3M (MMM) 2025 Q2 法說會逐字稿

Ladies and gentlemen, thank you for standing by. Welcome to the 3M second quarter earnings conference Call. (Operator Instructions). As a reminder, this call is being recorded, Friday, July 18, 2025.

女士們、先生們，感謝你們的支持。歡迎參加 3M 第二季財報電話會議。（操作員指令）。提醒一下，本次通話正在錄音，時間為 2025 年 7 月 18 日，星期五。

I would now like to turn the call over to Chinmay Trivedi, Senior Vice President of Investor Relations and Financial Planning and Analysis at 3M.

現在我想將電話轉給 3M 公司投資者關係和財務規劃與分析高級副總裁 Chinmay Trivedi。

Thanks. Good morning, everyone, and welcome to our quarterly earnings conference call. With me today are Bill Brown, 3M's Chairman and Chief Executive Officer; and Anurag Maheshwari, our Chief Financial Officer. Bill and Anurag 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，歡迎參加我們的季度財報電話會議。今天與我一起出席的還有 3M 公司董事長兼執行長比爾布朗 (Bill Brown) 和財務長安努拉格馬赫什瓦里 (Anurag Maheshwari)。Bill 和 Anurag 將發表一些正式評論，然後我們將回答您的問題。請注意，今天的收益報告和本次電話會議的幻燈片演示已發佈在我們的投資者關係網站 3m.com 的主頁上。

Please turn to slide 2 and take a moment to read the forward-looking statements. 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-Q lists some of the most important risk factors that could cause actual results to differ from our predictions.

請翻到投影片 2，花點時間閱讀前瞻性陳述。在今天的電話會議中，我們將做出一些預測性陳述，反映我們對 3M 未來業績和財務結果的當前看法。這些聲明是基於對未來事件的某些假設和預期，這些假設和預期受風險和不確定性的影響。我們最新的 10-Q 表格第 1A 項列出了一些可能導致實際結果與我們的預測不同的最重要的風險因素。

Please note, throughout today's presentation we'll be making references to certain non-GAAP financial measures. Reconciliations of the non-GAAP measures can be found in the attachments to today's press release.

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

With that, please turn to slide 3, and I will hand the call off to Bill. Bill?

說完這些，請翻到幻燈片 3，我會把電話轉給比爾。帳單？

Thank you, Chinmay, and good morning, everyone. We had another quarter of strong performance with second quarter adjusted earnings per share of $2.16, up 12% versus last year and above expectations. Organic sales growth was 1.5% with all 3 business groups reporting positive growth for the third quarter in a row. Operating margins increased 290 basis points year-on-year through productivity and cost controls. While we continue to invest in growth initiatives.

謝謝你，Chinmay，大家早安。我們又度過了一個表現強勁的季度，第二季度調整後每股收益為 2.16 美元，比去年同期成長 12%，高於預期。有機銷售額成長率為 1.5%，三大業務集團連續第三季實現正成長。透過提高生產力和控製成本，營業利潤率年增了290個基點。我們將繼續投資於成長計劃。

And free cash flow was solid at $1.3 billion for the quarter and 110% conversion.

本季自由現金流穩定在 13 億美元，轉換率為 110%。

Our performance reflects the culture of excellence we're building inside the company as we continue to drive the rigor and optempo necessary to deliver on our strategic priorities in this uncertain macro environment. As part of our commitment to innovation excellence, we're increasing the cadence of new product launches.

我們的業績反映了我們在公司內部建構的卓越文化，我們將繼續推動在這種不確定的宏觀環境下實現策略重點所需的嚴謹性和最佳節奏。作為我們對卓越創新承諾的一部分，我們正在加快新產品的發布節奏。

In Q2, we launched 64 new products, up about 70% versus last year. which puts us at 126 launches for the first half and on track to exceed our target of 215 for the year. The pipeline remains healthy, and there’s more rigor and discipline in the process with better business cases and higher launch schedule attainment. And most importantly, 5-year new product sales bottomed last year, and was up 9% in the first half, accelerating from Q1 into Q2 and tracking well to be up more than 15% for the year.

在第二季度，我們推出了 64 款新產品，比去年同期成長了約 70%。這使我們上半年的新產品發布量達到 126 款，並有望超過全年 215 款的目標。管道保持健康，流程更加嚴謹，紀律性更強，商業案例更好，發布計劃完成率更高。最重要的是，5年期新產品銷售額去年觸底，上半年成長了9％，從第一季到第二季加速成長，全年成長勢頭良好，超過15％。

With 64 launches in the quarter, there are a lot of exciting new products to discuss. But let me take a moment to highlight just a few. In our Fire Safety business, we launched a low-profile rugged air pack with updated electronics to enable telemetry and connectivity that has been well received by our largest firefighting customers, especially those who value compactness and maneuverability in small spaces.

本季有 64 款新產品發布，有許多令人興奮的新產品值得討論。但請容許我花一點時間來強調幾點。在我們的消防安全業務中，我們推出了一款低調堅固的空氣包，它配備了更新的電子設備，可以實現遙測和連接，受到了我們最大的消防客戶的好評，特別是那些重視在小空間內緊湊性和可操作性的客戶。

In our consumer business, we've been building around the Filtrete platform, with 4 new product launches in the last 6 months, including 1 with a reusable filter frame that can be refilled by a collapsible deep pleat filter analogous to a razor, razor blade model. This innovative design reduces shipping costs and saves retailers storage and shelf space. At the same time, we're continuing our focus on commercial excellence as we drive increased sales force performance, capture higher cross-selling opportunities, improve price discipline and reduce churn. You'll recall that our team in Safety and Industrial launched the program in US late last year, and has now expanded this effort into Europe and Asia. We've trained over 400 sales managers and see early results through higher closed/won opportunities and improved order rates.

