3M (MMM) 2023 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 25, 2023.

女士們，先生們，謝謝你們的支持。歡迎來到 3M 第一季度財報電話會議。 （操作員說明）提醒一下，本次會議將於 2023 年 4 月 25 日星期二錄製。

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

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

Thank you. 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; and Monish Patolawala, our Chief Financial and Transformation 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 the homepage of our Investor Relations website at 3m.com.

謝謝。大家早上好，歡迎來到我們的第一季度收益電話會議。今天和我在一起的有 3M 董事長兼首席執行官 Mike Roman；以及我們的首席財務和轉型官 Monish Patolawala。 Mike 和 Monish 將發表一些正式評論，然後我們將回答您的問題。請注意，本次電話會議隨附的今天的收益發布和幻燈片演示發佈在我們的投資者關係網站 3m.com 的主頁上。

Please turn to Slide 2. Please take a moment to read the forward-looking statement. During today's conference call, we'll be making 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.

請轉到幻燈片 2。請花點時間閱讀前瞻性聲明。在今天的電話會議上，我們將做出某些預測性陳述，以反映我們目前對 3M 未來業績和財務業績的看法。這些陳述基於某些假設和對未來事件的預期，這些事件受到風險和不確定性的影響。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'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，在今天的整個演示過程中，我們將參考某些非 GAAP 財務指標。非 GAAP 措施的對賬可在今天新聞稿的附件中找到。

With that, please turn to Slide 3, and I'll now hand the call off to Mike. Mike?

有了這個，請轉到幻燈片 3，我現在將電話轉給邁克。麥克風？

Thank you, Bruce. Good morning, everyone, and thank you for joining us. Before I recap our first quarter, I want to discuss actions we are taking to improve our performance. As you recall, over the past few years, we have implemented a new global operating model led by our 4 business groups, which included moving to a common global supply chain design end-to-end. We have since advanced our digital capabilities, further repositioned our portfolio and continued to invest in growth and productivity.

謝謝你，布魯斯。大家早上好，感謝您加入我們。在我回顧第一季度之前，我想討論一下我們為提高業績而採取的行動。您還記得，在過去的幾年中，我們實施了由我們的 4 個業務部門領導的新全球運營模式，其中包括轉向通用的端到端全球供應鏈設計。此後，我們提升了我們的數字能力，進一步重新定位了我們的產品組合，並繼續投資於增長和生產力。

Our experience throughout this journey, including lessons learned during the pandemic, supply chain disruptions and changing global trends has shown us what is working and what we can do better. As I said last quarter, we are looking at everything we do. Today, we are announcing additional actions to improve our cost structure, streamline our corporate center, strengthen our supply chain, enhance our go-to-market models and drive greater focus in markets where 3M science gives us a clear competitive advantage.

我們在整個旅程中的經驗，包括在大流行病、供應鏈中斷和不斷變化的全球趨勢中吸取的教訓，向我們展示了哪些是有效的，哪些是我們可以做得更好的。正如我上個季度所說，我們正在審視我們所做的一切。今天，我們宣布採取更多行動來改善我們的成本結構，精簡我們的企業中心，加強我們的供應鏈，增強我們的上市模式，並更加關注 3M 科學為我們提供明顯競爭優勢的市場。

We will reduce costs at the corporate center by eliminating management layers across the company. We are broadly reducing our corporate shared services like our central design group. We are reducing rooftops worldwide, including exiting our conference center in Northern Minnesota. We are also simplifying and modernizing our technology by moving to the cloud and removing hundreds of legacy systems. This reduces costs and provides us greater agility and flexibility to invest in differentiated digital areas like data, analytics and automation while increasing investments in cybersecurity.

我們將通過消除整個公司的管理層級來降低企業中心的成本。我們正在廣泛減少我們的企業共享服務，比如我們的中央設計團隊。我們正在全球範圍內減少屋頂，包括退出我們在明尼蘇達州北部的會議中心。我們還通過遷移到雲端並刪除數百個遺留系統來簡化和現代化我們的技術。這降低了成本，並為我們提供了更大的敏捷性和靈活性，可以在數據、分析和自動化等差異化數字領域進行投資，同時增加對網絡安全的投資。

We are simplifying our supply chain structure to better align with our businesses and improve performance in every aspect of plan, source, make and deliver while adding industry expertise to help drive our progress. The actions we are announcing today will help us complete our shift from area to global management, simplifying reporting lines and clarifying accountability.

我們正在簡化我們的供應鏈結構，以更好地與我們的業務保持一致，並提高計劃、採購、製造和交付各個方面的績效，同時增加行業專業知識以幫助推動我們的進步。我們今天宣布的行動將幫助我們完成從區域管理到全球管理的轉變，簡化報告路線並明確問責制。

We are also taking out layers of management and duplication of activities across all areas of supply chain. Our progress in digital gives us better tools to use in the areas of planning, sourcing and logistics, removing redundant work and improving productivity. And we will prioritize our continuous improvement efforts in our largest factory operations. We will have a more efficient support structure and operating model to improve service, cost and inventory.

我們還消除了供應鏈所有領域的多層管理和重複活動。我們在數字化方面的進步為我們提供了更好的工具，可用於規劃、採購和物流領域，消除冗餘工作並提高生產力。我們將優先考慮我們最大的工廠運營中的持續改進工作。我們將擁有更高效的支持結構和運營模式，以改善服務、成本和庫存。

We are streamlining go-to-market models to better align with customers, improve agility and reduce management structure. This is driven by our relentless focus on optimizing the path to our customer. We are not adopting a one-size-fits-all approach. We are customizing an approach for each business that ensures greater focus.

我們正在簡化上市模式，以更好地與客戶保持一致，提高敏捷性並減少管理結構。這是由我們不懈地專注於優化客戶路徑所推動的。我們沒有採用一種放之四海而皆準的方法。我們正在為每項業務定制一種方法，以確保更加專注。

In Safety and Industrial and Transportation and Electronics, we will eliminate certain area-based business group leadership and move to a division-led model. In Transportation and Electronics, we will also combine 2 divisions, further reducing structure. In Consumer, we will simplify how we go to market with each area team aligned around their prioritized product portfolios and leading brands.

在安全和工業以及交通和電子領域，我們將取消某些基於領域的業務組領導，並轉向以部門為主導的模式。在運輸和電子方面，我們還將合併 2 個部門，進一步減少結構。在消費者領域，我們將簡化我們進入市場的方式，讓每個領域的團隊圍繞他們的優先產品組合和領先品牌保持一致。

In addition, we are changing our go-to-market model in approximately 30 countries around the globe, which represent less than 5% of our revenue. In these countries, we will leverage our digital and export capabilities and move to a model partnering with distributors with deep local knowledge and infrastructure, enabling us to significantly reduce our people, real estate and other related costs.

此外，我們正在全球約 30 個國家/地區改變我們的上市模式，這些國家占我們收入的不到 5%。在這些國家，我們將利用我們的數字和出口能力，並轉向與具有深厚的當地知識和基礎設施的分銷商合作的模式，使我們能夠顯著減少我們的人員、房地產和其他相關成本。

Through our actions, we plan to eliminate approximately 6,000 positions globally in addition to the reduction of 2,500 global manufacturing roles we announced in January. In total, this represents about 10% of our global workforce and senior executive roles. Reductions will span all functions, businesses and geographies and be completed in accordance with local regulations. We expect to take total pre-tax restructuring charges of $700 million to $900 million with approximately half of the charges to occur in 2023 and the balance to be largely taken in 2024.

通過我們的行動，除了我們在 1 月份宣布的全球製造職位減少 2,500 個之外，我們還計劃在全球範圍內裁減約 6,000 個職位。總的來說，這約占我們全球員工隊伍和高級管理職位的 10%。裁員將涵蓋所有職能、業務和地區，並根據當地法規完成。我們預計稅前重組費用總額為 7 億至 9 億美元，其中大約一半費用將在 2023 年發生，其餘大部分將在 2024 年發生。

We anticipate the actions will drive savings in the range of $700 million to $900 million, expand margins and position 3M for future growth. We estimate that approximately half of the annualized savings will be realized in 2023.

我們預計這些行動將節省 7 億至 9 億美元，擴大利潤率並為 3M 的未來增長奠定基礎。我們估計，大約一半的年化節省將在 2023 年實現。

At the same time, we are continuing to build 3M for the future, prioritizing high-growth markets like automotive electrification, personal safety, home improvement, semiconductors and health care. We are also investing in large emerging markets that demand our material science innovation, including climate technology, industrial automation, next-generation electronics and sustainable packaging. As we move forward, we will drive additional cost reductions through improvements in sourcing, yield, productivity, factory automation and network optimization of our plants and distribution centers.

同時，我們繼續為未來建設 3M，優先考慮汽車電氣化、人身安全、家居裝修、半導體和醫療保健等高增長市場。我們還投資於需要我們的材料科學創新的大型新興市場，包括氣候技術、工業自動化、下一代電子產品和可持續包裝。隨著我們的前進，我們將通過改進我們工廠和配送中心的採購、產量、生產力、工廠自動化和網絡優化來進一步降低成本。

Today, we are also announcing changes to align our leadership to our future direction. Effective immediately, Mike Vale is appointed Group President and Chief Business and Country Officer, a new role on the company's corporate operations committee reporting to me. In this new role, he will have responsibility for 3 of the company's 4 business groups: Safety and Industrial, Transportation and Electronics and Consumer and also Country Governance.

今天，我們還宣布了一些變化，以使我們的領導層與我們未來的方向保持一致。立即生效，Mike Vale 被任命為集團總裁兼首席業務和國家官，這是公司運營委員會的一個新角色，向我匯報。在這個新職位上，他將負責公司 4 個業務組中的 3 個：安全與工業、運輸與電子和消費者以及國家治理。

Jeff Lavers, who is leading our Consumer and Health Care business, will now lead our Health Care business and support the company's progress towards a spin-off and the transition to a new CEO and management team. Jeff continues to report to me. Karina Chavez will become Group President, Consumer. Chris Goralski will become Group President, Safety and Industrial. Ashish Khandpur will continue as Group President, Transportation and Electronics.

領導我們的消費者和醫療保健業務的 Jeff Lavers 現在將領導我們的醫療保健業務，並支持公司在分拆和過渡到新的 CEO 和管理團隊方面取得進展。傑夫繼續向我匯報。 Karina Chavez 將成為消費品集團總裁。 Chris Goralski 將成為安全和工業集團總裁。 Ashish Khandpur 將繼續擔任運輸和電子部門的集團總裁。

All 3 are experienced leaders at 3M and well positioned to help drive the actions we announced today to improve our performance. Karina, Chris and Ashish will report to Mike Vale. In total, today's action will make 3M more streamlined and competitive.

