是我們看到回報回升的第一個跡像上學並返回工作場所獲得學位。這是我們正在研究與新冠病毒相關的不確定性的領域之一。結果會如何呢？重返校園、重返工作場所以及何時最終將成為您問題的答案。

So I would say good signs that we saw the pickup in Q1 back to we expect the economy to strengthen, and we're encouraged by the vaccines, we're going to have to wait to see how the return of the workplace and school plays out though.

因此，我想說，這是好兆頭，我們看到第一季的回升，我們預計經濟將走強，而且我們受到疫苗的鼓舞，我們將不得不等待，看看工作場所和學校的回歸如何發揮作用不過。

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

我們的下一個問題來自沃爾夫研究中心的奈傑爾·科 (Nigel Coe)。

So in regards to some of the constraints you've seen in the supply chain, retention, et cetera. Normally, you see 2Q seasonally higher than 1Q. And I'm wondering if the combination of order production, et cetera, might limit the ability to see that normal seasonal ramp? So I'm just curious (inaudible) right now to 2Q seasonality?

因此，關於您在供應鏈、保留等方面看到的一些限制。通常，您會看到第二季的季節性高於第一季。我想知道訂單生產等的組合是否可能會限制正常季節性成長的能力？所以我現在只是對第二季的季節性感到好奇（聽不清楚）？

Nigel, you were breaking up a little, but I think your question was around Q2 seasonality, correct? Is that the question?

奈傑爾，你們分手了一點，但我認為你的問題是關於第二季度的季節性，對嗎？這是問題嗎？

Right. Exactly. Yes.

正確的。確切地。是的。

So I'll just start with my 3 quarters that I've been here in the pandemic that we've seen. I don't think any trend seems to be normal, Nigel. You've seen trends that seem to be completely abnormal compared to what the past has been compared to monthly cyclicality as well as compared to quarterly cyclicality. So I'll just start with that as the first piece.

因此，我將從疫情期間經歷的三個季度開始。我認為任何趨勢都不正常，奈傑爾。您已經看到了與過去的月度週期性以及季度週期性相比似乎完全不正常的趨勢。所以我將把它作為第一部分開始。

The second I would say is one thing you can definitely count on us in Q2 is strong execution. We are also confident that end markets are going to pick up, but I think they're going to be uneven. And for the second quarter, we are still monitoring quite a few things. One, of course, Mike just mentioned about what happens with the stationery, how does that return to work come in. The return to work impacts not just the stationery business, but it impacts our graphics business, it impacts our signage business and what happens there and what people spend, I think, is going to be important to watch.

我要說的第二件事是，您在第二季絕對可以信賴我們的一件事是強大的執行力。我們也相信終端市場將會回升，但我認為它們會不平衡。對於第二季度，我們仍在監控很多事情。當然，麥克剛剛提到了文具的情況，以及如何恢復工作。恢復工作不僅影響文具業務，還影響我們的圖形業務，影響我們的標牌業務以及發生的情況我認為，人們的消費支出非常值得關注。

The second piece is as pandemic is still playing out in parts of the world, elective procedures continue to be below pre-pandemic level. So we'll see how that plays out. The well-known semiconductor chip shortage, how it impacts auto, how it impacts consumer electronics is another piece.

第二點是，由於疫情仍在世界部分地區蔓延，擇期手術繼續低於疫情前的水平。所以我們將看看結果如何。眾所周知的半導體晶片短缺，它如何影響汽車，如何影響消費性電子產品是另一回事。

And then when you think about supply chain disruption, the supply chain disruption, one is, of course, the raw material costs and logistics costs that I've talked about quite a bit. The other one, of course, is product availability and making sure that there is product available from our suppliers to continue to keep us manufacturing. Now I'll tell you this that our supply chain team has done an amazing job keeping the factories running, making sure we are delivering to our customers, thanks to the relationship they have with the suppliers, and we appreciate all the work the suppliers have also done to partner with us to minimize disruption as much as possible.

然後，當你想到供應鏈中斷時，供應鏈中斷，當然也是我已經談過很多次的原料成本和物流成本。當然，另一個問題是產品的可用性，並確保我們的供應商有可用的產品來繼續維持我們的生產。現在我要告訴你的是，我們的供應鏈團隊在保持工廠運作方面做得非常出色，確保我們能夠向客戶交付產品，這要歸功於他們與供應商的關係，我們感謝供應商所做的所有工作也與我們合作，盡可能減少干擾。

We are also raising prices, but it's going to take a little bit of time. The inflation has come in faster. So you're going to see 75 to 125 basis points of headwind, which is the net of price versus inflation and logistics. As I also mentioned that we're going to do restructuring, which was announced in Q4 of 2020, we had told you it's somewhere between $250 million to $300 million charge for the year. As of first quarter, we are at $150 million. So we got approximately $100 million to $150 million to go for the remaining of the year.

我們也在提高價格，但這需要一些時間。通貨膨脹來得更快。因此，您將看到 75 到 125 個基點的逆風，這是價格與通貨膨脹和物流的淨值。正如我還提到的，我們將在 2020 年第四季宣布進行重組，我們已經告訴您，今年的費用在 2.5 億至 3 億美元之間。截至第一季度，我們的營收為 1.5 億美元。因此，我們在今年剩餘時間內獲得了大約 1 億至 1.5 億美元的資金。

The second quarter is going to see $25 million to $50 million of restructuring charge, the balance will come in 3Q and 4Q. And then if this economy continues to go the way it is, outlook is that indirect costs, travel costs, some of the legal costs that we talked about will keep going up. Any other onetime headwinds will also go up as regards compensation. And then our goal is, as Mike has mentioned, we have tremendous areas that we can invest in. And our goal is for the long run, we want to keep investing in growth, productivity and sustainability.