在我們的消費者業務中，我們一直圍繞 Filtrete 平台進行構建，在過去 6 個月中推出了 4 款新產品，其中 1 款帶有可重複使用的過濾器框架，可以通過類似於剃須刀、剃須刀片模型的可折疊深褶過濾器進行重新填充。這種創新設計降低了運輸成本並節省了零售商的倉儲和貨架空間。同時，我們將繼續專注於商業卓越，提高銷售團隊的績效，抓住更高的交叉銷售機會，改善價格紀律並減少客戶流失。您可能還記得，我們的安全和工業團隊在去年年底在美國啟動了該計劃，現在已將該計劃擴展到歐洲和亞洲。我們已經培訓了 400 多名銷售經理，並透過更高的成交/贏得機會和提高的訂單率看到了早期成果。

We now have 48 cross-selling pairs identified, about double since Q1 with a pipeline value of over $60 million and $10 million of new orders booked to date. We're tightening pricing controls by reducing price deviations and focusing on bigger deals with strategic customers. And we're reducing customer churn by leveraging our predictive analytics model to identify and win back customers at risk.

我們現在已經確定了 48 個交叉銷售對，自第一季以來大約翻了一番，通路價值超過 6000 萬美元，迄今為止已預訂了 1000 萬美元的新訂單。我們正在透過減少價格偏差並專注於與策略客戶的更大交易來加強價格控制。我們利用預測分析模型來識別並贏回有風險的客戶，從而減少客戶流失。

SIBG has been first out of the gate on commercial excellence initiative, and we're seeing promising early results with average daily order rates up low single digits in Q2. Our strategy is working. And we're now extending this 3M enterprise-wide commercial excellence model across the organization with transportation electronics quickly leveraging the learnings and best practices from SIBG while adapting it to the unique nature of a more spec-in type business.

SIBG 率先實施了商業卓越計劃，我們看到了令人鼓舞的早期成果，第二季平均每日訂單率上升了個位數。我們的策略正在發揮作用。現在，我們正在將 3M 企業範圍的商業卓越模型擴展到整個組織，運輸電子產品可以快速利用 SIBG 的經驗和最佳實踐，同時使其適應更具規範類型業務的獨特性質。

Our second priority is operational excellence. In the second quarter, we made good progress on several fronts, including service, asset utilization and quality. On service, our on-time and full metric reached 89.6%, the highest quarterly performance we've achieved in nearly 6 years, and we exited June at just over 90%. Consumer and TEBG remained consistently above 90%, and SIBG was 83% for the quarter, improving more than 300 basis points year-on-year.

我們的第二個優先事項是卓越營運。第二季度，我們在服務、資產利用率、品質等多個方面都取得了良好進展。在服務方面，我們的準時性和滿載率達到了 89.6%，這是近 6 年來我們取得的最高季度業績，而 6 月份的準時性和滿載率已超過 90%。消費者和 TEBG 始終保持在 90% 以上，本季 SIBG 為 83%，較去年同期成長超過 300 個基點。

Our overall equipment effectiveness metric was approximately 59%, showing continued improvement both year-on-year and sequentially with a lot of runway ahead of us. We're now at the point where OEE is improving on a consistent basis through better tracking and deeper root cause analysis, and it's highlighting potential capacity consolidation opportunities. For example, a core manufacturing process at 3M is adhesive coating. And we have about 250 different types of coaters throughout the network, some quite old and all expensive to replace.

我們的整體設備效率指標約為 59%，顯示出同比和環比持續改善，我們還有很長的路要走。現在，我們正處於透過更好的追蹤和更深入的根本原因分析來持續提高 OEE 的階段，並且它凸顯了潛在的產能整合機會。例如，3M 的核心製造流程是黏合劑塗層。我們的整個網路大約有 250 種不同類型的塗佈機，其中一些相當老舊，更換起來費用昂貴。

One of our larger coaters is in Knoxville, Iowa, making fiber adhesive tapes through an extensive effort to reduce changeovers, increase operating speed and improved machine uptime, the team drove a 12-point improvement in OEE and freed up enough capacity to retire two 70-year-old coaters at another facility. This is just one example of the broader opportunity at 3M to use a rigorous, methodical approach to get more production out of our higher-capacity assets and proactively decommission aging, less productive assets in the network.

我們的其中一台大型塗佈機位於愛荷華州諾克斯維爾，透過大量努力減少轉換、提高運行速度和改善機器正常運行時間，生產纖維膠帶，團隊將 OEE 提高了 12 個百分點，並釋放了足夠的產能，以淘汰另一家工廠的兩台已有 70 年曆史的塗佈機。這只是 3M 更廣泛的機會中的一個例子，即採用嚴格、有條理的方法，從我們的高容量資產中獲取更多產量，並主動淘汰網絡中老化、生產率較低的資產。

This thinking can be extended to all of our core manufacturing processes, making, coating, slitting, packaging, and over time, more holistically to the design of our future network. We're also making progress on quality. In the second quarter, our cost poor quality was 6.1%, down 30 basis points sequentially and 90 basis points year-over-year.

這種思維可以擴展到我們所有的核心製造流程，包括製造、塗層、分切、包裝，隨著時間的推移，可以更全面地擴展到我們未來網路的設計。我們在品質方面也取得了進步。第二季度，我們的成本不良品質為 6.1%，比上一季下降 30 個基點，比去年同期下降 90 個基點。

We're using AI-enabled models to optimize machine settings for more efficient changeovers, leading to better utilization and higher yield. Quality is a core element of our enterprise-wide 3M excellence operating model, and we're extending our efforts to improve quality in every function in everything that we do.

我們正在使用支援人工智慧的模型來優化機器設置，以實現更有效率的轉換，從而提高利用率和產量。品質是我們整個企業 3M 卓越營運模式的核心要素，我們正在盡最大努力提高我們所做的每件事的每個功能的品質。

Our third priority is effective capital deployment. In the first half of the year, we returned $3 billion to shareholders via dividends and share repurchases, and we'll continue to be opportunistic on buybacks in the second half of the year while preserving balance sheet flexibility. In May, we announced a settlement with the state of New Jersey on PFAS claims, taking the opportunity to settle both site-specific and statewide claims with broad protections against future litigation and cash payments spread over 25 years.