這三位都是 3M 經驗豐富的領導者，能夠很好地幫助推動我們今天宣布的行動，以提高我們的績效。 Karina、Chris 和 Ashish 將向 Mike Vale 匯報工作。總的來說，今天的行動將使 3M 更加精簡和更具競爭力。

Now please turn to Slide 4 for a summary of our first quarter. In an economic environment that remains challenging, we stayed relentlessly focused on serving customers and aggressively managed costs. We posted adjusted organic growth of minus 5.6% or minus 2.2% excluding our Russia exit and decline in disposable respirator sales. We delivered adjusted margins of nearly 18% and adjusted earnings of $1.97 per share while expanding our adjusted free cash flow to $900 million.

現在請轉到幻燈片 4，了解我們第一季度的摘要。在充滿挑戰的經濟環境中，我們堅持不懈地專注於服務客戶並積極管理成本。我們公佈調整後的有機增長為負 5.6% 或負 2.2%，不包括我們退出俄羅斯和一次性呼吸器銷售下降。我們實現了近 18% 的調整後利潤率和 1.97 美元的調整後每股收益，同時將調整後的自由現金流擴大至 9 億美元。

Today, we are affirming our full year guidance for organic growth, EPS and cash flow, which is inclusive of the restructuring charges and related savings. End-market trends played out as expected with ongoing weakness in consumer-facing markets. We saw continued strength in certain industrial markets, including automotive, electrical markets and abrasives.

今天，我們確認了我們對有機增長、每股收益和現金流的全年指導，其中包括重組費用和相關節省。隨著面向消費者的市場持續疲軟，終端市場趨勢如預期般發展。我們看到某些工業市場持續走強，包括汽車、電氣市場和磨料市場。

Our actions to reduce costs, which included plant spending, external services, travel and hiring, helped drive stronger-than-expected earnings and margins. We also continued to improve inventory levels, enabling us to deliver strong cash flow. At the same time, we are advancing our strategic priorities for long-term value creation as we make progress on the spin of our Health Care business.

我們降低成本的行動，包括工廠支出、外部服務、差旅和招聘，幫助推動了高於預期的收益和利潤率。我們還繼續改善庫存水平，使我們能夠提供強勁的現金流。與此同時，隨著我們在醫療保健業務方面取得進展，我們正在推進我們創造長期價值的戰略重點。

Turning to litigation. On Combat Arms, 3M continues to support Aearo Technologies through mediation discussions. We are focused on achieving a resolution that is efficient and equitable for all parties. With respect to PFAS, we continue to address litigation by defending ourselves in court or negotiating resolutions as appropriate. We also have a dedicated team to facilitate an orderly transition as we exit PFAS manufacturing and work to discontinue the use of PFAS in our products by the end of 2025.

轉向訴訟。在 Combat Arms 方面，3M 繼續通過調解討論支持 Aearo Technologies。我們專注於達成一項對所有各方都有效且公平的解決方案。關於 PFAS，我們繼續通過在法庭上為自己辯護或酌情協商解決方案來解決訴訟。在我們退出 PFAS 製造並努力在 2025 年底之前停止在我們的產品中使用 PFAS 時，我們還有一個專門的團隊來促進有序過渡。

In summary, we are improving day-to-day operational execution, advancing our strategic priorities and taking necessary actions to move 3M forward. We are dedicated to building on our progress, delivering greater value for our customers and shareholders and exiting 2023 a stronger and more focused 3M.

總之，我們正在改進日常運營執行，推進我們的戰略重點，並採取必要行動推動 3M 向前發展。我們致力於在我們的進步的基礎上再接再厲，為我們的客戶和股東創造更大的價值，並在 2023 年成為一個更強大、更專注的 3M。

Monish will now take you through the details of the quarter. Monish?

Monish 現在將帶您了解本季度的詳細信息。莫尼什？

Thank you, Mike, and I wish you all a very good morning. Please turn to Slide 5. As Mike mentioned, the first quarter macro and end-market trends have played out largely as anticipated. We experienced significant end-market weakness in consumer electronics, shifting consumer spending patterns along with the retailer destocking and mixed industrial end markets. We also continue to navigate COVID-related impacts in China and the ongoing geopolitical challenges in Europe.

謝謝你，邁克，祝大家早上好。請轉到幻燈片 5。正如邁克所說，第一季度的宏觀和終端市場趨勢基本符合預期。我們經歷了消費電子終端市場的顯著疲軟，消費者支出模式的轉變以及零售商去庫存和混合工業終端市場。我們還將繼續應對與 COVID 相關的中國影響以及歐洲持續存在的地緣政治挑戰。

Given the expected challenging start to the year, we relentlessly focused on serving our customers and took very aggressive actions to manage costs and spending. These actions, coupled with a lower-than-expected foreign currency headwind, enabled us to deliver a first quarter that was better than forecasted.

鑑於預計今年開局充滿挑戰，我們堅持不懈地專注於為客戶服務，並採取非常積極的行動來管理成本和支出。這些行動，加上低於預期的外匯逆風，使我們能夠交付好於預期的第一季度。

First quarter total adjusted sales was $7.7 billion or down 9.7% year-on-year. In addition to focusing on serving customers, first quarter sales benefited from a smaller-than-anticipated headwind to sales from foreign currency translation. The first quarter year-on-year translation impact was a minus 2.8% or approximately $230 million versus a forecast of minus 3% to minus 4%.

第一季度調整後的總銷售額為 77 億美元，同比下降 9.7%。除了專注於服務客戶外，第一季度的銷售額還得益於外幣換算對銷售額的不利影響小於預期。第一季度同比轉換影響為負 2.8% 或約 2.3 億美元，而預測為負 3% 至負 4%。

We also experienced a 1.3% sales decline from divestitures or approximately $120 million versus Q1 last year. This decline was largely from the third quarter 2022 divestiture of Food Safety, along with the deconsolidation of Aearo Technologies.

與去年第一季度相比，我們的資產剝離也導致銷售額下降 1.3%，即約 1.2 億美元。這種下降主要是由於 2022 年第三季度剝離了 Food Safety，以及拆分了 Aearo Technologies。

On an adjusted organic basis, first quarter sales decreased 5.6% versus last year. This result included an expected year-on-year headwind of approximately $300 million or 3.4 percentage points related to lower disposable respirator demand and the exit of our operations in Russia last year in the third quarter. Excluding this decline, Q1 adjusted organic sales growth was minus 2.2%.

在調整後的有機基礎上，第一季度銷售額與去年同期相比下降了 5.6%。這一結果包括預計同比逆風約 3 億美元或 3.4 個百分點，這與一次性呼吸器需求下降以及去年第三季度我們在俄羅斯的業務退出有關。排除這一下降，第一季度調整後的有機銷售增長為負 2.2%。

First quarter adjusted operating income was $1.4 billion with operating margins of 17.9% and adjusted earnings of $1.97.

第一季度調整後營業收入為 14 億美元，營業利潤率為 17.9%，調整後收益為 1.97 美元。

Turning to the components that impacted first quarter operating margins and earnings year-on-year performance. Our Q1 margin and earnings reflect the previously mentioned lower sales volume. This lower sales volume, combined with our efforts to reduce inventories, resulted in lower manufacturing productivity versus last year's first quarter. We were able to partially offset these headwinds through pricing performance and aggressive cost management, resulting in a net headwind to margins of 90 basis points and $0.17 to earnings.

轉向影響第一季度營業利潤率和收益同比表現的組成部分。我們第一季度的利潤率和收益反映了前面提到的較低的銷量。銷量下降，加上我們努力減少庫存，導致製造生產率低於去年第一季度。我們能夠通過定價性能和積極的成本管理部分抵消這些不利因素，從而導致利潤率淨不利因素 90 個基點和收益 0.17 美元。

As mentioned, we faced a challenging Q1 comp from last year's Omicron-driven disposable respirator demand, along with the exit of operations in Russia. This sales comp headwind resulted in a negative impact to operating margins of 1.1 percentage points and to earnings of $0.21 per share.

如前所述，我們面臨著來自去年 Omicron 驅動的一次性呼吸器需求以及俄羅斯業務退出的具有挑戰性的第一季度。這一銷售業績逆風導致營業利潤率下降 1.1 個百分點，每股收益下降 0.21 美元。

We continued our focus on improving our manufacturing and supply chain operations, including executing on restructuring actions to streamline the organization and adjust to slowing end-market demand. Restructuring charges in the quarter were $52 million or a year-on-year headwind of 50 basis points to margin and $0.05 to earnings per share. The carryover impact of higher raw material, logistics and energy cost inflation created a year-on-year headwind of approximately $100 million or a negative 130 basis point impact to operating margins and $0.15 to earnings.

我們繼續專注於改善我們的製造和供應鏈運營，包括執行重組行動以精簡組織並適應放緩的終端市場需求。本季度的重組費用為 5200 萬美元，同比利潤率下降 50 個基點，每股收益下降 0.05 美元。較高的原材料、物流和能源成本通脹的結轉影響造成了約 1 億美元的同比逆風，或對營業利潤率和收益產生 0.15 美元的負面影響 130 個基點。

As mentioned, foreign currency translation was a negative 2.8% impact to total sales. This resulted in a headwind of 30 basis points to margins and $0.10 to earnings per share. Divestitures, primarily Food Safety, along with the deconsolidation of Aearo Technologies, resulted in a year-on-year headwind of $0.03 to earnings per share in the quarter. Finally, other financial items increased earnings by a net $0.05 per share year-on-year driven by lower share count, partially offset by higher non-op pension expense.

如前所述，外幣換算對總銷售額產生了 2.8% 的負面影響。這導致利潤率下降 30 個基點，每股收益下降 0.10 美元。資產剝離（主要是食品安全）以及 Aearo Technologies 的拆分導致本季度每股收益同比下降 0.03 美元。最後，由於股票數量減少，其他金融項目每股淨收益同比增加 0.05 美元，部分被非運營養老金支出增加所抵消。

Please turn to Slide 6. First quarter adjusted free cash flow was approximately $950 million, up 24% year-on-year with conversion of 87%, up 37 percentage points versus last year's Q1. This year-on-year improvement was driven by lower annual incentive cash compensation and a strong focus on working capital management, particularly inventory improvement.

請翻到幻燈片 6。第一季度調整後的自由現金流約為 9.5 億美元，同比增長 24%，轉換率為 87%，比去年第一季度增長 37 個百分點。這一同比改善是由於較低的年度激勵現金薪酬和對營運資本管理的高度重視，尤其是庫存改善。

During the quarter, we continued to address manufacturing production levels to better align with end-market trends. Since last August, we have driven an approximately $500 million reduction in inventory levels. As I've said before, as supply chains heal and we progress the use of data and data analytics, we will see a reduction in inventory levels.

在本季度，我們繼續解決製造生產水平問題，以更好地與終端市場趨勢保持一致。自去年 8 月以來，我們已將庫存水平降低了約 5 億美元。正如我之前所說，隨著供應鏈的恢復以及我們對數據和數據分析的使用的進步，我們將看到庫存水平下降。

Adjusted capital expenditures were $445 million in the quarter, up 15% year-on-year as we continue to invest in growth, productivity and sustainability. During the quarter, we returned nearly $900 million to shareholders. Net debt at the end of Q1 stood at $12 billion, down 10% year-on-year with net debt-to-EBITDA at 1.5x.