第二季將有 2,500 萬至 5,000 萬美元的重組費用，餘額將在第三季和第四季產生。如果經濟繼續這樣發展，預計間接成本、差旅成本以及我們談到的一些法律成本將繼續上升。任何其他一次性的不利因素在薪資方面也會上升。然後，正如麥克所提到的，我們的目標是，我們有大量可以投資的領域。我們的目標是長期的，我們希望繼續投資於成長、生產力和永續性。

And put all that into play, that's why we felt it prudent to maintain guidance. And also to answer your question, it's hard to follow normal seasonality trends with all these other things in play.

考慮到所有這些，這就是為什麼我們認為維持指導是謹慎的。另外，為了回答你的問題，在所有這些其他因素的影響下，很難遵循正常的季節性趨勢。

It's great color. My follow-up question is really just going back to the guidance. And I understand all of the uncertainties you just laid out very, very clearly. But the 2 -- it seems like the pension change in the way you account for the asset, it seems like that's about a $0.20 year-over-year benefit to FY '20. Was that change in the guidance range? Or is that additive to the 9 -- $0.29 in guidance?

顏色很棒。我的後續問題其實只是回到指導。我非常非常清楚地理解您剛才提出的所有不確定性。但第二——退休金似乎改變了你對資產的核算方式，這似乎為 20 財年帶來了約 0.20 美元的同比收益。這是指導範圍內的變化嗎？或者這是對 9 - 0.29 美元指導的補充？

Yes. So Nigel, I would say, as we have stated, we have restated all the years that are presented. So the year-over-year impact of that is approximately $0.11. So that's -- to answer your specific question on pension. The offsets to that, a couple of things. We took the opportunity to go redeem $450 million of debt that was due in 2022. That had an impact of $0.02 on interest for the quarter. And then as share prices have gone up, even though we have done share buyback of $231 million of share repurchase, our dilution has gone up, and that impacted $0.02 for the quarter. The total impact for other financials, we had originally, in our guide was 0. Right now, we are saying it's plus 5 -- $0.05, to be clear.

是的。所以奈傑爾，我想說，正如我們所說，我們已經重申了所提出的所有年份。因此，其同比影響約為 0.11 美元。這就是——回答你關於退休金的具體問題。對此的抵消有幾件事。我們藉此機會贖回了 2022 年到期的 4.5 億美元債務。這對該季度的利息產生了 0.02 美元的影響。然後，隨著股價上漲，儘管我們已經進行了 2.31 億美元的股票回購，但我們的稀釋度卻上升了，這對本季造成了 0.02 美元的影響。我們最初在指南中對其他財務指標的總影響是 0。現在需要明確的是，我們說的是 5 美元——0.05 美元。

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

我們的下一個問題來自史蒂夫·圖薩（Steve Tusa）與摩根大通的對話。

Just following up on, I think, the last couple of questions here. Just sequentially, you guys are usually up 1Q to 2Q. And I think you mentioned a whole host of items that kind of break the normal seasonality. Can you maybe just give us like a total number that you see from 1Q to 2Q that would be kind of the mechanical impacts, including the raws and the inflation, that's fine. Just all in, what the headwinds are from 1Q to 2Q? So you could -- we could just kind of like -- because 1Q is obviously like a big upside, but then 2Q is going to be seasonally weak. So just trying to kind of figure out in total where we should kind of start from mechanically.

我想，只是跟進最後幾個問題。就順序而言，你們通常會上升到第 1 季到第 2 季。我認為您提到了一大堆打破正常季節性的商品。您能否給我們一個從第一季到第二季度看到的機械影響總數，包括原始數據和通貨膨脹，這很好。總而言之，從第一季到第二季的不利因素是什麼？所以你可以 - 我們可以有點像 - 因為第一季顯然是一個很大的上漲空間，但第二季將出現季節性疲軟。所以只是想弄清楚我們應該機械地從哪裡開始。

Yes. Those are great questions, Steve. Just a couple I would same comments that I made before. As you know, volume is the biggest piece that drives margin leverage for 3M. You should assume the normal 30% to 40% margin leverage that you would get. The amount of volume is going to depend on a lot of the uncertainties that I've talked about, whether it's elective procedures, whether it is semiconductor, chip availability for auto and consumer, whether it is the strength in stationery remains, whether our oil and gas -- whether the oil and gas industry picks up. So a lot of long term, I would say, end markets growing, we'll have to figure out what happens in the second quarter with all of these from an end market perspective.

是的。這些都是很好的問題，史蒂夫。只是有幾點我會和我之前發表的評論相同。如您所知，銷售量是推動 3M 利潤槓桿的最大因素。您應該假設您將獲得 30% 至 40% 的正常保證金槓桿。交易量的大小將取決於我談到的許多不確定性，無論是選擇性程序，是否是半導體，汽車和消費者的晶片可用性，文具的實力是否仍然存在，我們的石油是否和天然氣——石油和天然氣產業是否有改善。因此，我想說，從長遠來看，終端市場正在成長，我們必須從終端市場的角度弄清楚第二季會發生什麼。

Similarly, on supply chain disruption, there are 2 pieces. One is, of course, the inflation that we've told you about, which will cost 75 to 125 basis points of headwind between price and inflation and the raw material and logistics costs as well as making sure that we have all the product availability that we have. So that's the other, I would say, headwind to 1Q.