我們的第三個優先事項是有效的資本部署。今年上半年，我們透過股利和股票回購向股東返還了 30 億美元，下半年我們將在維持資產負債表彈性的同時，繼續抓住回購的機會。今年 5 月，我們宣布與新澤西州就 PFAS 索賠達成和解，藉此機會解決特定地點和全州範圍的索賠，並提供廣泛的保護措施以防止未來訴訟和 25 年內的現金支付。

We continue to manage other state, federal and international matters, all of which are extensively covered in our 10-Q. On the back of the progress, we're making on our priorities and the strong results in the first half, we're increasing our earnings guidance to a range of $7.75 to $8, now inclusive of the anticipated impact of tariffs. We expect organic growth to be approximately 2% for the year, reflecting the current macro environment as we see it today. Slide 4 highlights several of the key macro trends we're tracking and their impact on 3M. All metrics on the left reflect a global economy that remains sluggish and moving laterally not materially improving or worsening.

我們繼續管理其他州、聯邦和國際事務，所有這些事務都在我們的 10-Q 中進行了廣泛的涵蓋。基於我們在優先事項上取得的進展和上半年的強勁業績，我們將盈利預期上調至 7.75 美元至 8 美元，現已包括預期的關稅影響。我們預計今年的有機成長率約為 2%，這反映了我們目前所看到的宏觀環境。投影片 4 重點介紹了我們正在追蹤的幾個關鍵宏觀趨勢及其對 3M 的影響。左側的所有指標都反映出全球經濟仍然低迷且橫向波動，沒有實質改善或惡化。

Our safety and general industrial businesses were up low single digits in the first half and are both beginning to see a pickup due to our commercial excellence initiatives.

我們的安全和一般工業業務在上半年均實現了低個位數成長，並且由於我們的商業卓越計劃，兩者均開始回升。

Auto will be flattish in the second half, a step up from the decline in the first half due to share gains in new models, while consumer electronics is likely to soften a bit in the back half due to slower demand for premium devices. Auto aftermarket will remain challenged and consumer will likely follow a similar pattern to the first half due to the subdued US retail environment. As we navigate these uncertain times, we're focused on what we control, solving customer problems through innovation excellence, delivering high-quality products on time to customers and driving efficiency and waste elimination, all with a renewed sense of urgency that defines our new performance culture.

由於新車型的市佔率成長，汽車市場下半年將保持平穩，較上半年的下滑有所緩解；而由於高階設備需求放緩，消費性電子產品下半年可能會略有疲軟。汽車售後市場仍將面臨挑戰，由於美國零售環境低迷，消費者可能會遵循與上半年類似的模式。在我們度過這些不確定的時期時，我們專注於我們所控制的事情，透過卓越的創新解決客戶問題，按時向客戶交付高品質的產品，提高效率和減少浪費，所有這些都帶著一種新的緊迫感，定義了我們的新績效文化。

And with that, I'll turn it over to Anurag to share the details on the quarter. Anurag?

接下來，我將把時間交給 Anurag 來分享本季的詳細資訊。阿努拉格？

Thank you, Bill. Turning to slide 5. We reported another quarter of strong profitable growth and robust free cash flow generation. Starting with the top line. All 3 business groups delivered positive year-on-year growth despite the fluid macro environment resulting in total company adjusted organic growth of 1.5%.

謝謝你，比爾。翻到幻燈片 5。我們報告了又一個季度強勁的獲利成長和強勁的自由現金流產生。從第一行開始。儘管宏觀環境不穩定，但三大業務集團均實現了同比成長，公司整體調整後有機成長率達到 1.5%。

We saw continued momentum across electronics, general industrial and safety end markets, which was partially offset by known softness in auto and automotive aftermarket. Consumer was flattish as sentiment remains cautious. By geography, our growth was led by China, up mid-single digits with strength in industrial adhesives, films and electronics bonding solutions driven by strong commercial execution that led to share gains. The US was up low single digits, led by growth in electrical markets and Personal Safety, partially offset by weakness in auto OEM and aftermarket.

我們看到電子、通用工業和安全終端市場持續保持成長勢頭，但汽車和汽車售後市場的疲軟在一定程度上抵消了這一成長勢頭。由於情緒依然謹慎，消費者表現平淡。從地理來看，我們的成長主要由中國帶動，增幅達到中等個位數，工業黏合劑、薄膜和電子黏合解決方案的強勁成長得益於強大的商業執行力，從而帶來了市場份額的成長。美國市場呈現低個位數成長，主要得益於電氣市場和個人安全市場的成長，但汽車原始設備製造商和售後市場的疲軟部分抵消了這一成長。

Europe was flat with strength in electrical markets and personal safety, partially offset by weakness in transportation safety and auto. Q2 daily order trends were up modestly year-on-year driven by our progress on commercial excellence in the Industrials businesses, partially offset by weakness in consumer as retailers are watching to see how the season plays out. Our backlog continues to grow, providing 20% to 25% coverage of third quarter sales.

歐洲表現平平，電氣市場和人身安全表現強勁，但運輸安全和汽車市場的疲軟在一定程度上抵消了影響。由於我們在工業業務的商業卓越性方面取得進展，第二季度每日訂單趨勢同比略有上升，但由於零售商正在關注本季度的走勢，消費市場的疲軟在一定程度上抵消了這一增長。我們的積壓訂單持續成長，佔第三季銷售額的 20% 至 25%。

Q2 adjusted operating margins were 24.5%, up 290 basis points and operating profit increased high teens or $225 million in constant currency, driven by continued strong operational performance. This included a $300 million benefit from volume growth, broad-based productivity, lower restructuring costs and equity comp timing, partially offset by $50 million of growth investments and $25 million from tariff impact and stranded cost headwind.