本季度調整後的資本支出為 4.45 億美元，同比增長 15%，因為我們繼續投資於增長、生產力和可持續性。本季度，我們向股東返還了近 9 億美元。第一季度末的淨債務為 120 億美元，同比下降 10%，淨債務與 EBITDA 之比為 1.5 倍。

Please turn to Slide 8 for our business group performance. I will start with our Safety and Industrial business, which posted sales of $2.8 billion or down 6% organically. This result included a year-on-year comp headwind of $285 million due to last year's Omicron-driven disposable respirator demand and exit of Russia. Excluding the impact from disposable respirators and Russia exit, Safety and Industrial sales grew nearly 4% organically in Q1.

請轉到幻燈片 8 了解我們的業務組績效。我將從我們的安全和工業業務開始，該業務的銷售額為 28 億美元，有機下降 6%。由於去年 Omicron 驅動的一次性呼吸器需求和俄羅斯退出，這一結果包括 2.85 億美元的同比逆風。排除一次性呼吸器和俄羅斯出口的影響，第一季度安全和工業銷售額有機增長近 4%。

Organic growth was led by high single-digit increases in automotive aftermarket, electrical markets and abrasives, while the personal safety business declined mid-teens primarily due to the decline in disposable respirator demand. Excluding the impact from disposable respirators, the personal safety business grew low double digits organically.

有機增長由汽車售後市場、電氣市場和磨料市場的高個位數增長帶動，而人身安全業務下降了 15% 左右，主要原因是一次性呼吸器需求下降。排除一次性呼吸器的影響，人身安全業務有機增長低兩位數。

Turning to the rest of Safety and Industrial. Organic growth declined high single digits in industrial adhesives and tapes due to consumer electronic softness. And closure and masking systems was down low single digits as consumers pull back on discretionary spending, impacting e-commerce shipments. Roofing granules were down low single digits.

轉向安全和工業的其餘部分。由於消費電子產品的疲軟，工業粘合劑和膠帶的有機增長下降了高個位數。隨著消費者減少可自由支配的支出，影響電子商務出貨量，封閉和掩蔽系統的銷量下降了個位數。屋頂顆粒下降了低個位數。

Adjusted operating income was $562 million or down 19% versus last year. Adjusted operating margins were 20.2%, down 2.4 percentage points year-on-year. Margin headwinds were driven by lower sales volume, manufacturing and supply chain headwinds, carryover raw material, logistics and energy cost inflation, investments in the business and impacts from China COVID-related challenges. These headwinds were partially offset by benefits from pricing, aggressive spending discipline and productivity actions.

調整後營業收入為 5.62 億美元，比去年下降 19%。調整後營業利潤率為 20.2%，同比下降 2.4 個百分點。利潤率的不利因素是銷量下降、製造和供應鏈不利因素、結轉原材料、物流和能源成本通脹、業務投資以及中國 COVID 相關挑戰的影響。這些不利因素部分被定價、積極的支出紀律和生產力行動帶來的好處所抵消。

Moving to Transportation and Electronics on Slide 9, which posted Q1 adjusted sales of $1.7 billion. Adjusted organic growth declined 11.3% year-on-year, heavily impacted by a significant decline in demand for consumer electronic devices. Our auto OEM business increased approximately 6% year-on-year, in line with global car and light truck builds. We continue to gain penetration on new automotive platforms and expect to outperform build rates over the long run.

轉到幻燈片 9 上的運輸和電子產品，其發布的第一季度調整後銷售額為 17 億美元。調整後的有機增長同比下降 11.3%，主要受到消費電子設備需求大幅下降的影響。我們的汽車 OEM 業務同比增長約 6%，與全球轎車和輕型卡車的產量保持一致。我們繼續在新的汽車平台上獲得滲透，並期望在長期內超越構建率。

Our electronics business saw adjusted organic sales declines in the mid-30% range. This business continues to be impacted by significant end-market weakness along with tiers and OEMs aggressively reducing inventories, particularly for smartphones, tablets and TVs.

我們的電子業務調整後的有機銷售額下降幅度在 30% 左右。該業務繼續受到終端市場顯著疲軟以及各層級和 OEM 積極減少庫存的影響，尤其是智能手機、平板電腦和電視。

Turning to the rest of Transportation and Electronics. Advanced Materials had adjusted organic growth of high single digits year-on-year, while both transportation safety and commercial solutions declined. Transportation and Electronics delivered $284 million in adjusted operating income, down 36% year-on-year. Adjusted operating margin was 16.7%, down 5.5 percentage points year-on-year.

轉向運輸和電子的其餘部分。先進材料調整了同比高個位數的有機增長，而運輸安全和商業解決方案均出現下滑。運輸和電子業務實現調整後營業收入 2.84 億美元，同比下降 36%。調整後營業利潤率為 16.7%，同比下降 5.5 個百分點。

Margin headwinds were driven by sales volume declines, manufacturing and supply chain headwinds, carryover raw material, logistics and energy cost inflation, investments in the business and impacts from China COVID-related challenges. These headwinds were partially offset by benefits from pricing, aggressive spending discipline and productivity actions.

銷售量下降、製造和供應鏈逆風、結轉原材料、物流和能源成本通脹、業務投資以及中國 COVID 相關挑戰的影響推動了利潤率的逆風。這些不利因素部分被定價、積極的支出紀律和生產力行動帶來的好處所抵消。

Looking at our Health Care business on Slide 10. Q1 sales were $2 billion with organic growth of 1.4% versus last year. Excluding the impact on the exit of Russia, Health Care grew Q1 organic sales by approximately 2%. Sales in our Medical Solutions business and oral care grew low single digits organically year-on-year, while Health Information Systems was flat due to strained hospital budgets. Separation and purification declined high single digits due to the normalization of post-COVID-related biopharma demand.

在幻燈片 10 上查看我們的醫療保健業務。第一季度銷售額為 20 億美元，與去年相比有機增長 1.4%。排除對俄羅斯退出的影響，醫療保健第一季度的有機銷售額增長了約 2%。我們的醫療解決方案業務和口腔護理業務的銷售額同比有機增長低個位數，而健康信息系統由於醫院預算緊張而持平。由於 COVID 後相關生物製藥需求的正常化，分離和純化業務下降了高個位數。

First quarter elective healthcare procedure volumes were approximately 90% of pre-COVID levels as nurse labor shortages and strained hospital budgets continue to impact the pace of recovery. We continue to expect procedure volumes to improve as we progress through the year.

由於護士勞動力短缺和醫院預算緊張繼續影響恢復速度，第一季度選擇性醫療程序量約為 COVID 前水平的 90%。隨著我們在這一年的進展，我們繼續期望手術量會有所改善。

Health Care's first quarter operating income was $360 million, down 19% year-on-year. Operating margins were 17.9%, down 3 percentage points. Year-on-year operating margins were impacted by manufacturing and supply chain headwinds, carryover raw material logistics, and energy cost inflation, and investments in the business. These headwinds were partially offset by benefits from pricing, aggressive spending discipline, and productivity actions.

Health Care 第一季度營業收入為 3.6 億美元，同比下降 19%。營業利潤率為 17.9%，下降了 3 個百分點。同比營業利潤率受到製造和供應鏈逆風、結轉原材料物流、能源成本通脹以及業務投資的影響。這些不利因素部分被定價、積極的支出紀律和生產力行動帶來的好處所抵消。

Lastly on slide 11, our Consumer business posted first-quarter sales of $1.2 billion. Organic sales declined 6.8% year-on-year with particular weakness in the U.S., which was down high single digits. Stationery and office grew low single digits organically year-on-year, while the home improvement, home health and auto care business declined organically. Relative to first quarter last year, consumers have shifted their spending patterns to more nondiscretionary items and retailers have aggressively reduced their inventory levels. We expect consumers to remain cautious with their discretionary spending as we move forward through the year.

最後在幻燈片 11 上，我們的消費者業務公佈第一季度銷售額為 12 億美元。有機銷售額同比下降 6.8%，美國尤其疲軟，下降了高個位數。文具和辦公用品同比有機增長低個位數，而家居裝修、家庭健康和汽車護理業務有機下降。與去年第一季度相比，消費者已將消費模式轉向更多非自由支配的商品，零售商也大幅降低了庫存水平。我們預計，隨著我們在今年向前邁進，消費者將對其可自由支配的支出保持謹慎。

Consumer's first quarter operating income was $179 million, down 18% compared to last year with operating margins of 15%, down 1.8 percentage points year-on-year. The year-on-year decline in operating margins was driven by lower sales volume, manufacturing and supply chain headwinds and carryover raw material, logistics and energy cost inflation. These headwinds were partially offset by benefits from pricing, aggressive spending discipline and productivity actions.

消費者第一季度營業收入為 1.79 億美元，同比下降 18%，營業利潤率為 15%，同比下降 1.8 個百分點。營業利潤率同比下降的原因是銷量下降、製造和供應鏈逆風以及結轉原材料、物流和能源成本上漲。這些不利因素部分被定價、積極的支出紀律和生產力行動帶來的好處所抵消。

That concludes our remarks on the first quarter. Please turn to Slide 13 for a discussion on our outlook for the year and the second quarter. We are maintaining our full year guidance, reflecting a macroeconomic and end-market environment that remains very fluid and uncertain. Our outlook continues to incorporate the expected second half improvement in macroeconomic forecasts, including in China.

我們對第一季度的評論到此結束。請轉到幻燈片 13，討論我們對今年和第二季度的展望。我們維持全年指引，反映宏觀經濟和終端市場環境仍然非常不穩定和不確定。我們的展望繼續將下半年宏觀經濟預測的預期改善納入其中，包括中國。

We also anticipate the continued healing of global supply chains, which will help support ongoing product cost improvements in our manufacturing and supply chain operations, along with working capital performance, particularly inventory reductions. As a reminder, our full year adjusted organic sales growth is expected to be in the range of minus 3% to flat. This range includes an estimated 2 percentage point headwind from the ongoing decline in disposable respirator demand, along with the impact of our exit from Russia. Adjusted earnings are expected to be in the range of $8.50 to $9 per share. Full year adjusted free cash flow conversion remains forecasted in the range of 90% to 100%.

我們還預計全球供應鏈將持續修復，這將有助於支持我們製造和供應鏈運營中持續的產品成本改善，以及營運資本績效，尤其是庫存減少。提醒一下，我們全年調整後的有機銷售額增長預計在負 3% 至持平之間。這一範圍包括一次性呼吸器需求持續下降帶來的估計 2 個百分點的逆風，以及我們退出俄羅斯的影響。調整後的收益預計在每股 8.50 美元至 9 美元之間。全年調整後的自由現金流轉換率仍預計在 90% 至 100% 的範圍內。

Turning to our outlook for the second quarter. First, looking at external macroeconomic forecasts, both global GDP and IPI are currently expected to improve year-on-year and sequentially. The softness we experienced in Q1 in consumer electronics and consumer retail is expected to continue into Q2. We expect both sequential and year-on-year increase in auto bills, while health care procedure volumes are anticipated to be similar to Q1 levels and industrial end markets are expected to remain mixed.