同樣，關於供應鏈中斷，也有兩個部分。當然，其中之一是我們已經告訴您的通貨膨脹，這將導致價格與通貨膨脹之間的逆風以及原材料和物流成本之間產生 75 至 125 個基點的逆風，並確保我們擁有所有產品的可用性我們有。我想說，這就是第一季的另一個阻力。

Is that headwind? Can you just talk about that headwind sequentially what that headwind would be? It was already kind of absorbed in first quarter and what it is sequentially?

這是逆風嗎？能按順序談談逆風是什麼嗎？它在第一季就已經被吸收了，接下來又是什麼？

Yes. So it's a piece of it got absorbed in the first quarter, Steve. I think we'll have to see how April plays itself out. And May, as we look at product availability, making sure that our suppliers continue to be able to provide all the goods over the quarter is what something we're working on. Again, it's too early to say because it's a very dynamic situation that changes every day. And again, the relationship we have with our suppliers helps us get the product as much as we can, but they are also constrained right now with the overall supply chain situation in the world.

是的。所以這是第一季吸收的一部分，史蒂夫。我想我們得看看四月的表現如何。五月，當我們考慮產品可用性時，確保我們的供應商繼續能夠在本季度提供所有商品是我們正在努力的事情。同樣，現在說還為時過早，因為這是一個非常動態的情況，每天都在變化。再說一遍，我們與供應商的關係幫助我們盡可能獲得產品，但他們目前也受到世界整體供應鏈狀況的限制。

The other headwind is $25 million to $50 million of restructuring. So this is still a part of the overall restructuring program we announced in Q4. We are done up to $150 million in Q1. We're going to take another $25 million to $50 million in Q2, and the balance will come in Q3 and Q4. Indirect costs. So as the economies are starting to open up, you are going to see hopefully, ad merch and travel start to go up. So that's a headwind to Q1. And then our increase, as we are starting to see the economy starting to pick up, our investments in growth productivity and sustainability will continue to increase. So that's how I would frame Q1 versus Q2.

另一個阻力是 2500 萬至 5000 萬美元的重組。所以這仍然是我們在第四季宣布的整體重組計劃的一部分。第一季我們完成了 1.5 億美元的工作。我們將在第二季再投入 2,500 萬至 5,000 萬美元，餘額將在第三季和第四季到位。間接成本。因此，隨著經濟開始開放，您將被期望看到廣告商品和旅遊業開始成長。所以這是第一季的不利因素。然後，隨著我們開始看到經濟開始復甦，我們對成長生產力和永續性的投資將繼續增加。這就是我對 Q1 和 Q2 的框架。

Okay. So it just seems to me like there's -- the biggest piece, again, is this kind of raw material issue, but some of that you absorbed in the first quarter. And on a year-over-year basis, it looks like that's like, I don't know, $0.15 to $0.20 year-over-year?

好的。因此，在我看來，最大的問題還是這種原料問題，但其中一些問題你在第一季就已經吸收了。與去年同期相比，我不知道，看起來好像是同比 0.15 美元到 0.20 美元？

It's 75 to 125 basis points headwind. So...

這是 75 至 125 個基點的逆風。所以...

Yes. Okay.

是的。好的。

Our next question comes from the line of Julian Mitchell with Barclays.

我們的下一個問題來自巴克萊銀行的朱利安·米切爾。

I just wanted to focus perhaps on Safety and Industrial. The headline organic growth there was slightly lower in Q1 than Q4, even with the improving economy. And that's really that respirator tailwind, 300 or 400 basis points less in Q1 than Q4. So just wanted to understand what does the guidance for that segment and/or 3M in aggregate reflect for the respirator tailwind over the balance of this year? We've seen some write-downs at certain distributors and so forth for that kind of activity after over-ordering last year. Do you assume that, that could become a headwind as soon as this later this year or the headwind really comes in '22?

我只是想關注安全和工業。儘管經濟有所改善，但第一季的整體有機成長仍略低於第四季。這確實是呼吸器的順風車，第一季比第四季低 300 或 400 個基點。因此，我只是想了解該細分市場和/或 3M 的整體指導意見對今年剩餘時間的呼吸器順風有何影響？去年超額訂購後，我們看到某些經銷商因此類活動而進行了一些減記。您是否認為，這可能會在今年晚些時候成為逆風，或者逆風真的會在 22 年到來？

Yes, Julian, thanks for the question. We talked about Q1. We saw continue to see strong demand. That's 630 million respirators delivered in Q1. And still in the quarter, 90% going to health care workers and I would say, first responders and increasingly essential industries. The demand as we move forward, it's going to depend on a few factors. The first is what's going to be the demand in health care. And that's going to depend on how the pandemic plays out. And I would say how governments respond to dynamics in the pandemic. And there's been changing in protocol of use of respirators, for example, is one of those dynamics.

是的，朱利安，謝謝你的提問。我們討論了第一季。我們看到需求持續強勁。第一季交付了 6.3 億個呼吸器。仍然在本季度，90% 的資金流向了醫護人員，我想說的是急救人員和日益重要的行業。我們前進的需求將取決於幾個因素。首先是醫療保健的需求。這將取決於疫情的發展。我想說的是政府如何應對疫情的動態。例如，呼吸器的使用方案發生了變化，這就是其中之一。

As Monish said, this is one of the areas where we're working through the uncertainties as there's -- that demand, there's also governments, and we're working with governments around the world on stockpile strategies and continue to supply into those.

正如莫尼什所說，這是我們正在努力克服不確定性的領域之一，因為有需求，也有政府，我們正在與世界各地的政府合作制定庫存策略，並繼續向這些國家供應。

And then there is consumer demand and increasing demand in industrial as economies recover. So we see some shifting as we go forward over time from the high priority, more than 90% into health care, shifting more into industrial and consumer. And then the demand overall, how much is it going to be relative to the impact on the overall enterprise relative to SIBG, that's going to depend on how each of those play out. But we're expecting to continue to see demand as we -- in Industrial and Consumer and Health Care as we go through the year.