受持續強勁的營運業績推動，第二季調整後的營業利潤率為 24.5%，上漲 290 個基點，營業利潤以固定匯率計算上漲 15% 左右，即 2.25 億美元。其中包括來自銷售成長、廣泛的生產力、較低的重組成本和股權補償時機的 3 億美元收益，部分被 5,000 萬美元的成長投資和 2,500 萬美元的關稅影響和擱淺成本逆風所抵消。

Collectively, this contributed $0.31 to earnings, which was partially offset by $0.02 from FX and $0.06 from nonoperational below-the-line items. Our strong operational performance resulted in overall adjusted EPS of $2.16, an increase of 12%. Relative to our initial expectations of approximately $2, this outperformance was driven by 4 factors: first, continued G&A efficiency as we make progress on IT optimization and lower indirect expenses. Second, metering of increase in year-over-year investments in response to a lower demand environment and evolving tariff landscape. Third, weakening of the US dollar. Finally, we had a $0.06 benefit from the sale of an investment below the line, which was initially anticipated in the third quarter and offset the impact from tariffs and other below-the-line items.

總體而言，這為收益貢獻了 0.31 美元，但被外匯的 0.02 美元和非營運線下專案的 0.06 美元部分抵消。我們強勁的營運業績使整體調整後每股收益達到 2.16 美元，成長 12%。相對於我們最初預期的約 2 美元，這一優異表現是由四個因素推動的：首先，隨著我們在 IT 優化和降低間接費用方面取得進展，G&A 效率持續提高。其次，為因應較低的需求環境和不斷變化的關稅情勢，衡量投資年增。第三，美元走弱。最後，我們從出售低於標準線的投資中獲得了 0.06 美元的收益，這在第三季度是初步預期的，並抵消了關稅和其他低於標準線項目的影響。

Free cash flow was $1.3 billion, 10% higher than last year as we benefited from strong earnings, and we returned $400 million to shareholders via dividends and executed on a $1 billion in gross share buybacks. For the first half, our gross buybacks were $2.2 billion. I will provide a quick overview of our growth performance for each business group on slide 6.

自由現金流為 13 億美元，比去年高出 10%，這得益於我們強勁的盈利，我們透過股息向股東返還了 4 億美元，並執行了 10 億美元的總股票回購。上半年，我們的總回購額為 22 億美元。我將在第 6 張投影片上簡要概述我們每個業務組的成長表現。

Safety and Industrial organic sales grew for the fifth consecutive quarter, up 2.6% in Q2. This was broad-based with 6 out of 7 divisions posting positive results. Similar to the first quarter, industrial adhesives and tapes and electrical markets continue to perform well on the back of new product innovation and commercial excellence. It was encouraging to see abrasives turn positive as we launch new products and execute our commercial strategy to increase sales effectiveness. Auto aftermarket continued to see challenges down mid-single digits amid industry pressure with collision repair claim rates down double digits year-to-date. Transportation and Electronics adjusted sales were up 1% organically in Q2. Growth was led by commercial graphics and auto personalization, driven by demand for a new product, the premium fleet wrap and expanding sales coverage. Electronics and Aerospace & Defense showed strength, while our auto OEM business was down low single digits, reflecting continued weakness in auto builds, particularly in Europe and the US, which were each down low single digits year-on-year. Finally, the consumer business was up 0.3% organically in Q2. Though consumer sentiment remains soft, we continue to execute on growth initiatives including new product launches in scotch, bright kitchen scouring, ScotchBlue PROShark Painter's Tape and Command and continued service improvements and increase in advertising and merchandising investment.

安全和工業有機銷售額連續第五個季度成長，第二季成長 2.6%。這是一項廣泛的成就，7 個部門中有 6 個都取得了積極的成果。與第一季類似，工業黏合劑和膠帶以及電氣市場在新產品創新和商業卓越的推動下繼續表現良好。隨著我們推出新產品並實施商業策略以提高銷售效率，看到磨料銷售轉為正值令人鼓舞。在產業壓力下，汽車售後市場持續面臨中等個位數的下降挑戰，年初至今碰撞維修索賠率下降了兩位數。運輸和電子業務調整後的銷售額在第二季度有機增長了 1%。成長主要由商業圖形和汽車個性化推動，這受到對新產品、高端車隊包裝和不斷擴大的銷售覆蓋範圍的需求的推動。電子和航空航太與國防業務表現強勁，而我們的汽車原始設備製造商業務則出現低個位數下滑，反映出汽車製造業持續疲軟，尤其是歐洲和美國，汽車製造業的同比降幅均低於個位數。最後，第二季消費者業務有機成長了 0.3%。儘管消費者信心依然疲軟，我們仍繼續執行成長計劃，包括推出蘇格蘭威士忌新產品、明亮廚房清潔產品、ScotchBlue PROShark 畫家膠帶和 Command，並持續改進服務並增加廣告和商品投資。

And along with organic growth, each business group expanded margins year-on-year. SIBG up 320 basis points, TEBG, up 230 basis points and CBG up 370 basis points. Overall, our focus on delivering organic growth and improving operational excellence helped us deliver solid results in the first half including growth of 1.5%, operating margin expansion of 250 basis points to 24% and earnings growth of 11%.

隨著有機成長，各業務集團的利潤率也逐年擴大。SIBG 上漲 320 個基點，TEBG 上漲 230 個基點，CBG 上漲 370 個基點。總體而言，我們專注於實現有機增長和提高卓越運營，幫助我們在上半年取得了穩健的業績，包括增長 1.5%、營業利潤率擴大 250 個基點至 24% 以及盈利增長 11%。

Before providing the details of our updated guidance, let me start with a reminder of how we framed it in April, which is the middle column on slide 7. On organic sales growth due to the soft macro we indicated that we were trending to the lower end of our 2% to 3% range. Our first quarter productivity gains were very strong. But given the dynamic environment, we did not flow through this outperformance into our guidance and maintained the EPS range at $7.60 to $7.90. Given that the tariff situation was uncertain, we kept tariffs out of the guidance range at the time, but estimated a gross impact of $0.60 or a net impact of $0.20 to $0.40 after mitigating actions.