轉向我們對第二季度的展望。首先，從外部宏觀經濟預測來看，目前全球GDP和IPI均有望實現同比和環比改善。我們在第一季度在消費電子產品和消費零售領域經歷的疲軟預計將持續到第二季度。我們預計汽車賬單的環比和同比增長，而醫療保健程序量預計將與第一季度水平相似，工業終端市場預計將保持好壞參半。

As discussed, we implemented very aggressive cost controls in the first quarter given the challenging start to the year, including on travel, advertising, external services and head count management. While we will remain disciplined, we expect to increase investments as we progress through the year to support end-market demand improvement in the second half and into the future.

如前所述，鑑於今年開局充滿挑戰，我們在第一季度實施了非常積極的成本控制，包括差旅、廣告、外部服務和員工人數管理。雖然我們將保持紀律，但我們預計會隨著今年的進展而增加投資，以支持下半年和未來終端市場需求的改善。

Including these factors, our expectations for Q2 are for total adjusted sales to be in the range of $7.7 billion to $7.9 billion versus $8.4 billion last year or down 6% to 8% year-on-year. Organic sales is expected to be down low to mid-single digits, which includes the forecasted year-on-year headwind of approximately 1.5% from disposable respirators.

包括這些因素在內，我們對第二季度的調整後總銷售額預計在 77 億美元至 79 億美元之間，而去年同期為 84 億美元，同比下降 6% 至 8%。預計有機銷售額將下降至中個位數，其中包括一次性呼吸器預計同比下降約 1.5%。

And finally, foreign currency translation is expected to be approximately a minus 2% headwind to sales versus last year's Q2 and divestitures a year-on-year headwind of minus 1%. From an EPS perspective, we estimate that second quarter adjusted earnings per share will be in the range of $1.50 to $1.75, including a pre-tax restructuring charge of $175 million to $250 million or $0.25 to $0.35 per share. This range also incorporates the continued softness in organic sales and expected increase in investments, higher non-op interest costs and an adjusted tax rate of 18.5% to 19.5%.

最後，預計與去年第二季度相比，外幣換算對銷售額的影響約為負 2%，資產剝離的同比影響為負 1%。從每股收益的角度來看，我們估計第二季度調整後的每股收益將在 1.50 美元至 1.75 美元之間，其中包括 1.75 億美元至 2.5 億美元或每股 0.25 美元至 0.35 美元的稅前重組費用。這一範圍還包括有機銷售的持續疲軟和投資的預期增長、更高的非運營利息成本以及 18.5% 至 19.5% 的調整稅率。

To wrap up, 2023 is a pivotal year for 3M from an execution perspective. As I mentioned, we aggressively managed cost, focused on serving customers while navigating end-market weakness, particularly in consumer-facing markets as we started the year. We expect organic sales volumes will improve as consumer retail and consumer electronics markets stabilize, China work through its COVID-related challenges as our year-on-year comps ease.

總而言之，從執行的角度來看，2023 年是 3M 的關鍵一年。正如我所提到的，我們積極地管理成本，專注於服務客戶，同時克服終端市場的疲軟，特別是在我們年初時面向消費者的市場。我們預計隨著消費零售和消費電子市場的穩定，有機銷量將有所改善，隨著我們的同比增長放緩，中國正在努力應對與 COVID 相關的挑戰。

The actions we announced today will enable us to exit 2023 stronger than we started and provide for significant margin and cash flow improvement into the future. I want to thank our customers and suppliers for their partnerships and the 3M employees for their hard work and dedication as they continue delivering for our customers.

我們今天宣布的行動將使我們能夠在 2023 年結束時比開始時更強大，並為未來帶來顯著的利潤率和現金流改善。我要感謝我們的客戶和供應商的合作夥伴關係，以及 3M 員工在繼續為我們的客戶提供服務時的辛勤工作和奉獻精神。

That concludes my remarks. We will now take your questions.

我的發言到此結束。我們現在將回答您的問題。

(Operator Instructions) Our first question comes from Andrew Kaplowitz with Citigroup.

（操作員說明）我們的第一個問題來自花旗集團的 Andrew Kaplowitz。

Mike or Monish, maybe we could start off by just talking a little bit more about the sales cadence during Q1 and here in April because I think, Monish, you mentioned your Q2 EPS guide is modestly below Q1 even ex restructuring. What happened as Q1 evolved here in April? Have you seen signs of consumer and electronics destocking running its course? I know you classified industrial markets is mixed. Do you see any changes in industrial markets as the quarter evolved? And is it just that increased investment in tax rate holding down Q2 versus Q1?

Mike 或 Monish，也許我們可以先多談談第一季度和 4 月份的銷售節奏，因為我認為，Monish，你提到你的第二季度 EPS 指南略低於第一季度，即使是在重組之前。 4 月份 Q1 在這裡演變時發生了什麼？您是否看到消費品和電子產品去庫存順其自然的跡象？我知道你分類的工業市場是混合的。隨著季度的發展，您是否看到工業市場有任何變化？與第一季度相比，是否只是增加了對稅率的投資？

Yes. Thanks, Andy. So I'll just start again back to 1Q. As we said in the prepared remarks, end markets pretty much played out as anticipated. You had consumer-facing businesses, both our Consumer business and our Electronics business. The Consumer business was down 7%. Electronics was down 35%. China continued to remain soft in Q1. We were down 20% in China. And also the DR and Russia comps pretty much came in where we said. So the end markets played up pretty much as anticipated.

是的。謝謝，安迪。所以我將重新開始回到 1Q。正如我們在準備好的評論中所說，終端市場的表現幾乎符合預期。你有面向消費者的業務，包括我們的消費者業務和我們的電子業務。消費者業務下降了 7%。電子產品下跌了 35%。中國在第一季度繼續保持疲軟。我們在中國下降了 20%。而且 DR 和 Russia comps 幾乎出現在我們所說的地方。因此，終端市場的表現與預期的差不多。

Coming into the quarter, we had given you a guide of $7.4 billion to $7.6 billion. We came in at $7.7 billion. So that's at the high end of our range with some of the benefit also coming from a better FX rate at minus 2.8% versus the 3% to 4% that we had guided coming into the quarter.

進入本季度，我們為您提供了 74 億美元至 76 億美元的指導。我們的收入為 77 億美元。因此，這是我們範圍的高端，部分好處還來自更好的外匯匯率，即負 2.8%，而我們在本季度指導的 3% 至 4%。

So when you look at that and you translate that into 2Q, I would still say the macroeconomic continues to remain fluid and uncertain. We are still seeing consumer weakness both in our Consumer business and in any of our consumer-facing businesses, especially consumer electronics.

因此，當您查看它並將其轉化為第二季度時，我仍然會說宏觀經濟繼續保持流動性和不確定性。在我們的消費者業務和任何面向消費者的業務中，尤其是消費電子產品，我們仍然看到消費者疲軟。

And so putting all that into the equation, also looking into industrial markets that remain mixed, healthcare and oral care procedures pretty much remaining flat sequentially. And then auto will be up a little bit sequentially and also up low double digits year-on-year. But then semiconductor is also down mid-teens on a year-over-year basis.

因此，將所有這些考慮在內，還要研究仍然混合的工業市場，醫療保健和口腔護理程序的順序幾乎保持平穩。然後汽車將按順序上漲一點點，並且同比上漲兩位數。但隨後半導體也同比下降了十幾歲。

Our current guide is $7.7 billion to $7.9 billion, which then translates to an EPS of $1.50 to $1.75. Included in that, Andy, in that $1.50 to $1.75 is a restructuring charge for the actions that we've announced today of $0.25 to $0.35. So if you exclude that for a moment, then on an apples-to-apples basis, you're looking at $1.85 to $2.

我們目前的指南是 77 億美元至 79 億美元，然後轉化為 1.50 美元至 1.75 美元的每股收益。其中包括，安迪，在 1.50 美元到 1.75 美元中，我們今天宣布的行動的重組費用為 0.25 美元到 0.35 美元。因此，如果您暫時將其排除在外，那麼在同類產品的基礎上，您將看到 1.85 美元至 2 美元。

And the delta, if your question is about 1Q versus 2Q is the items you correctly said, which is some more investments as we think -- as we look at the second quarter and the second half and the future, investments that we believe we want to take advantage of the markets as they get better in the second half, continuing to -- but we'll still continue to remain prudent with our investments depending on how the market evolves. And then it's the tax rate and some of the non-op that just sequentially looks tighter.

三角洲，如果你的問題是關於第一季度和第二季度，你說的是正確的項目，這是我們認為的更多投資——當我們展望第二季度和下半年以及未來時，我們認為我們想要的投資在下半年市場好轉時利用市場，繼續 - 但我們仍將繼續根據市場的發展情況對我們的投資保持謹慎。然後是稅率和一些看起來順序更緊的非操作。

But with that said, just for the year, again, we are maintaining guidance, which includes the restructuring charge of $700 million to $900 million for the program. We expect half of that will be incurred in 2023. And the benefits from that program are also $700 million to $900 million. And we expect the benefits -- half of those benefits also to show up in 2023.

但話雖如此，就今年而言，我們再次維持指導，其中包括該計劃的 7 億至 9 億美元的重組費用。我們預計其中一半將在 2023 年發生。該計劃的收益也為 7 億至 9 億美元。我們預計這些好處——其中一半也會在 2023 年出現。

Just for you to know and for others, we've announced a significant announcement today. Some of them are organizational changes and business combinations -- division combinations. We'll be working through all of the reporting -- our reporting on the new division basis. We plan to do that from 1Q 2024 onwards. Hopefully, that answers your question, Andy.

為了讓您和其他人知道，我們今天宣布了一項重要公告。其中一些是組織變革和業務合併——部門合併。我們將完成所有報告——我們在新部門基礎上的報告。我們計劃從 2024 年第一季度開始這樣做。希望這能回答你的問題，安迪。

Yes, Monish. That's helpful. And then, Mike, I wanted to ask you, $700 million to $900 million cost takeout, obviously, a relatively large program. How do you avoid business disruption and/or lower growth given all the changes you're going to make here?

是的，莫尼什。這很有幫助。然後，邁克，我想問你，7 億到 9 億美元的外賣成本，顯然是一個相對較大的項目。考慮到您將在此處進行的所有更改，您如何避免業務中斷和/或增長放緩？

And then assuming the second half of the program does get executed mostly by '24, maybe for Monish, how do we think about 3M's ability to generate that 30% to 40% incremental moving forward? If you do see sales rebound later in '23 as you expect and in '24, for example, should you see unusually high incrementals given the program?

然後假設程序的後半部分確實大部分在 24 歲之前執行，也許對於 Monish，我們如何看待 3M 產生 30% 到 40% 增量的能力？例如，如果您確實像預期的那樣在 23 年晚些時候和 24 年看到銷售反彈，那麼您是否應該看到該計劃異常高的增量？

Yes. Andy, as I said 3 months ago, we've been looking at everything we do as we come through the pandemic, come through the supply chain disruptions even face into the outlook for the year and our markets as we move ahead. So the actions that we've come to, they've been something that we've been very deliberate about thinking through. They're taking from learnings about what worked well and areas that we know we can improve. So it starts with a pretty strong basis. We're confident that these are the right actions about positioning us for growth and profitability as we go forward.