隨著經濟復甦，消費者需求和工業需求不斷增加。因此，隨著時間的推移，我們看到一些轉變，從高優先級（90%以上）轉向醫療保健，並更多地轉向工業和消費者。然後，整體需求，相對於 SIBG 對整個企業的影響有多大，這將取決於其中每一項的效果。但我們預計今年工業、消費者和醫療保健領域的需求將持續成長。

To answer specifically your other question, Julian, I'm sorry, on why is the growth rate slowing down, we are starting to lap. So if my memory is right, Q1 of 2020, there was $100 million of disposable respirator that the company had disclosed even before my time. So you're going to see actually the amount. If you're looking at the percent, it's going to slow down, as I've said in my prepared remarks, because you're starting to lap the pandemic-related respirator demand year-on-year.

為了具體回答你的另一個問題，朱利安，我很抱歉，關於為什麼成長率放緩，我們已經開始了。因此，如果我沒記錯的話，2020 年第一季度，該公司甚至在我之前就披露了價值 1 億美元的一次性呼吸器。所以你會看到實際的金額。如果你看百分比，它將會放緩，正如我在準備好的演講中所說的那樣，因為你開始與大流行相關的呼吸器需求同比。

Yes, Julian. We disclosed all that last year as we went through the year. So Q2, it's a $225 million year-on-year comp. So we stepped from $100 million to $2.25 million, then $235 million in Q3 and I think in Q4, we are around $280 million.

是的，朱利安。我們去年在經歷這一年時披露了所有這些。因此，第二季的年收入為 2.25 億美元。因此，我們從 1 億美元增加到 225 萬美元，然後在第三季度達到 2.35 億美元，我認為在第四季度，我們的規模約為 2.8 億美元。

Last year.

去年。

Last year. So the year-on-year contribution to growth is going to decline.

去年。因此，對成長的年比貢獻將會下降。

Yes, understood. And maybe just my second question around the capital deployment aspect. The cash flow has been very, very good yet again. Leverage, I think, is now around 1.4 or so times. Any updated thoughts around the balance sheet usage? Or do we think that just given sort of the background, leverage is likely to remain fairly low through the rest of the year?

是的，明白了。也許只是我關於資本部署的第二個問題。現金流再次變得非常非常好。我認為槓桿現在約為 1.4 倍左右。關於資產負債表的使用有什麼最新的想法嗎？或者我們是否認為，在某種背景下，槓桿率在今年剩餘時間內可能會保持在相當低的水平？

Yes. It's a great question, Julian. I would go back again to just our capital priorities. The prioritization hasn't changed. Our first priority is always invest in R&D. Mike mentioned the areas that we have as we think about just a few and even John talked about whether it's biopharma, home improvement, personal safety, digital, semiconductor, health care. There are tremendous opportunities that we believe we can keep investing in. So that's our first priority. I think, in the long run, that will give us the best return.

是的。這是一個很好的問題，朱利安。我會再次回到我們的資本優先事項。優先順序沒有改變。我們的首要任務始終是投資研發。麥克提到了我們所考慮的幾個領域，甚至約翰也談到了生物製藥、家居裝修、個人安全、數位、半導體、醫療保健。我們相信有巨大的機會可以繼續投資。所以這是我們的首要任務。我認為，從長遠來看，這會給我們最好的回報。

The second priority is dividend. We did increase dividend 1% this year. It's the 63rd year of consecutive dividend increase. Our third priority is M&A. As you know, we are busy integrating Acelity. It's doing very well and integrating well into 3M. We don't see another acquisition in the size of Acelity in the near future, but we are always looking for opportunities where we believe that it's complementary to 3M's strengths as well as 3M can add value and synergies.

第二個優先事項是股息。今年我們確實增加了1%的股利。這是連續第 63 年增加股利。我們的第三個優先事項是併購。如您所知，我們正忙於整合 Acelity。它做得非常好，並且很好地整合到 3M 中。我們不會在不久的將來看到像 Acelity 這樣規模的另一次收購，但我們一直在尋找機會，我們相信它可以補充 3M 的優勢，並且 3M 可以增加價值和協同效應。

And then our last priority is share repurchase. And as I said in my prepared remarks, we did have $231 million of share repurchases.

我們的最後一個優先事項是股票回購。正如我在準備好的演講中所說，我們確實回購了 2.31 億美元的股票。

I think the strength that we have right now, Julian, 1.4 net leverage gives us a lot of flexibility to go either way as well as gives us strategic opportunities to deploy when needed.

Julian，我認為我們現在擁有的實力，1.4 的淨槓桿率給了我們很大的靈活性，可以選擇任何一種方式，也給了我們在需要時部署的策略機會。

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安德魯·卡普洛維茨（Andrew Kaplowitz）。

So Transportation and Electronics, as you know, had a very high range of outcomes for the year, low to high single digits and obviously, starting at the high end of the range. Is there any reason at this point why you wouldn't see the high end of the range in that particular segment, given the comps, do get a fair amount easier for the next couple of quarters. Maybe just could give us more color on how electronics and auto OE perform versus your expectations? I know you said, absolutely, but it seems like they continue to be strong or even improved despite supply chain concerns.