在提供我們更新後的指南的詳細資訊之前，讓我先回顧一下我們在 4 月是如何制定指南的，也就是幻燈片 7 的中間一欄。對於宏觀經濟疲軟導致的有機銷售額成長，我們表示，成長趨勢處於 2% 至 3% 區間的低端。我們第一季的生產力成長非常強勁。但鑑於市場環境的動態變化，我們並未將此優異表現納入業績指引，並將每股盈餘區間維持在 7.60 美元至 7.90 美元。鑑於關稅情勢的不確定性，我們當時將關稅納入了業績指引範圍之外，但估計其總影響為 0.60 美元，或採取緩解措施後的淨影響為 0.20 美元至 0.40 美元。

We have now updated the guidance to reflect our strong first half performance and have also incorporated the tariff impact. We are updating our organic revenue growth guidance to approximately 2% and expect all 3 business groups to grow low single digits for the year with a similar profile to the first half.

我們現在已經更新了指引，以反映我們上半年的強勁業績，同時也考慮了關稅的影響。我們將有機收入成長預期更新為約 2%，並預計所有 3 個業務集團今年的成長率都將達到低個位數，與上半年的情況相似。

On the back of a strong first half performance, we now expect margin expansion of 150 to 200 basis points and are increasing both the lower and higher end of our EPS range, which is a $0.13 increase at the midpoint, $0.23 of that coming from operational performance offset by $0.10 of FX and tariff impact. We now expect our free cash flow conversion to be higher than 100%, building on strong first half performance, efficient CapEx and second half improvement in working capital providing us with further optionality on capital deployment.

在上半年強勁表現的推動下，我們目前預計利潤率將擴大 150 至 200 個基點，並將同時提高 EPS 區間的低端和高端，中間值增加 0.13 美元，其中 0.23 美元來自營運業績，抵消了 0.10 美元的外匯和關稅影響。我們現在預計，我們的自由現金流轉換率將高於 100%，這得益於上半年強勁的業績、高效的資本支出以及下半年營運資本的改善，這將為我們在資本配置方面提供進一步的選擇。

Let me walk you through the drivers of the EPS guidance updated on slide 8. First, we are flowing through $0.23 of operational improvements which include actions to offset the tariff impacts. This is driven by $0.16 of productivity, which includes the G&A efficiency gains and $0.07 metered investments. As we highlighted previously, we are investing in a metered manner while maintaining the critical growth investments to support our strategic priorities.

讓我向您介紹第 8 張投影片中更新的 EPS 指導的驅動因素。首先，我們正在實施 0.23 美元的營運改善措施，其中包括抵銷關稅影響的措施。這是由 0.16 美元的生產力推動的，其中包括 G&A 效率提升和 0.07 美元的計量投資。正如我們之前所強調的那樣，我們正在以有節制的方式進行投資，同時保持關鍵的成長投資以支持我們的策略重點。

Finally, as mentioned, we have now included tariffs in the guidance which is a gross headwind of $0.20, partially offset by the foreign exchange headwind reduction from $0.15 to $0.05. On the other nonoperational items, there is no change from the prior guidance. Putting this all together, the EPS growth year-on-year is driven by strong operational improvement, and we now expect an operational benefit of $0.95 to $1.20, partially offset by $0.50 of tariff, FX and non-op headwinds for a total EPS growth of 6% to 10%. Regarding the second half, we expect year-on-year earnings growth of $0.18 at the midpoint. Similar to the first half, this includes an approximately $0.50 to $0.55 benefit from volume growth and continued productivity net of stranded cost and growth investments, which is partially offset by $0.30 to $0.35 of tariff impact and higher interest expense.

最後，如上所述，我們現已將關稅納入指引，其總不利因素為0.20美元，部分抵銷了外匯不利因素的影響，從0.15美元降至0.05美元。其他非營運項目與先前的指引相比沒有變化。綜合起來，每股收益同比增長是由強勁的營運改善推動的，我們現在預計營運收益為 0.95 美元至 1.20 美元，部分被 0.50 美元的關稅、外匯和非營運不利因素所抵消，總每股收益增長為 6% 至 10%。對於下半年，我們預計中位數獲利年增 0.18 美元。與上半年類似，這包括銷售成長和持續生產力帶來的約 0.50 至 0.55 美元的收益（扣除擱淺成本和成長投資），但被 0.30 至 0.35 美元的關稅影響和更高的利息支出部分抵消。

Before we open the call for questions, I would like to acknowledge and thank the 3M team for their focus on operational excellence and controlling the controllables in a dynamic macro environment which gives us confidence in meeting our increased guidance and delivering strong shareholder returns in 2025.

在我們開始提問之前，我想感謝 3M 團隊對卓越營運的關注以及在動態宏觀環境中控制可控因素，這使我們有信心在 2025 年實現更高的指導並為股東帶來強勁的回報。

With that, let's open the line for questions.

現在，讓我們開始回答問題。

(Operator Instructions)

（操作員指示）

Scott Davis with Melius Research.

Melius Research 的 Scott Davis。

Bill, can you talk about the new product plan? And I guess, kind of more specifically teasing out the impact on kind of margin versus growth? And how you think about the tipping point where you can really start to see growth above your end markets? I'll just like to it that, I have a follow-on.

比爾，你能談談新產品計畫嗎？我想，更具體地說，可以梳理出對利潤率和成長率的影響嗎？您如何看待真正開始看到終端市場成長的臨界點？我只是想說，我有一個後續行動。

So Scott, I'm glad you asked about R&D and NPI because it's been a very important initiative. And as I talked a year ago, this would take some time to materialize. And we are starting to see some improvement on our 5-year sales. We talked about 9% up in the first half and quite good for the year going to 15%. So it's actually trending in the right way, I'm really excited about the fact that we're launching more products up 70% in the quarter.