是的。安迪，正如我 3 個月前所說的那樣，我們一直在審視我們在度過大流行病、度過供應鏈中斷時所做的一切，甚至在我們前進的過程中面對今年的前景和我們的市場。因此，我們採取的行動是我們非常慎重考慮的事情。他們從中吸取教訓，了解哪些方面運作良好，哪些方面我們知道可以改進。所以它從一個非常強大的基礎開始。我們相信，這些是在我們前進的過程中為我們的增長和盈利定位的正確行動。

And it'll help us navigate -- as Monish just laid out, help us navigate some of the challenges and uncertainty we have in the current market. So our focus is -- as your question kind of indicated, our focus is on executing successfully. And that's -- these are significant changes. We're confident we've got the right focus. We've made some leadership changes to really ensure that we have our leadership focused on successfully making these improvements.

它將幫助我們導航——正如 Monish 剛剛提出的那樣，幫助我們應對當前市場中的一些挑戰和不確定性。所以我們的重點是——正如你的問題所表明的那樣，我們的重點是成功執行。那就是 - 這些都是重大變化。我們相信我們的重點是正確的。我們對領導層進行了一些調整，以真正確保我們的領導層專注於成功進行這些改進。

And I think that this is the next step for us. We believe and we're confident these will be the steps that really help improve our performance in our businesses and our supply chain. And as the second part of your question focused on, it's about improving our costs and margins. Reducing our costs and improving our margin performance gives us a position to be successful in the future, leverage our innovation to create differentiated value with customers and deliver that to the bottom line performance that we expect both in terms of margins and cash flow.

我認為這是我們的下一步。我們相信並且我們有信心這些將是真正有助於提高我們的業務和供應鏈績效的步驟。正如你問題的第二部分所關注的那樣，它是關於提高我們的成本和利潤率的。降低我們的成本並提高我們的利潤率績效使我們有能力在未來取得成功，利用我們的創新為客戶創造差異化的價值，並將其交付給我們在利潤率和現金流方面所期望的底線績效。

So it does position us for confidence in being able to do that as we go forward that incremental margin from our differentiated innovation. So yes, that's -- it's exactly the reason and confident we're positioned at the right -- with the right strategies in place.

因此，隨著我們從差異化創新中獲得增量利潤，它確實讓我們有信心能夠做到這一點。所以是的，這就是 - 這正是我們處於正確位置的原因和信心 - 制定了正確的戰略。

Our next question comes from Stephen Tusa with JPMorgan Securities.

我們的下一個問題來自摩根大通證券公司的 Stephen Tusa。

So just on this restructuring cost, can you maybe just give us a quarterly cadence on the costs and then the savings? And I mean getting half of the savings this year, that seems like a pretty quick payback on half the spending. Like is there anything unique to this program that would have an accelerated payback like that? It seems like a one-for-one on a quarterly basis, which is pretty fast.

那麼，就重組成本而言，您能否給我們一個關於成本和節省的季度節奏？我的意思是今年節省一半，這似乎是對一半支出的快速回報。這個項目有什麼獨特之處可以像那樣加速回報嗎？好像是按季送一送一的，挺快的。

Yes. So I'll just start again, Steve. It's $700 million to $900 million. We expect half of that to be incurred in 2023 and $175 million to 250 million to be incurred in the second quarter. The benefits of that program is also half in 2023, very little in 2Q. So the benefits actually show up in the second half.

是的。所以我會重新開始，史蒂夫。這是7億到9億美元。我們預計其中一半將在 2023 年發生，1.75 億至 2.5 億美元將在第二季度發生。該計劃的收益在 2023 年也減少了一半，在第二季度幾乎沒有。因此，好處實際上會在下半年出現。

The reason the benefits are stronger than you would have normally seen as not all of these costs are just people-related costs. We are taking a lot of other costs out from the center of the company, we're reducing rooftops, et cetera, which allow us to exit some of these cost structures faster, and that's why you get a better payback.

之所以收益比您通常認為的要大，是因為並非所有這些成本都只是與人相關的成本。我們正在從公司的中心削減很多其他成本，我們正在減少屋頂等等，這使我們能夠更快地退出其中一些成本結構，這就是為什麼你會得到更好的回報。

And so as far as the cadence of the charges, is there -- is it -- should we assume that they're spread throughout 3Q and 4Q and additionally with the savings, 3Q and 4Q?

至於收費的節奏，我們是否應該假設它們分佈在整個 3Q 和 4Q 以及節省的 3Q 和 4Q？

Right now, I would just focus on 2Q and the total year. And we'll update you, Steve, as we get through the announcements today and work through all the people-related costs and work through the rules and regulations in various countries. I would just focus on total year-end and 2Q.

現在，我只關注第二季度和全年。史蒂夫，我們會在今天發佈公告並處理所有與人員相關的成本並處理各個國家/地區的規章制度時向您通報最新情況。我只關注年終和第二季度的總額。

Okay. And then what was -- as far as like the go-to-markets are concerned and how you're changing things, what was the catalyst for this? What did you see in the business that you thought you needed to improve on from a go-to-market perspective with all these changes that you were talking about? It seems like some pretty significant initiatives from that perspective and a change in the way you guys have done business historically. What was the catalyst for that? What did you see that you didn't like?

好的。然後是什麼——就進入市場以及你如何改變事物而言，催化劑是什麼？從上市的角度來看，您認為您在業務中看到了哪些需要改進的地方，以及您正在談論的所有這些變化？從這個角度來看，這似乎是一些非常重要的舉措，並且改變了你們以往開展業務的方式。催化劑是什麼？你看到了什麼你不喜歡的？

Yes. I think the catalyst is really the learning and experience that we've gone through over the last few years. We put in place a business-led model really around our go-to-market models. We also put in place a global supply chain model that was end-to-end managed in one consistent model across the world. And we've been operating that through the pandemic, through the supply chain disruptions.

是的。我認為催化劑實際上是我們在過去幾年中所經歷的學習和經驗。我們圍繞我們的上市模型建立了一個以業務為主導的模型。我們還建立了一個全球供應鏈模型，該模型在全球範圍內以一個一致的模型進行端到端管理。我們一直在通過大流行，通過供應鏈中斷來運作。

Our businesses are learning, the go-to-market models that we have in place, we're learning how to optimize those. And I would say we're -- we've gotten to a point when we look at where our markets are going in the future, where we want to invest, how we want to operate best to serve our customers. It's really a learning -- more of a learning over that experience than a catalyst.

我們的企業正在學習，我們已經建立的上市模型，我們正在學習如何優化這些模型。我會說我們 - 當我們著眼於未來市場的發展方向，我們想要投資的地方，我們希望如何最好地運營以服務於我們的客戶時，我們已經到了一個地步。這真的是一種學習——更多的是對那種經歷的學習，而不是一種催化劑。

There's a catalyst, that's to position ourselves as we take action now for the future, make sure that we are stepping into the changes that will both drive the performance in the near term and also position us for the future. So the learning was really -- and I think the clear view of what we can do to improve in the go-to-market models and also in our supply chain that is really, like I said, giving us the strong focus on the actions that we're taking and announcing today.

有一個催化劑，那就是在我們現在為未來採取行動時定位自己，確保我們正在步入既能推動近期業績又能為未來定位的變革。所以學習真的 - 我認為我們可以做些什麼來改進進入市場模型以及我們的供應鏈，就像我說的那樣，這讓我們非常關注行動我們今天正在接受並宣布。

Can I just add one more, Steve? As I've always said this before, digital is a multiplier for 3M. And some of the digital capabilities that we have built over the last few years allows us to serve customers better. For example, Mike mentioned one of the areas where we are relooking at how we go to market in certain countries where in the past, we have had a full roof's top and a full cost structure, and now we're going to work through our partnerships of third-party distributors, leverage our digital capabilities, leverage our export capabilities. And that also allows us to reduce cost while making sure we still continue to take care of customers in those countries.

我可以再加一個嗎，史蒂夫？正如我之前一直所說的那樣，數字化是 3M 的倍增器。我們在過去幾年中建立的一些數字功能使我們能夠更好地為客戶服務。例如，Mike 提到了我們正在重新審視我們如何在某些國家/地區進入市場的領域之一，在過去，我們擁有完整的屋頂和完整的成本結構，現在我們將通過我們的工作第三方分銷商的合作夥伴關係，利用我們的數字能力，利用我們的出口能力。這也使我們能夠降低成本，同時確保我們仍然繼續照顧這些國家的客戶。

Our next question comes from Scott Davis with Melius Research.

我們的下一個問題來自 Melius Research 的 Scott Davis。

We've got a couple of different -- I mean this restructuring is large as the fellows have said. But you're also going to be getting out of the PFAS manufacturing business. Is that included in the restructuring? Or there'll be separate actions kind of sequentially on top of that as you exit each of these things?

我們有幾個不同的——我的意思是，正如同事們所說，這種重組規模很大。但您也將退出 PFAS 製造業務。這是否包括在重組中？或者當你退出這些東西時，會有一些單獨的動作在上面依次進行？

Yes, Scott. The PFAS exit, I would say this, we are executing what we announced at the end of last year and working to discontinue the use of PFAS in our products and working to exit the manufacturing. It's not a specific focus in the restructuring actions. That's -- we've got a dedicated team following through on that set of actions, and we continue to make good progress. We're working closely with customers and, I would say, making progress on our innovation to discontinue the use of PFAS in our products across the company. So it's a separate focus, separate team and a separate strategy for us.

是的，斯科特。 PFAS 退出，我想說的是，我們正在執行去年年底宣布的內容，並努力停止在我們的產品中使用 PFAS，並努力退出製造。這不是重組行動的具體重點。那就是 - 我們有一個專門的團隊來完成這一系列行動，並且我們繼續取得良好進展。我們正在與客戶密切合作，我想說的是，我們在創新方面取得了進展，以停止在整個公司的產品中使用 PFAS。因此，這對我們來說是一個單獨的焦點、單獨的團隊和單獨的策略。

Just to reminder, Scott, from a numbers perspective, when we announced the exit of -- the intent to exit our PFAS manufacturing and reduce our use of PFAS in our products, we had announced a fourth quarter charge. We said the total program would cost us $1.3 billion to $2.3 billion. In the fourth quarter of last year, we took a charge of $800 million, which was largely noncash. We continue to make progress around that. Our current excluded numbers include what that -- the extra charge in the quarter. For a total program basis, we still expect to incur right now $1.3 billion to $2.3 billion.

提醒一下，斯科特，從數字的角度來看，當我們宣布退出 - 打算退出我們的 PFAS 製造並減少我們在產品中使用 PFAS 時，我們已經宣布了第四季度的費用。我們說整個計劃將耗資 13 億至 23 億美元。去年第四季度，我們計提了 8 億美元的費用，其中大部分是非現金費用。我們繼續圍繞這一點取得進展。我們目前排除的數字包括那個——本季度的額外費用。對於整個項目基礎，我們仍然預計現在會產生 13 億至 23 億美元。

Okay. And Mike, I wanted to just ask you on R&D productivity. I mean when you think about the investments that you guys have made over the last 50 years, whatever, there's been time periods where growth has been great and a lot of support on the margins. And then there's been, perhaps the last decade, where I'd characterize growth is pretty minimal and maybe not as much supported in the margin structure as you had in the past.