因此，正如您所知，運輸和電子行業今年的業績範圍非常大，從低到高個位數，顯然是從該範圍的高端開始的。在這一點上，有什麼理由讓你看不到該特定細分市場的高端範圍，考慮到比較，在接下來的幾個季度確實會變得相當容易。也許可以讓我們更了解電子產品和汽車原配設備的表現與您的期望相比如何？我知道你說的是，但儘管存在供應鏈問題，但它們似乎仍然保持強勁甚至有所改善。

Yes. It's an important question for us, too, Andy. We had that wider range at the beginning of the year, which really reflected the dynamics in those end markets, the uncertainty that we were looking at as we came into the year. And we certainly had a good start to the year. Transportation and Electronics off to a strong start, much like the rest of the company. They're still facing some considerable uncertainties in that marketplace. And we've talked about the chip shortage and its impact on both electronics and automotive.

是的。安迪，這對我們來說也是一個重要的議題。我們在年初的範圍更大，這確實反映了這些終端市場的動態，以及我們進入今年時所看到的不確定性。我們今年確實有一個好的開始。與公司的其他部門一樣，運輸和電子部門也取得了良好的開局。他們在該市場仍然面臨一些相當大的不確定性。我們討論了晶片短缺及其對電子和汽車的影響。

I think you see kind of changing dynamics in the build rates, much of it reflecting that dynamic. Electronics, I would say, consumer electronics is off to a strong start. Tablets and TVs really driving a lot of that. So it's how are these trends going to play out through the year, and it still reflects, I would say, a wider range of outcomes. And it also is going to depend on how the pandemic plays out. Some of these are dynamics being driven by the pandemic and its impact on the economy in general.

我認為您會看到構建速率的動態變化，其中大部分反映了這種動態。電子產品，我想說的是，消費性電子產品已經有了一個好的開始。平板電腦和電視確實在很大程度上推動了這一趨勢。因此，這些趨勢將如何在這一年中發揮作用，我想說，它仍然反映了更廣泛的結果。這也將取決於大流行的發展。其中一些是由大流行及其對整體經濟的影響所驅動的動態。

So I would say that wide range that we came into the year, we still have a wide range view of how the uncertainties will impact these key market segments. But again, off to a strong start, automotive above the build rates, our growth in consumer electronics, above the build rates there. So we are -- we're winning in the marketplace with our solutions, and we're well positioned. We'll see how the market dynamics take us as we go through the year.

因此，我想說，儘管我們今年進入了廣泛的範圍，但我們仍然對不確定性將如何影響這些關鍵細分市場有廣泛的看法。但同樣，我們有一個良好的開端，汽車產業的生產速度高於消費性電子產品的生產速度，而消費性電子產品的成長速度也高於那裡的生產速度。所以我們——我們正在憑藉我們的解決方案贏得市場，並且我們處於有利地位。我們將看看這一年的市場動態如何影響我們。

And Mike, I wanted to ask you about your priority growth platforms in the context of -- obviously, there strong growth in the quarter, I think, 10%. There's a lot of money out there, whether it's the new Biden American jobs plan, focus on automotive electrification continues to increase. So how do you sort of change your focus, if at all, on some of these platforms? Do you shift more money into something like automotive electrification? Do you see more growth in certain areas like that moving forward?

麥克，我想問你關於你的優先成長平台的情況——顯然，我認為本季有 10% 的強勁成長。那裡有很多錢，無論是新的拜登美國就業計劃，還是對汽車電氣化的關注持續增加。那麼，您如何改變您對其中一些平台的關注（如果有的話）？您是否會將更多資金投入汽車電氣化等領域？您認為某些類似領域未來會出現更多成長嗎？

Yes, Andy, we talked about it all year last year about what we were doing to invest in the future, while we were managing through the big challenges that the pandemic threw at us in 2020. And we're accelerating, I would say, investments not only in our priority growth platforms, but other market trends that we were seeing that were opportunities for us. And when we talked about things that were going on, obviously, in personal safety, but also home improvement and other areas that the trends were strong.

是的，安迪，我們去年一整年都在談論我們將如何投資未來，同時我們正在應對 2020 年大流行給我們帶來的巨大挑戰。我想說，我們正在加速，不僅投資於我們的優先成長平台，而且投資於我們看到的對我們來說都是機會的其他市場趨勢。當我們談論正在發生的事情時，顯然，在人身安全、家居裝修和其他趨勢強勁的領域。

So that's how we're prioritizing growth based on the market trends, where we can create unique and differentiated value. Priority growth platforms tend to represent both of those strong markets. As John mentioned earlier, these are higher growth market segments. And then we have the investments that we make in the trends coming out of the pandemic, and we're stepping those up as we see the opportunity. So we're really driving those based on the growth opportunity that we see in front of us as we go through 2021, not locked in on a plan that we put together for our priority growth platforms before the year started. So I -- it is what we see as an opportunity to drive the growth and the growth outlook that we had for the year as we came into 2021.

這就是我們根據市場趨勢優先考慮成長的方式，這樣我們就可以創造獨特且差異化的價值。優先成長平台往往代表這兩個強大的市場。正如約翰之前提到的，這些是成長較高的細分市場。然後，我們對大流行帶來的趨勢進行了投資，當我們看到機會時，我們正在加強。因此，我們實際上是根據 2021 年我們看到的成長機會來推動這些發展的，而不是局限於我們在年初之前為優先成長平台製定的計劃。因此，我們認為這是一個推動 2021 年成長和成長前景的機會。

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)。

Yes. I can reassure you that this will be one consumer stocking up on 3M masks because we have to do with inferior Kimberly-Clark products. So I just want to tell you that.

是的。我可以向您保證，這將是一位消費者囤積 3M 口罩的原因，因為我們必須購買劣質的金佰利產品。所以我只想告訴你這一點。

Thank you, Andrew.