所以斯科特，我很高興你問到研發和新產品導入的問題，因為這是一項非常重要的舉措。正如我一年前所說的那樣，這需要一些時間才能實現。我們開始看到五年來的銷售業績有所改善。我們談到了上半年 9% 的成長，預計全年將成長 15%，這相當不錯。所以這實際上是朝著正確的方向發展的，我很高興我們在本季推出了更多產品，增幅達到 70%。

And we did more in the first half or about as many in the first half as we did in 2023.

我們在上半年所做的工作更多，或者說與 2023 年上半年所做的工作差不多。

So the progress on that, I think, has been quite good. I think the -- we should be expecting both improvements in growth from new product innovation as well as improving margin as you're bringing a product to market. Certainly, as these things materialize and they stabilize in a factory, we're bringing better benefits to the customers. They should generate better pricing in the marketplace. So I do expect that we should see better margin performance from them.

所以我認為，這方面的進展相當不錯。我認為—我們應該期待新產品創新帶來的成長改善以及產品推向市場時利潤率的提高。當然，隨著這些事情的實現以及在工廠中的穩定，我們將為客戶帶來更好的利益。他們應該在市場上給出更好的定價。因此我確實希望我們能看到他們有更好的利潤表現。

But really, what we're focused on is delivering against customer expectations, beating the competition, regaining share of wallet, and just getting back to that spirit of innovation at the company.

但實際上，我們關注的是滿足客戶的期望、擊敗競爭對手、重新贏得市場份額，並恢復公司的創新精神。

And as I said, I think the progress we've made so far has been fantastic. We're investing more in R&D. We're shifting dollars. We're shifting resources into new product development as we talked a year ago. We're up about 150 people since Q4 of last year.

正如我所說，我認為我們迄今為止的進展非常出色。我們正在加大對研發的投資。我們正在轉移美元。正如我們一年前談到的，我們正在將資源轉移到新產品開發中。自去年第四季以來，我們的員工人數增加了約 150 人。

So it takes some effort. It takes focus, takes following the metrics, but we're making good progress, and we should see certainly growth and hopefully some margin benefit as well.

所以這需要一些努力。這需要集中註意力，需要遵循指標，但我們正在取得良好進展，我們應該看到成長，並希望看到一些利潤收益。

Okay. Bill, that's helpful. And I just want to follow on, on that a little bit. I mean, historically, when you think about some of your customers have been tough to get price with auto, big box guys, I mean just brutally hard. So -- is it -- have you found that new products are really going to be your only avenue of getting price for those guys?

好的。比爾，這很有幫助。我只是想稍微繼續討論一下這一點。我的意思是，從歷史上看，當你想到你的一些客戶很難從汽車、大型商場獲得價格時，我的意思是非常困難。那麼——您是否發現新產品實際上是向這些人獲取價格的唯一途徑？

Or because of the realities of inflation and tariffs and such, do you find it a little bit easier to capture a little bit of inflation impact from those guys also without new products.

或者由於通貨膨脹和關稅等現實因素，您是否發現即使沒有新產品，也能更容易從那些人那裡獲得一點通貨膨脹的影響。

So it's -- what we're seeing so far this year is pretty good progress on pricing and it's mostly coming out of the industrial businesses. I think you're right for auto, where it's a spec in business, as you win a spec, you tend to have some value built into that. It's hard to determine how much is price versus the value that's there. Consumer, the big box people a little bit harder as you just pointed out, -- so it's a bit -- we're getting better price certainly on the industrial side. And as I've said before, we are covering our inflation typically with a little bit more because of the tariff impacts coming through.

所以，今年到目前為止，我們看到定價方面取得了相當不錯的進展，而且主要來自工業企業。我認為你對汽車的看法是正確的，汽車是商業中的一個規格，當你贏得一個規格時，你往往會在其中融入一些價值。很難確定價格與價值的比率。正如您剛才指出的那樣，對消費者來說，大型倉儲式商店的經營者有點困難——所以，我們在工業方面肯定會獲得更好的價格。正如我之前所說，由於關稅的影響，我們通常會稍微增加一點支出來彌補通膨。

So doing pretty well this year on pricing, again, mostly on the industrial side.

因此，今年的定價表現相當不錯，主要是在工業方面。

Jeffrey Sprague with Vertical Research.

垂直研究公司的 Jeffrey Sprague。

Maybe just pivot from the growth side to the cost side and what you're working on there. I wonder if you could just elaborate a little bit more on kind of the sources of operational upside in the footprint versus kind of G&A and the like. And I asked the question in the spirit, right? The adjusted margins are moving up pretty nicely. We don't get an adjusted gross margin, for example.

也許只是從成長方面轉向成本方面以及你正在進行的工作。我想知道您是否可以更詳細地闡述足跡與一般及行政費用等的營運優勢來源。我本著精神問了這個問題，對嗎？調整後的利潤率上升得相當不錯。例如，我們沒有獲得調整後的毛利率。

So how much of it is at the gross line, how much of it's kind of in G&A? And how do you see that playing out moving forward?

那麼其中有多少屬於毛利，有多少屬於一般及行政費用？您認為未來會如何發展？

Okay, Jeff. So it's a good question, and I'll start and maybe I'll ask Anurag to jump in on part of this. So for the year, it's about $0.5 billion of productivity. More or less about half is coming out of G&A and about half is coming out of our factories out of our supply chain, which, as we translate it internally, is running about 2% net of inflation, which is about what we had expected.

好的，傑夫。這是個好問題，我先開始回答，也許我會請 Anurag 加入討論其中的一部分。因此，就今年而言，其生產力約為 5 億美元。大約有一半來自一般及行政費用，大約有一半來自我們的工廠和供應鏈，按照我們內部的翻譯，扣除通貨膨脹因素後，大約為 2%，這與我們的預期差不多。

Inflation in the quarter, Q2 was a little bit higher than 2% and Q1 was at less than 2% for the first half, it's around 2%. For the year, we're expecting about the same and again, we're getting about 2% gross productivity, 2% net productivity on top of inflation. So it's actually been pretty good on the supply chain side. It's the elements that we've been talking about.