好的。邁克，我只想問你關於研發生產力的問題。我的意思是，當你想想你們在過去 50 年裡所做的投資時，不管怎樣，有一段時間增長非常好，利潤率得到了很多支持。然後，也許在過去的十年裡，我認為增長非常小，而且利潤率結構的支持可能不像過去那樣多。

But is part of the restructuring and the changes you're making to help drive more accountability and productivity in R&D? Is it -- is there a -- I mean, I guess, a more polite way to ask the question is, is there any cultural or structural problems in R&D that you can address and perhaps improve that productivity going forward?

但是，您正在進行的重組和改變是否有助於推動研發方面的更多問責制和生產力？是否 - 我的意思是，我想，問這個問題的一種更禮貌的方式是，研發中是否存在任何你可以解決的文化或結構問題，並可能提高未來的生產力？

Yes, Scott. I think it's an important part of the actions we're announcing today, I would say, is to position us to be successful in delivering on the differentiated value that is 3M innovation. And we are always innovating around how we do that.

是的，斯科特。我認為這是我們今天宣布的行動的重要組成部分，我想說的是，讓我們能夠成功地實現 3M 創新的差異化價值。我們一直在圍繞如何做到這一點進行創新。

We -- I talked about in the announcements today that we are prioritizing some large, high-growth market segments where we have strong commercial presence and we can leverage strong innovation. So I think if there's a kind of a consistent message over the last year or so from me is that we are prioritizing more and more where we focus that R&D investment. It's still the first priority in our capital allocation, invest in R&D, invest in CapEx to drive that growth. We see the opportunities in those high-growth market space.

我們——我在今天的公告中談到，我們正在優先考慮一些大型、高增長的細分市場，在這些細分市場中，我們擁有強大的商業影響力，我們可以利用強大的創新。所以我認為，如果我在過去一年左右的時間里傳達出一種一致的信息，那就是我們越來越多地優先考慮我們關注研發投資的地方。它仍然是我們資本配置的首要任務，投資於研發，投資於資本支出以推動增長。我們看到了那些高增長市場空間中的機會。

We also called out and we're -- as part of our actions that we're announcing today, we're putting in place a central group to really focus some of the capabilities that we have in broad material science going after some emerging market segments like climate tech and industrial automation, sustainable packaging. Next-generation electronics has got over the horizon some really exciting spaces.

我們還發出呼籲，我們 - 作為我們今天宣布的行動的一部分，我們正在組建一個中心小組，以真正專注於我們在廣泛的材料科學領域擁有的一些能力，以應對一些新興市場氣候技術和工業自動化、可持續包裝等細分市場。下一代電子產品已經超越了地平線，一些真正令人興奮的空間。

So it's about continuing to evolve that prioritization. And the businesses, they've got, I would say, a very clear focus on where their priority markets are, where their customer opportunities are that they can really create the most differentiation.

所以這是關於繼續發展優先級。我想說，這些企業非常清楚地關注他們的優先市場在哪裡，他們的客戶機會在哪裡，他們才能真正創造最大的差異化。

So that's the, I would say, a continuous innovation and evolving nature of how we think about investing in R&D, how we think about driving growth. And our goal remains the same: to leverage our innovation, to grow at or above the macro of the economies that we're part of and really focusing on those high-growth market segments so that we can do that.

因此，我想說的是，我們如何看待研發投資，以及我們如何看待推動增長，這是一種持續創新和不斷發展的本質。我們的目標保持不變：利用我們的創新，在我們所屬的經濟體的宏觀經濟中或之上實現增長，並真正專注於那些高增長的細分市場，以便我們能夠做到這一點。

Our next question comes from Chris Snyder with UBS.

我們的下一個問題來自瑞銀集團的 Chris Snyder。

I wanted to ask on China. I think you guys called out China down 20% in the quarter. Was that worse than you guys have anticipated? And it sounds like there's an expectation of China stabilization or improvement as the year goes on? Is there anything you're seeing here through April maybe that gives you confidence that things there are getting better?

我想問問中國。我認為你們稱中國在本季度下降了 20%。這比你們預期的更糟嗎？聽起來好像隨著時間的推移中國會穩定或改善？整個 4 月，您在這裡看到的是否有任何事情可以讓您相信那裡的情況正在好轉？

Yes. So Chris, we did call out down 20%. It's pretty much played out exactly where we expected it to be when we gave you the first quarter guide. And in the second quarter, currently, we are expecting China to be down low single digits to mid-single digits. But sequentially, a few days into April, it's pretty much playing out where we saw.

是的。所以克里斯，我們確實下調了 20%。當我們為您提供第一季度指南時，它的表現幾乎完全符合我們的預期。在第二季度，目前，我們預計中國將下降低個位數至中個位數。但隨後，進入 4 月的幾天后，我們所看到的幾乎都在發揮作用。

And just talking to customers, talking and looking at all the external factors, there is an expectation that China GDP grows -- increases in the second half sequentially and year-on-year. And our full year guidance, as I've talked about, assumes overall recovery in all economies in the second half, including China. And as supply chains continue to heal, we should start also seeing the productivity or cost reductions in our cost of goods to start showing up in the second half.

僅與客戶交談，交談並查看所有外部因素，就可以預期中國 GDP 會增長——下半年環比增長和同比增長。正如我所說，我們的全年指導假設下半年所有經濟體都將全面復甦，包括中國。隨著供應鏈繼續恢復，我們也應該開始看到我們的商品成本的生產率或成本降低將在下半年開始顯現。

And so sitting right now, that's how we see China. China was impacted heavily by consumer electronics down in the first quarter, and that's also reflected in our results.

所以現在坐著，這就是我們對中國的看法。中國在第一季度受到消費電子產品下滑的嚴重影響，這也反映在我們的業績中。

And then for my follow-up, I wanted to ask on the destocking that you're seeing at the customer level. I think you guys called out retail as destocking year-to-date, and then we've seen the same in the data. Can you maybe just talk about where you think the supply chain is in that destock cycle?

然後對於我的後續行動，我想問一下你在客戶層面看到的去庫存。我想你們稱零售業今年迄今正在去庫存，然後我們在數據中也看到了同樣的情況。你能不能談談你認為供應鏈在那個去庫存週期中的位置？

Yes. Chris, we talked a bit about the consumer retail destocking as we came into the year, and we saw that play out in Q1. There -- I would say, in the U.S., in particular, retail has been destocking in the discretionary categories. And we saw that, and that was part of our expectation and pretty much played out as expected.

是的。克里斯，我們在進入這一年時談到了消費者零售去庫存，我們在第一季度看到了這一點。在那裡 - 我會說，特別是在美國，零售業一直在減少非必需品類別的庫存。我們看到了這一點，這是我們期望的一部分，並且幾乎按預期進行。

We see that getting back to closer to your more consistent weeks of stock, but there's still probably some destocking to continue there, not maybe as aggressively as we saw in Q1, but we still see that playing out as we move ahead. We're also seeing destocking, I would say, across some of the industrial markets. So we talked about that back on our Q4 earnings call as well that it was maybe out of cautious view of the outlook, and I would say that has played out as expected.

我們看到這種情況越來越接近您更穩定的庫存週數，但那裡可能仍會繼續進行一些去庫存，可能不像我們在第一季度看到的那樣激進，但我們仍然會看到這種情況在我們前進的過程中發揮作用。我想說，我們還看到一些工業市場正在去庫存。因此，我們在第四季度財報電話會議上也談到了這一點，這可能是出於對前景的謹慎看法，我想說結果如預期。

We saw destocking in China around the slowdown in electronics. Also, in automotive, we -- China saw a slowdown in automotive builds in Q1 and Asia more broadly destocking around electronics. I think the automotive levels more broadly given the growth are relatively in balance, maybe even low in some areas.

我們看到中國因電子產品放緩而去庫存。此外，在汽車方面，我們看到中國第一季度汽車製造放緩，亞洲更廣泛地圍繞電子產品去庫存。考慮到增長，我認為更廣泛的汽車水平相對平衡，在某些領域甚至可能較低。

Health Care is pretty well aligned with the market and the recovery that we're seeing in procedures. I think the consumer is also seeing the dynamic of seasonal builds. There are some seasonal builds going on in the channel as well. So some destocking, which played out as expected in the first quarter, I would say some of it carrying into the second quarter as we go forward. And then when you see the downturn in demand in electronics, there's naturally some destocking in the channels related to electronics as well.

醫療保健與市場和我們在程序中看到的複蘇非常吻合。我認為消費者也看到了季節性構建的動態。頻道中也有一些季節性的構建。因此，一些去庫存在第一季度按預期進行，我想說其中一些會在我們前進的過程中進入第二季度。然後當你看到電子產品需求低迷時，與電子產品相關的渠道自然也會出現一些去庫存。

Our next question comes from Josh Pokrzywinski with Morgan Stanley.

我們的下一個問題來自摩根士丹利的 Josh Pokrzywinski。

I just want to follow up on the restructuring program. Mike, Monish, I think you guys have had a few programs now over the last several years. And I know that they're approaching different aspects of the cost elements and different regions, et cetera. But trying to roll up to where do you see the margin entitlement for the business as we get through these programs over the next several years. Is there anything that you sort of have pencil out there that we should keep in mind, especially with a few of these programs overlapping and different mix changes, et cetera, going on within the business?

我只想跟進重組計劃。 Mike、Monish，我想你們在過去幾年裡已經有了一些項目。而且我知道他們正在處理成本要素和不同地區等的不同方面。但是，當我們在未來幾年通過這些計劃時，試圖匯總到您看到業務的保證金權利的位置。有沒有什麼你有鉛筆在那裡我們應該記住的，特別是這些程序中的一些重疊和不同的組合變化，等等，在業務中進行？

Yes, Josh. So I would say a couple of things. One is, of course, we have to have these programs work through. As we said, it's $700 million to $900 million. A large piece of those charges will be completed by 2024. So you'd start seeing the benefit without these charges in 2025 and beyond. That time, of course, you had to think through what the revenue is.

是的，喬希。所以我想說幾件事。當然，其中之一是我們必須讓這些計劃發揮作用。正如我們所說，它是 7 億到 9 億美元。這些費用中的很大一部分將在 2024 年之前完成。因此，您將在 2025 年及以後開始看到沒有這些費用的好處。那個時候，當然，你必須仔細考慮收入是多少。

But if you just use 2023 as a guide, as a basis, the margin expansion, excluding these charges are when these charges are done, is a 200 to 300 basis points of margin expansion that you should see on an annualized steady-state basis. What I would tell you is that allows us to definitely get the better leverage that we have all been talking about.