謝謝你，安德魯。

Having said that, just the dynamic in the Americas on safety and industrial and Transportation and Electronics, in the quarter, I think you guys gave very useful breakdown, just a broader dynamic by sub-end markets. But in America, Safety and Industrial is up 12%, I assume it's because of safety, but Transportation and Electronics down 4%. One is more OE, one is more channel. Can you just talk about this dynamic, what's happening? I think it does sound there some pre-stocking OE, but what's happening in the distribution channel?

話雖如此，本季美洲在安全、工業、運輸和電子方面的動態，我認為你們提供了非常有用的細分，只是細分市場的更廣泛動態。但在美國，安全和工業成長了 12%，我認為這是因為安全，但交通和電子產業卻下降了 4%。一是多OE，一是多通路。能談談目前的動態嗎？發生了什麼事？我認為聽起來確實有一些預庫存原廠設備，但分銷渠道中發生了什麼？

Yes, Andrew, you're right. Safety and Industrial Business Group and the performance in Americas has driven -- a big portion of that is driven by personal safety. It's been a strong growth driver. We talked about it. Monish highlighted some of the other industrial businesses. We're seeing recovery in the industrial markets. In general, we're seeing increasing demand in industrial adhesives and tapes. And industrial mineral products in the U.S. with a strong residential housing growth. All of those are driving what's going on in the Americas and across the Safety and Industrial business group.

是的，安德魯，你是對的。安全與工業業務集團以及美洲地區的表現起到了推動作用——其中很大一部分是由人身安全推動的。這是一個強勁的成長動力。我們討論過。莫尼什強調了其他一些工業企業。我們看到工業市場正在復甦。總的來說，我們看到工業用黏合劑和膠帶的需求不斷增加。美國的工業礦產品和住宅成長強勁。所有這些都正在推動美洲以及整個安全和工業業務集團的發展。

Transportation and Electronics, it's driven globally the strong growth that you saw by semiconductor fabrication, data centers, what I talked about earlier, in consumer electronics. Those are not the big drivers, obviously, in the U.S. at this point. The automotive is the driver in the U.S. and we're seeing -- I would say we're seeing good performance on our spec ins. We're winning additional spec ins in the OEMs and as that -- as the build rates pick up in the U.S., we'll see TEBG, the transportation business from the automotive side, get a strong contribution.

交通和電子領域，它推動了全球半導體製造、資料中心以及我之前談到的消費性電子領域的強勁成長。顯然，目前這些還不是美國的主要推動因素。汽車是美國的驅動力，我們看到——我想說的是，我們在規格上看到了良好的性能。我們正在贏得 OEM 中的更多規格，因此，隨著美國建造率的提高，我們將看到 TEBG（汽車方面的運輸業務）做出巨大貢獻。

We are -- Monish talked about some of the areas of uncertainties and things that we're looking at, commercial solutions and the demand for graphics that are part of that, the transportation safety products, those are still flat year-over-year growth even in decline in key end-market segments. And that's one of the things that is an uncertainty as we look at the year, how are those markets going to recover as economies recover? So that will be part of the answer to Transportation and Electronics picking up as we go in the Americas, in particular.

我們——莫尼什談到了一些不確定性領域和我們正在關注的事情，商業解決方案和對其中一部分的圖形的需求，運輸安全產品，這些仍然同比增長持平即使關鍵終端市場領域出現下滑。這是我們回顧這一年的不確定性之一，隨著經濟復甦，這些市場將如何復甦？因此，這將是我們在美洲尤其是交通和電子產業復甦的部分答案。

Got you. And just a follow-up question. I think Andy touched a little bit on it, but it seems that we have plenty of visibility on semiconductor CapEx going up in the U.S. over the next several years. Given that semi capacity on the margin over the past decade has been added outside of North America, do you need to make any adjustments to your manufacturing footprint in North America to sort of play this growth? Or is it just nature of your process and fungible capacity and just applies better overall capacity utilization in North America given the assets you already have in place?

明白你了。只是一個後續問題。我認為安迪對此有所了解，但我們似乎對未來幾年美國半導體資本支出的成長有足夠的了解。鑑於過去十年中北美以外地區的半邊產能有所增加，您是否需要對北美的製造足跡進行任何調整才能發揮這種增長的作用？或者這只是您的流程和可替代產能的本質，並考慮到您已經擁有的資產，在北美應用了更好的整體產能利用率？

Yes. Andrew, as you know, we -- our strategy is to be close to customers, invest in capacity to meet the demands regionally around the world. And that's true broadly across the enterprise. There are some key product and market segments where we have more of a critical center in key areas of the world. U.S. is one of those areas where we are -- in the end, we're a net exporter of goods out of the United States because we have a stronger footprint here.

是的。安德魯，如您所知，我們的策略是貼近客戶，投資產能以滿足世界各地的需求。這對整個企業來說都是如此。在一些關鍵產品和細分市場，我們在世界關鍵地區擁有更多的關鍵中心。美國是我們所在的地區之一——最終，我們是美國商品的淨出口國，因為我們在這裡擁有更強大的足跡。

And that's also true in much of the portfolio that we serve semiconductor fabrication with. We build that out close to -- the end users close to the customers. So we have significant resources in Asia, for example. We also supply a significant portion of it from capacity in the U.S. and even some capacity in Europe. So it is -- I think we're well positioned if we see that shift, and that's -- it's going to take time to play out. And as has been the case for us throughout history, as we see market dynamics change and shift around the world, we'll invest to build up that capacity where it's needed. So we'll have time to adjust and add capacity, but we start in a good place relative to that market segment.