本季的通貨膨脹率，第二季略高於 2%，第一季則低於 2%，上半年約 2%。對於今年，我們預計情況大致相同，扣除通貨膨脹因素，我們的總生產率將達到 2%，淨生產率將達到 2%。因此，供應鏈方面的情況其實相當不錯。這就是我們一直在談論的要素。

I alluded to in some of my prepared remarks, of $40 million, $50 million coming out of reduced cost of poor quality, which has been a good trajectory that we've been on a long journey, a lot more to do. Good movement on procurement savings, net of any inflationary pressures from our suppliers. Really good cost controls on the 4-wall side, so within our factories as well as in the logistics network as well.

我在一些準備好的發言中提到，4000 萬美元、5000 萬美元來自降低劣質成本，這是一個很好的軌跡，我們已經走了很長一段路，還有很多事情要做。扣除供應商的通膨壓力後，採購節省的進展良好。四面牆的成本控制確實很好，我們的工廠內部以及物流網路內部的成本控制也很好。

So overall, about $250 million, really good progress on driving supply chain productivity. And I'd say the same thing on the G&A side, and I'll turn to Anurag to maybe say a couple of words on what's happening on the G&A side. But overall, about $0.5 billion, half G&A, half in supply chain.

因此總體而言，約 2.5 億美元在推動供應鏈生產力方面取得了非常好的進展。在 G&A 方面我也想說同樣的話，然後我會請 Anurag 談談 G&A 方面的情況。但整體而言，約 5 億美元，一半用於一般及行政開支，另一半用於供應鏈。

Yes. Thanks, Bill. So Jeff, really encouraged by the performance and productivity just across both supply chain and on the G&A side. And that gave us confidence to raise the EPS at the midpoint by about $0.13. So Bill spoke to the pieces on supply chain, very consistent to what we communicated at Investor Day across the 4 buckets.

是的。謝謝，比爾。因此，傑夫對整個供應鏈和 G&A 的績效和生產力感到非常鼓舞。這給了我們信心，讓我們將每股收益中期提高約0.13美元。比爾談到了供應鏈方面的問題，這與我們在投資者日就四個方面所傳達的內容非常一致。

On the G&A, similarly, at the Investor Day, what we said is there are 3 areas where we would expect G&A savings to come out of IT optimization, where we spent close to $1 billion. Second is indirect expenses, where we spent more than $3 billion and then our shared services. So where we're seeing more of the opportunities coming in the first 2 buckets, I think on the IT, the team has done a really, really good job. We take our IT expenses, it's broken into 3 categories, which is protecting, maintaining investments, maintenance, which is about 2/3 of it. The team has done a good job in terms of cloud mainframe network optimization, also looking at staff augmentation, the number of applications we have.

同樣，在投資者日上，我們談到一般及行政費用 (G&A) 方面，我們預計 IT 優化將在 3 個領域節省 G&A 費用，我們在這些領域花費了近 10 億美元。第二是間接費用，我們花了 30 多億美元，然後是共享服務。因此，我們看到前兩個階段出現更多的機會，我認為在 IT 方面，團隊做得非常非常好。我們將 IT 費用分為 3 類，即保護、維護投資和維護，這部分費用約佔 2/3。該團隊在雲端主機網路優化、人員擴充和應用程式數量方面做得很好。

So there's a whole bunch of tactical efforts that the team has gone through and done a good job.

因此，球隊已經進行了大量的戰術努力，並且做得很好。

And what's also shown is not only is these savings, which we can take in the quarter, but also long-term structural savings that we can see, and we are well down on that path. On indirect, I mentioned in the last call as well, we have more visibility in terms of the data, where the spend is going. So first, we look at whether it's aligned with our strategic priorities or not. If it is not aligned, then we don't need to spend. If it's aligned what's the best way for us to procure and use the leverage of the enterprise.

而且還顯示的不僅是我們可以在本季度實現的這些節省，還有我們可以看到的長期結構性節省，而且我們已經在這條道路上走得很遠了。關於間接支出，我在上次電話會議中也提到過，從數據角度來看，我們對支出的去向有了更清晰的了解。因此，首先，我們要看它是否符合我們的策略重點。如果不一致，那我們就不需要花錢。如果一致的話，我們取得和利用企業槓桿的最佳方式是什麼？

So I think it's moving quite well in that direction. And shared services will take a little bit more time as we go down that path. But overall, I would say, very good performance on productivity.

所以我認為它在這個方向上進展得相當順利。隨著我們沿著這條道路前進，共享服務將需要更多的時間。但整體而言，我想說，生產力表現非常好。

And then, Bill, maybe just back to growth as my follow-up. Just maybe your philosophy on sort of metering the best investments. I get it the macro is not great, and you're managing a complex P&L, but it's $0.07, right? I think we all would have been perfectly happy with the guide $0.07 lower than what you put out today and you're telling us say, we're keeping our foot on the gas on the investment. So are these just kind of longer term things that weren't going to bear fruit in the near term anyhow.

然後，比爾，也許我只是回到成長作為我的後續行動。這也許就是您對衡量最佳投資的理念。我知道巨集不是很好，而且你正在管理複雜的損益表，但它是 0.07 美元，對嗎？我想，如果指導價比您今天公佈的價格低 0.07 美元，我們都會非常滿意，而且您告訴我們，我們會繼續加大投資。那麼，這些只是一些長期的事情，無論如何都不會在短期內產生成果。

And again, maybe just your philosophy on that.

再說一遍，也許這只是你對此的看法。

No. So Jeff, it's a good question. I mean, we look at this very, very carefully. And we are leaning in on making growth investments where we think there's a prudent payback in the near to medium term. And if we see the macro not as strong as we had anticipated, we're pulling back a little bit, but still we're significantly investing in growth investments this year.