但是，如果您僅以 2023 年為指導，作為基礎，不包括這些費用，當這些費用完成時，利潤率擴張是 200 到 300 個基點，您應該在年化穩態基礎上看到。我要告訴你的是，這絕對能讓我們獲得我們一直在談論的更好的影響力。

But the second other factor that comes into play as supply chains start to heal, you should start seeing productivity and cost out starting to show up, which again is in our second half guide for the year. But that should continue into the future years. And then you add on data, data analytics and the digital capabilities that we have, that will allow us to do better network and logistics optimization, also dual-sourcing programs kicking in, et cetera. So we should continue to see margin rates expand into the long term once these programs are done. So hopefully, I answered your question, Josh.

但隨著供應鏈開始恢復，第二個其他因素開始發揮作用，你應該開始看到生產力和成本開始顯現，這再次出現在我們今年下半年的指南中。但這應該會持續到未來幾年。然後你添加數據、數據分析和我們擁有的數字功能，這將使我們能夠進行更好的網絡和物流優化，以及雙源程序等。因此，一旦這些計劃完成，我們應該繼續看到保證金率在長期內擴大。所以希望我回答了你的問題，喬什。

Yes. That's helpful. And I'll leave it there at the interest of time.

是的。這很有幫助。時間緊迫，我會把它留在那裡。

Our next question comes from Joe Ritchie with Goldman Sachs.

我們的下一個問題來自高盛的 Joe Ritchie。

So I know we've had a bunch of questions on the restructuring. I want to delve in a little bit deeper there because there's lots of cost levers that you described. I'm just curious, is there a way to bucket perhaps like some of these -- how big, like whether it's reducing the layers or supply chain is in that $700 million to $900 million cost-out?

所以我知道我們對重組有很多疑問。我想在那裡進行更深入的研究，因為您描述了很多成本槓桿。我只是好奇，是否有一種方法可以像其中的一些一樣——有多大，比如它是在減少層數還是供應鏈，在 7 億到 9 億美元的成本支出中？

And then maybe specifically on the simplification piece, again, any kind of quantification, like how many P&Ls are you streamlining? Any other color around that would be helpful.

然後也許特別是在簡化部分，再一次，任何一種量化，比如你要精簡多少損益表？周圍的任何其他顏色都會有所幫助。

So Joe, the $700 million to $900 million, if we just break it down to broad buckets, 40% of it is around the supply chain simplification that Mike talked about. The remaining 60%, you can split between costs at the center of the company and costs at the BGs.

所以喬，7 億到 9 億美元，如果我們把它分解成大桶，其中 40% 是圍繞邁克談到的供應鏈簡化。剩下的 60%，您可以在公司中心的成本和 BG 的成本之間分配。

From a P&L perspective, a couple of items that Mike talked about, again, on the go-to-market. There'll be a couple of divisions in TEBG that will be combined. And then from a consumer perspective, we will serve our customers more from an area perspective and then realign them around portfolios.

從 P&L 的角度來看，Mike 再次談到了一些關於上市的項目。 TEBG 中將有幾個部門將合併。然後從消費者的角度來看，我們將更多地從區域角度為我們的客戶提供服務，然後圍繞產品組合重新調整他們。

And the other piece on a go-to-market cost saving is, as we look at some of the countries, the way we serve using our digital capabilities, we will look at using our partnerships that we have with our third-party distributors in those countries and use a digital/export model to serve those customers in those countries, which will also allow us to take out rooftops and fully loaded P&Ls in those countries that will also allow us to save cost.

另一個關於進入市場成本節約的部分是，當我們觀察一些國家時，我們使用我們的數字能力提供服務的方式，我們將研究使用我們與第三方分銷商的合作夥伴關係這些國家並使用數字/出口模型為這些國家的客戶提供服務，這也將使我們能夠在這些國家消除屋頂和滿載損益表，這也將使我們能夠節省成本。

Got it. That's super helpful. And maybe my follow-on question, I didn't hear it earlier, but how much pricing came through this quarter? What's the expectation going forward on price/cost?

知道了。這非常有幫助。也許我的後續問題，我之前沒有聽說過，但是這個季度有多少定價？對價格/成本的預期是什麼？

Yes. So depending on the business group, Joe, we had anywhere between low to mid-single digits. The average is low single digits. The guide for the year is low single digits. And at the same time, as we have said before, if we continue to see inflation, we will readjust as needed.

是的。因此，根據業務組的不同，Joe，我們的收入介於中低個位數之間。平均值是低個位數。年度指南是低個位數。與此同時，正如我們之前所說，如果我們繼續看到通貨膨脹，我們將根據需要進行調整。

The teams have done a good job, I would say, of looking at it product by product, market by market and making the right necessary price moves as required when they see inflation.

我想說，這些團隊做得很好，一個產品一個產品，一個市場一個市場地研究它，並在看到通貨膨脹時根據需要做出正確的必要價格變動。

Our next question comes from Julian Mitchell with Barclays.

我們的下一個問題來自巴克萊銀行的 Julian Mitchell。

Maybe leave aside the firm-wide restructuring for a second. And I just wanted to focus on the Health Care business as that's meant to spin out in a matter of months. The margin is down pretty heavily year-on-year again, down sequentially as well and not a lot of organic growth. So just trying to sort of understand how comfortable do you feel with that Health Care business kind of ahead of the spin?

也許暫時擱置公司範圍內的重組。我只是想專注於醫療保健業務，因為這將在幾個月內分拆出來。利潤率再次同比大幅下降，環比下降，有機增長不多。因此，只是想了解一下您對即將到來的醫療保健業務感覺有多舒服？

Are we seeing a big front-loading of investments, so it has kind of less to do post-spin? Just trying to understand kind of the approach there for this year and why those margins seem to be under such pressure.

我們是否看到了大量的前期投資，所以它做的後期旋轉有點少？只是想了解今年的方法，以及為什麼這些利潤率似乎承受著如此大的壓力。

Yes. Julian, and I'll come to kind of the organic growth and margin. I would say we continue to see the healthcare procedures as an important driver of our Health Care performance. And there, we see some improvements. Monish highlighted in his prepared remarks some of the headwinds and challenges that are still -- the labor shortages and some of the challenges in health care recovering to pre-pandemic levels.

是的。朱利安，我會談談有機增長和利潤率。我想說的是，我們繼續將醫療保健程序視為我們醫療保健績效的重要驅動力。在那裡，我們看到了一些改進。莫尼什在他準備好的講話中強調了一些仍然存在的逆風和挑戰——勞動力短缺和醫療保健恢復到大流行前水平的一些挑戰。

So that's important factor in driving our growth. If you look at our business, we also had some headwinds from the Russia exit and DR and so close to 2% organic growth. And we expect as procedures do recover that we'll see improvements in our organic growth.

所以這是推動我們增長的重要因素。如果你看一下我們的業務，我們也遇到了來自俄羅斯退出和 DR 的一些阻力，有機增長接近 2%。我們預計隨著程序的恢復，我們將看到有機增長的改善。

On the margin side, Monish called out some of the headwinds, we have -- still seeing some supply chain headwinds, still seeing some carryover from material raw material and logistic inflation, energy cost inflation. And we are making some investments, investing in -- it is a prioritized area of growth for us, and we're making and really staying focused on those investments. So it's a -- it is part of the performance in the quarter. But again, confident that as procedures improve, we'll see growth and growth gives us the best leverage to the margin. We'll see those margins improve as we see some of the supply chain healing and some of the actions that we are taking help impact that as well.

在保證金方面，莫尼什指出了一些不利因素，我們仍然看到一些供應鏈不利因素，仍然看到材料原材料和物流通脹、能源成本通脹的一些結轉。我們正在進行一些投資，投資——這是我們優先發展的領域，我們正在並真正專注於這些投資。所以這是 - 這是本季度業績的一部分。但再次相信，隨著程序的改進，我們將看到增長和增長為我們提供最好的利潤槓桿。我們將看到這些利潤率有所提高，因為我們看到一些供應鏈正在恢復，我們正在採取的一些行動也有助於影響這一點。

Just one more to add is biopharma. As we mentioned in our prepared remarks, biopharma this quarter was also impacted due to the normalization of COVID-related demand. And as Mike mentioned, the Health Care business is -- for us is a great business. We will see volumes grow as elective procedures grow, oral care procedures go and biopharma demand comes back once we get the normalization out of the way from an inventory level.

還有一個要補充的是生物製藥。正如我們在準備好的評論中提到的那樣，由於與 COVID 相關的需求正常化，本季度的生物製藥也受到了影響。正如邁克所說，醫療保健業務對我們來說是一項偉大的業務。一旦我們從庫存水平恢復正常化，我們將看到隨著選擇性程序的增加、口腔護理程序的取消和生物製藥需求的增加，數量也會增加。

And with all that put together, the margin rates will also go up as volumes come through. But this is, again, a segment Mike has called out multiple times an area where we see great opportunity, which means we will continue to invest in that segment to make sure we take advantage of long-term growth.

綜上所述，保證金率也將隨著交易量的增加而上升。但這又是邁克多次提到的一個領域，我們看到了巨大的機會，這意味著我們將繼續投資該領域，以確保我們利用長期增長。

And then just my follow-up on electronics specifically. I think you mentioned, Monish, that was down sort of 35% in Q1 year-on-year. It looks like the second quarter is down maybe in the teens based on Slide 13 in Electronics. How are you thinking about that sort of rate of improvement? What's baked into the back half for Electronics in your guidance? Do you think we should see year-on-year growth by the fourth quarter for Electronics? Any sort of color there around how you're looking at that business through the balance of the year?

然後就是我對電子產品的後續跟進。我想你提到過，莫尼什，第一季度同比下降了 35%。根據電子產品中的幻燈片 13，看起來第二季度可能下降了十幾歲。您如何看待這種改進率？在您的指導中，電子產品的後半部分有什麼內容？您認為我們應該在第四季度看到電子產品的同比增長嗎？在今年餘下的時間裡，您對這項業務有何看法？

Yes. That's -- you got it right. Right now, our second quarter is also going to get impacted continuing inventory challenges and destocking at consumer electronics, whether it's tablets, notebooks, TVs. Our view is that as China stabilizes as we start seeing our comps ease compared to last year, fourth quarter should be on a much more normal run rate, which means on a year-over-year basis, it will show positive growth.

是的。那是——你沒看錯。目前，我們的第二季度也將受到持續的庫存挑戰和消費電子產品去庫存的影響，無論是平板電腦、筆記本電腦還是電視。我們的觀點是，隨著中國開始穩定下來，我們開始看到我們的收入與去年相比有所緩解，第四季度的運行率應該更加正常，這意味著與去年同期相比，它將呈現正增長。

Our next question comes from Nigel Coe with Wolfe Research.

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

So just wanted to touch on the appointment of Mike Vale as Group President. Just first of all, congratulations to Mike. But how does this change your role, Michael Roman, in terms of your focus areas? I mean Mike is obviously -- seems like he's getting direct responsibility for the 3 segments. I mean how does this change your focus areas going forward?