我們為半導體製造提供服務的大部分產品組合也是如此。我們將其建立在靠近客戶的最終用戶的基礎上。例如，我們在亞洲擁有大量資源。我們也透過美國的產能甚至歐洲的部分產能供應其中的很大一部分。所以，我認為，如果我們看到這種轉變，我們就處於有利位置，而且這需要時間才能發揮作用。正如我們歷史上的情況一樣，當我們看到世界各地的市場動態發生變化和轉變時，我們將在需要的地方進行投資以建立這種能力。因此，我們將有時間調整和增加產能，但相對於該細分市場，我們的起點很好。

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

我們的下一個問題來自瑞士信貸銀行的約翰‧沃爾什 (John Walsh)。

So a lot of details already around the logistics and the supply chain as it relates to EPS and margin. But curious if there's any sales impact, your ability to kind of get raw, feedstock, et cetera, that you want to call out just because if you look at -- I mean even the midpoint of your guidance for the full year, just having a little trouble reconciling the 2-year and the 3-year kind of growth stack deceleration from what you just printed?

因此，關於物流和供應鏈的許多細節已經有了，因為它與每股盈餘和利潤率有關。但很好奇是否有任何銷售影響，你獲得原材料、原料等的能力，你想指出這些影響只是因為如果你看一下——我的意思是，即使是你全年指導的中點，只要有在協調您剛剛列印的2 年和3 年增長堆疊減速方面遇到了一些麻煩嗎？

So John, I would just say back to the point on Q2, there is a lot of uncertainty in the supply chain markets, other than, of course, the raw material and logistics costs we've talked about. It's just making sure that the product is flowing, making sure our suppliers can make the product. As of right now, as I said, it's a very dynamic situation that's changing every day. So that is why that's one of the uncertainties that we have called out in the second quarter and the total year that we got to navigate through this. And hopefully, as we get through the second quarter, we'll be in a better state to see where we are for the year. So hopefully, that answers your question.

所以約翰，我只想說回到第二季的問題，供應鏈市場存在著許多不確定性，當然除了我們談論的原材料和物流成本之外。只是確保產品流動，確保我們的供應商能夠製造產品。正如我所說，到目前為止，這是一個非常動態的情況，每天都在變化。這就是為什麼這是我們在第二季和全年中指出的不確定性之一。希望當我們度過第二季時，我們會處於更好的狀態，看看我們今年的情況。希望這能回答你的問題。

Since you're talking about the second quarter and my memory failed me earlier, sorry. So Steve's question earlier also on -- if you're looking at Q1 versus Q2, just another point is FX, which is $0.13 benefit in Q1. For the year, we still see that to be $0.15. Again, we'll see where currencies move as the world plays itself out. And then from a tax rate perspective, we were at 16.4% for the first quarter, and our plan is 20% to 21% for the year. So those are the other items I would talk about, John, as I talk about the second quarter and its overall impact.

既然你談論的是第二季度，而我之前記不清了，抱歉。所以史蒂夫早些時候也提出問題——如果你比較第一季和第二季度，另一點就是外匯，第一季的收益為 0.13 美元。今年，我們仍然認為該價格為 0.15 美元。再次，我們將看到隨著世界的發展，貨幣將走向何方。然後從稅率的角度來看，第一季我們是16.4%，我們全年的計畫是20%到21%。約翰，當我談論第二季度及其整體影響時，這些是我要談論的其他項目。

Great. And then maybe a broader question here. You talked a little bit earlier about kind of new product vitality. You're talking about a lot of interesting technologies around enabling your sustainability commitments. Is there a way for 3M to actually commercialize some of the stuff that you're doing to your own operations, some of the -- either the technology or the material science? Or can you take what you're doing and actually bring that out to other customers and monetize that?

偉大的。也許還有一個更廣泛的問題。您之前談到了新產品的活力。您正在談論許多圍繞實現永續發展承諾的有趣技術。 3M 有沒有辦法將您在自己的營運中所做的一些事情（技術或材料科學）真正商業化？或者你能把你正在做的事情真正帶給其他客戶並從中獲利嗎？

Yes. And John, I would say, for us, being a leader in sustainability is also about helping our customers. And making a difference for them. And you see that in our expectations and our requirement that every one of our new products has an improvement and advantage in sustainability. So that's one of the ways we can leverage our technology and our technology platforms to make a difference for customers.

是的。約翰，我想說，對我們來說，成為永續發展領域的領導者也是為了幫助我們的客戶。並為他們帶來改變。您會看到，在我們的期望和要求中，我們的每一款新產品在永續性方面都有改進和優勢。因此，這是我們利用我們的技術和技術平台為客戶帶來改變的方式之一。

Now we're also investing a lot of innovation in our operations. And it's always been -- you look at our fundamental strengths of the company, our manufacturing capabilities is foundational there. And about 1/3 of our intellectual property sits in our manufacturing operations, process technologies. And we leverage that for our own performance and our own product quality as a competitive advantage.

現在，我們也在營運中投入了大量創新。一直以來，你看看我們公司的基本優勢，我們的製造能力是基礎。我們大約 1/3 的智慧財產權屬於我們的製造業務和製程技術。我們利用這一點來提高我們自己的業績和產品品質作為競爭優勢。

There are opportunities as we think about ways that we can really lead forward in sustainability solutions that we can expand and our impact. And we certainly expect to be able to be a good example for manufacturing companies and leading sustainability. We'll look at, as we have all along, look at innovation opportunities where we can commercialize those as part of our offerings to customers as well.

當我們思考如何真正引領永續發展解決方案並擴大我們的影響力時，就會有機會。我們當然希望能夠成為製造公司和引領永續發展的好榜樣。我們將一如既往地尋找創新機會，將這些機會商業化，作為我們向客戶提供的產品的一部分。

And 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。

So my first question, maybe just going back to 2Q for a moment, and I fully recognize that, that things are fluid right now. But can you talk a little bit about maybe it's the trends that you're seeing so far in Q2, you've got very easy comps this quarter. So is the expectation that you'll see at least an acceleration in growth versus what you saw in 1Q based on what you're seeing today?

所以我的第一個問題，也許只是暫時回到第二季度，我完全意識到，現在的情況是不穩定的。但你能談談，也許這是你在第二季度到目前為止看到的趨勢，本季你的業績非常簡單。那麼，根據您今天所看到的情況，您是否預計與第一季相比至少會出現成長加速？

Yes, Joe. So no major surprises in Q2 so far. So we have started April pretty strong, similar to what we thought it would be. The team continues to execute well. We're working through some of the challenges we've talked about, whether it's on the cost of the product availability side. But as you currently pointed out, from a comp basis on a year-over-year basis, we will get into the first major quarter of the pandemic. And therefore, on a year-over-year basis, you should see a higher growth than what you saw in Q1.

是的，喬。因此，到目前為止，第二季度沒有出現重大意外。因此，我們四月份的開局相當強勁，與我們的預期類似。該團隊繼續表現良好。我們正在解決我們討論過的一些挑戰，無論是產品可用性方面的成本。但正如您目前指出的那樣，從同比來看，我們將進入大流行的第一個主要季度。因此，與去年同期相比，您應該會看到比第一季更高的成長。

Yes, Joe, as a reminder, last year, in Q1, we were up 20 basis points organically, I believe. And we were down, lower 13% in Q2. So the comp is a fair amount easier.

是的，喬，提醒一下，去年第一季度，我相信我們有機成長了 20 個基點。第二季我們的業績下降了 13%。所以比較容易得多。

Yes. That makes sense. I just wanted to clarify that. And then maybe my second question, Monish, you talked about 30% to 40% type incrementals, volume incrementals, when you have decent volumes. I guess, can you clarify that comment, is that an all-in number taking into account some of the headwinds that you've already discussed on the raw material side? Or is that just purely on volume to just clarify on those comments.

是的。這就說得通了。我只是想澄清這一點。然後也許是我的第二個問題，莫尼什，你談到了 30% 到 40% 的類型增量，體積增量，當你有不錯的體積時。我想，您能否澄清一下這一評論，這是一個考慮到您已經討論過的原材料方面的一些不利因素的總數字嗎？或者這純粹是為了澄清這些評論。

Yes, Joe, it's a great question. So I would say 30% to 40% is in the long term, what you should get leverage. 2021 in general is, I think, unusual, unusual on multiple fronts. One is when we gave you the guide at the beginning of the year, we talked about the snapback of indirect costs that should, hopefully, in 2021, as people start traveling, as we start investing from an ad merch perspective would go up on a year over.

是的，喬，這是一個很好的問題。所以我想說，從長遠來看，30% 到 40% 是你應該獲得的槓桿。我認為 2021 年總體來說是不尋常的，在多個方面都是不尋常的。其中之一是，當我們在今年年初向您提供指南時，我們談到了間接成本的快速回升，希望在2021 年，隨著人們開始旅行，當我們開始從廣告商品的角度進行投資時，間接成本將會上升一年過去了。

Similarly, at the beginning of the year, we reset our comp, so that's a headwind. We also had a property sale in fourth quarter of last year of approximately $50 million of gain. That's a nonrepeat. So all of those are one-time headwinds coming into the year that we talked about. We also talked that we will be increasing our investments in growth, productivity and sustainability in '21 as we see some of the trends playing out that can help us continue to grow in the longer term. And so that's the second headwind.

同樣，在今年年初，我們重置了我們的補償，所以這是一個逆風。去年第四季度，我們也進行了房產銷售，獲得了約 5,000 萬美元的收益。這就是不重複了。因此，所有這些都是我們談到的這一年中一次性出現的逆風。我們也談到，我們將在 21 年增加對成長、生產力和永續發展的投資，因為我們看到一些趨勢可以幫助我們繼續長期成長。這是第二個逆風。

And then the third, as has come through that I've talked about, it's the raw material and logistics cost increase, partially offset by the price increases that we are trying to do, increase our yield and then managing all the other costs that we have, whether it's legal costs as PFAS and combat arms and some of those proceedings proceed as well as any other investments that we want to make as we keep seeing growth opportunities in the long term. That's why I would say 30% to 40% is the normal, you should see in the long term, but 2021 is just a little odd for these reasons.

然後第三個，正如我已經談到的，這是原材料和物流成本的增加，部分被我們試圖做的價格上漲所抵消，增加我們的產量，然後管理我們需要的所有其他成本。無論是PFAS 和戰鬥武器的法律費用，以及其中一些訴訟程序的進行，以及我們希望進行的任何其他投資，因為我們不斷看到長期的成長機會。這就是為什麼我會說 30% 到 40% 是正常的，從長遠來看你應該看到，但由於這些原因，2021 年有點奇怪。

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

我們電話會議的問答部分到此結束。我現在將把電話轉回邁克·羅曼（Mike Roman），徵求一些結束語。

To wrap up, I am pleased with our first quarter performance as we drove strong growth, earnings and cash flow. We executed well and continue to build for the future through investments in growth, productivity and sustainability. We are well positioned for a successful 2021 and remain focused on delivering value for our customers and returns for our shareholders. Thank you for joining us.

總而言之，我對我們第一季的業績感到滿意，因為我們推動了強勁的成長、獲利和現金流。我們執行得很好，並繼續透過對成長、生產力和可持續性的投資來建立未來。我們已做好充分準備，迎接 2021 年的成功，並將繼續專注於為客戶創造價值，為股東帶來回報。感謝您加入我們。