所以只想談談任命 Mike Vale 為集團總裁。首先，祝賀邁克。但是，就您的重點領域而言，這如何改變您的角色，Michael Roman？我的意思是邁克顯然 - 似乎他直接負責這 3 個部分。我的意思是這將如何改變您未來的重點領域？

Yes. Nigel, I think it's a reflection on really what are the strategies and actions that we're driving and the priorities that we're focused on right now and the importance of having leadership that brings the necessary focus as we go forward. And so it's even looking back to 2022, the -- some of the pivotal actions that we announced as we came through the year, they are the health care spend, our actions in terms of our supply chain changes, focusing our leadership now with the actions we're announcing today to go further and really make the changes in our -- the next set of changes in our supply chain, moving forward with our new go-to-market models.

是的。奈傑爾，我認為這實際上反映了我們正在推動的戰略和行動是什麼，我們現在關注的優先事項，以及在我們前進的過程中擁有領導力的重要性。因此，甚至回顧 2022 年，我們在這一年中宣布的一些關鍵行動，它們是醫療保健支出，我們在供應鏈變化方面的行動，現在將我們的領導力集中在我們今天宣布的行動是為了走得更遠，真正改變我們的——我們供應鏈的下一組變化，推進我們新的上市模式。

Mike's role is really focused on that. When I talked to Mike about stepping into this leadership role, it's about really ensuring success as we drive these actions and changes forward, position us for the future, help the businesses working with the supply chain to be successful in integrating these changes and building for the future, help us to focus on the high-growth market segment.

Mike 的角色就是專注於此。當我與 Mike 談到擔任這一領導角色時，它是關於真正確保成功，因為我們推動這些行動和變革向前發展，為我們的未來定位，幫助與供應鏈合作的企業成功整合這些變革並為未來，幫助我們專注於高增長的細分市場。

So it's really about putting up -- taking our priorities and putting a strong leadership support in place to drive that. These are important and really significant actions that we're putting in place and important that we have. We also are supporting our leadership with a dedicated project management office. These are significant changes. So it's really a strong statement about what's most important both on the restructuring but also on our strategies in terms of growth and executing for our customers.

所以這真的是關於堅持——確定我們的優先事項，並提供強有力的領導支持來推動這一點。這些是我們正在採取的重要且非常重要的行動，我們已經採取了這些行動。我們還通過專門的項目管理辦公室支持我們的領導。這些都是重大變化。因此，這確實是關於重組最重要的內容以及我們在增長和為客戶執行方面的戰略最重要的聲明。

Okay. That's helpful. And then one for Monish, just a follow-up on Joe's question on pricing. It seems like given the 1.3 percentage points hit to margins from raw materials, it seems like price/cost was positive this quarter. Just wondering if there had been any change in the way you're viewing the supply chains to raw material kind of dynamics for this year.

好的。這很有幫助。然後是針對 Monish 的，只是對 Joe 關於定價的問題的跟進。鑑於原材料利潤率下降 1.3 個百分點，本季度價格/成本似乎為正。只是想知道今年您查看供應鏈到原材料動態的方式是否有任何變化。

Yes, no change. I would say it's the same. So price/cost was positive, and the teams continue to manage both. As we think about the second half, that's where supply chains, our belief is supply chain start healing, which means we should be able to see better cost -- product cost from our factories as well as the cost from sourcing. That should continue to help us build on margins, which goes back to where -- what we have talked about at earnings, talked about it at last quarter earnings, currently too, that all of this is baked into our guide where we see supply chain starting to heal in the second half and even markets starting to heal in the second half because as you know, we've talked about volume gives us the best leverage. So those are the 2 things we're counting on in the second half.

是的，沒有變化。我會說這是一樣的。所以價格/成本是正的，團隊繼續管理這兩者。當我們考慮下半年時，這就是供應鏈，我們相信供應鏈開始癒合，這意味著我們應該能夠看到更好的成本——我們工廠的產品成本以及採購成本。這應該會繼續幫助我們提高利潤率，這可以追溯到我們在收益中談到的，在上一季度的收益中談到的，目前，所有這些都融入了我們看到供應鏈的指南中下半年開始好轉，甚至市場在下半年開始好轉，因為正如你所知，我們已經談到交易量給了我們最好的槓桿作用。所以這些是我們在下半場指望的兩件事。

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

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

Can we get an update on the health care (inaudible) Analyst meeting? And what's the effect on the separation of R&D? There's so much in way of shared technologies. What's the plan there and also for stranded costs?

我們能否獲得有關醫療保健（聽不清）分析師會議的最新消息？研發分離有什麼影響？共享技術的方式太多了。那裡有什麼計劃以及擱淺成本？

Yes. Deane, maybe I'll make a comment about the R&D. So this is something that we've managed with other separations and divestitures and nothing of the health care spend scale, but it's something that we're able to manage. We've -- part of the focus of the separation team is on this area, and it's important to be able to set up both Health Care and 3M going forward with the strong foundation for innovation that they both need.

是的。 Deane，也許我會對研發發表評論。因此，這是我們通過其他分離和資產剝離管理的事情，與醫療保健支出規模無關，但這是我們能夠管理的事情。我們已經 - 分離團隊的部分重點放在了這個領域，並且能夠為醫療保健和 3M 建立他們都需要的強大創新基礎非常重要。

And you -- the fields of use are actually quite distinct between Health Care and what will be 3M Company going forward. So that's a really a big part of it. And then we work through the details, make sure that we are positioning both companies to have the -- not only the access to the technology, but the intellectual property that is at the foundation of what makes our innovation really that differentiated. So making good progress on that and feel like that's an area that we have a good road map ahead for us to follow.

而你——醫療保健和 3M 公司未來的使用領域實際上是截然不同的。所以這真的很重要。然後我們研究細節，確保我們將兩家公司定位為擁有——不僅是技術的獲取，而且是讓我們的創新真正與眾不同的基礎的知識產權。因此，在這方面取得良好進展，感覺這是我們前面有一個很好的路線圖供我們遵循的領域。

Just on your second question on timing. As you know, Deane, last quarter 2, Mike had said, the teams are continuing to make good progress. This quarter 2, they're making good progress. We were going -- we were working towards a Q4 '23, early 2024 time line. But just a reminder, our spin timing ultimately is subject to the IRS rulings because we want this to be a tax-free transaction, government approvals, making sure we get final Board approval and also taking into account other conditions like equity and debt markets, other external conditions that could impact -- on other developments that could impact 3M or any of its business.

關於你的第二個時間問題。如你所知，迪恩，邁克在上一節第 2 節說過，球隊正在繼續取得良好進展。本季度 2，他們取得了良好的進展。我們正在努力——我們正在努力實現 23 年第四季度，即 2024 年初的時間表。但提醒一下，我們的分拆時間最終取決於美國國稅局的裁決，因為我們希望這是一項免稅交易、政府批准，確保我們獲得董事會的最終批准，並考慮到股票和債務市場等其他條件，其他可能影響 3M 或其任何業務的其他發展的外部條件。

So put all that together, I would just say that teams are focused, dedicated teams continuing to make progress working through all the government regulations that we have to work through to get ready.

因此，將所有這些放在一起，我只想說團隊是專注的、敬業的團隊，他們將繼續在我們必須通過的所有政府法規中取得進展，以做好準備。

That's helpful. And just if you can comment on the plan for stranded costs. And are there other spin-offs being contemplated by the Board?

這很有幫助。就在您可以對擱淺成本計劃發表評論的情況下。董事會是否正在考慮其他分拆？

So I'll just -- on stranded costs, when we announced this transaction mid last year, one of the items we had talked about was that benchmarks were anywhere between 1% to 1.5% of revenue is stranded cost. And we had talked about saying, we believe we can do much better than that. Based on all the actions that we are taking today, currently, our view on stranded costs ultimately depends on the revenue of [ParentCo 2] is between 50 to 75 basis points, so much lower than benchmark. But we'll keep working it. We'll keep working it from now until the end of the -- til the spin-off. And we'll keep working it post that, too, to reduce that.

所以我只是 - 關於擱淺成本，當我們去年年中宣布這項交易時，我們談到的其中一項是，基准在收入的 1% 到 1.5% 之間的任何地方都是擱淺成本。我們曾談到說，我們相信我們可以做得更好。根據我們今天採取的所有行動，目前，我們對擱淺成本的看法最終取決於 [ParentCo 2] 的收入在 50 到 75 個基點之間，遠低於基準。但我們會繼續努力。從現在開始，我們將繼續努力，直到分拆結束。我們也會在發布後繼續努力，以減少這種情況。

And Deane, I would say we're focused on successfully moving forward and making -- successfully making progress with the spin of Health Care. And we are, of course, focused on the actions that we announced today. So we don't plan on any other major portfolio actions in the near term.

迪恩，我想說我們專注於成功地向前推進並取得——成功地在醫療保健領域取得進展。當然，我們關注的是我們今天宣布的行動。因此，我們近期不打算採取任何其他重大投資組合行動。

And our final question comes from Nicole DeBlase with Deutsche Bank.

我們的最後一個問題來自德意志銀行的 Nicole DeBlase。

In the interest of time, I'm just going to ask one, and that's -- can you just comment on how organic growth kind of trended throughout the quarter, if there were any discernible differences between Jan, Feb, March and then into April?

為了節省時間，我只想問一個問題，那就是——您能否評論一下整個季度的有機增長趨勢，是否在 1 月、2 月、3 月和 4 月之間存在任何明顯的差異？ ？

So Nicole, I would say overall, the quarter pretty much played out as we thought. Jan, Feb, March, we expected acceleration, which we saw. April is also playing out pretty much where we saw. So there's -- I would say there was nothing in the intra-quarter trends in Q1 that stood out from where we had expected it to be.

所以妮可，我想說的是，總的來說，這個季度幾乎和我們想像的一樣。一月、二月、三月，我們預計會加速，我們也看到了。四月也在我們看到的地方發揮作用。所以 - 我想說的是，第一季度的季度內趨勢沒有任何超出我們預期的地方。

China remains soft, consumer-facing businesses remains soft, industrial end markets ex electronics remain strong. And then healthcare elective procedures pretty much remain the same. And you normally in that industry see a Q4, Q2 or 1Q slowdown just as procedures slow down, and we saw that too. So nothing I would say is major to call out intra-quarter in 1Q.

中國仍然疲軟，面向消費者的業務仍然疲軟，電子產品以外的工業終端市場依然強勁。然後醫療選修程序幾乎保持不變。在那個行業，你通常會看到第四季度、第二季度或第一季度的放緩，就像程序放緩一樣，我們也看到了。因此，我想說的是在第一季度調用季度內的主要內容。

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 Mike Roman 以徵求一些結束意見。

To wrap up, we are taking significant actions to create a streamlined and stronger 3M. We will stay focused on creating greater value for customers and shareholders, improving our performance and using 3M science to make a difference in the world. Thank you for joining us.

總而言之，我們正在採取重大行動來創建精簡且更強大的 3M。我們將繼續專注於為客戶和股東創造更大的價值，提高我們的績效，並利用 3M 科學改變世界。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 we ask that you please disconnect your lines.

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，我們請求您斷開您的線路。