不。傑夫，這是個好問題。我的意思是，我們非常非常仔細地看待這個問題。我們傾向於進行成長型投資，我們認為這些投資在中短期內可以獲得審慎的回報。如果我們發現宏觀經濟不如預期那麼強勁，我們就會稍微撤退，但今年我們仍將大力投資成長型投資。

The number is about $175 million. And when you parse that, there's significant more in ad merch, there's more in the sales force. There's more going into R&D. As I mentioned, we're up 150 people there. We're pushing people from PFAS into R&D, into new product development as well.

這個數字約為1.75億美元。當你分析這一點時，你會發現廣告商品中還有更多的東西，銷售團隊中還有更多的東西。有更多的資金投入研發。正如我所提到的，我們在那裡有 150 人。我們正在推動 PFAS 領域的人員參與研發和新產品開發。

So we're pushing up our R&D spend as a percentage of sales. All those pieces, I think, are going in the right direction. And there are some things that are happening on the IT side that are systems related to driving growth. So all of those things we're trying to be smart and prudent and invest in to actually stimulate long-term growth by recognizing where the macro happens to be today. So I think we're being balanced here, Jeff.

因此，我們正在提高研發支出佔銷售額的百分比。我認為，所有這些都在朝著正確的方向發展。IT 方面正在發生的一些事情與推動成長的系統有關。因此，在所有這些事情上，我們都力求明智和謹慎，並透過了解當今宏觀經濟的狀況來進行投資，以真正刺激長期成長。所以我認為我們在這裡是平衡的，傑夫。

We look at it very carefully. To the extent that things look a little bit better in the back half into '26, then we'll let it a little bit more out. But we watch it very carefully.

我們非常仔細地觀察它。如果 26 年下半年的情況看起來稍微好一些，那麼我們就會給予更多支持。但我們非常仔細地觀察它。

Julian Mitchell with Barclays.

巴克萊銀行的朱利安·米切爾。

Maybe just wanted to start with the slide 4 where you run through some of those macro buckets. I'm just trying to understand within General Industrial and Safety, the improvement there based on sort of self-help market share efforts at 3M. It sounded like that, but I wondered what you're assuming for the sort of core macro environment in the back half? And maybe just give us any understanding of how recent demand trends have evolved across different markets in the last couple of months?

也許只是想從幻燈片 4 開始，在其中您可以瀏覽一些宏桶。我只是想了解在通用工業和安全領域，基於 3M 的自助市場份額努力所取得的進展。聽起來是這樣的，但我想知道您對後半部的核心宏觀環境有何假設？您能否讓我們了解過去幾個月不同市場的需求趨勢是如何演變的？

Okay, Julian, I'll start here and Anurag can jump in as well. I'm glad you pointed that chart out. We spent a lot of time putting it together to make it as clear for investors as we can on what's happening in the macro as we see it and the impacts on on the company.

好的，朱利安，我從這裡開始，阿努拉格也可以加入。我很高興你指出了那張圖表。我們花了很多時間進行整理，以便讓投資者盡可能清楚地了解我們所看到的宏觀情況及其對公司的影響。

Look, as I mentioned in my script, the macro, just -- it's sluggish, it's moving laterally. I went through some of the numbers there on what's happening with IPI is around 2%. It's sort of flattish. GDP is about the same. It's the mid-2s and about to be the same, maybe a little bit softer in the back half.

瞧，正如我在腳本中提到的那樣，巨集只是 - 它很遲緩，它是橫向移動的。我查看了一些數據，發現 IPI 的現狀是 2% 左右。它有點扁平。GDP差不多。目前處於 2 秒中段，情況大致相同，後半部可能會稍微柔和一些。

PMI, I mentioned, is below 50%, is at 49%, but it's so it's still contracting but not as much. So again, things are just moving laterally. Consumer remains relatively sluggish. And what you see on that slide 4 is momentum building inside the company on self-help on new product introductions many of which will come out in the market. It came in the first half of the year will start to impact sales in the back half.

我提到過，PMI 低於 50%，為 49%，但它仍在收縮，但幅度沒有那麼大。所以，事情又橫向發展了。消費依然相對低迷。您在第四張投影片上看到的是公司內部在新產品推出方面的自主推動力，其中許多產品即將上市。上半年出現的問題將開始影響下半年的銷售。

And the benefits of commercial excellence, which is really starting to take hold inside the company.

商業卓越所帶來的好處已開始在公司內部真正顯現。

So general industrial includes parts of both SIBG and TEBG, so parts of those 2 businesses. So as abrasives, industrial specialties, roof and granules, electrical markets, a piece of the tapes business that goes into industrial products. And then from TEBG includes Advanced Materials, aerospace and defense, which actually we expect to grow pretty decently in the back half. Consumer branding, so it's got commercial branding and transportation safety. So you've got all those pieces in there.

因此，一般工業包括 SIBG 和 TEBG 的部分，也就是這兩家業務的部分。因此，作為磨料、工業特種產品、屋頂和顆粒、電氣市場，膠帶業務的一部分涉及工業產品。然後，TEBG 包括先進材料、航空航太和國防，實際上我們預計這些領域在下半年將實現相當可觀的成長。消費者品牌，因此它具有商業品牌和運輸安全。所以你已經把所有這些碎片都放在裡面了。

It's about 38% to 40% of the company. So it's a pretty big part of it.

約占公司總股本的38%至40%。所以這是其中相當重要的一環。

Again, industrial IPI is moving somewhat laterally, but -- generally speaking, the opportunities we're seeing here are principally coming from self-help. There's some in the markets. We know A&D is going to be picking up for us in the back half. It wasn't as strong in the first as we had expected, some internal, some external issues, but we see that picking up for us in the back half. Electrical markets remain very robust for us.

再次，工業 IPI 正在橫向發展，但一般來說，我們在這裡看到的機會主要來自自助。市場上有一些。我們知道 A&D 將在下半年為我們帶來好處。一開始的情況並不像我們預期的那樣強勁，有一些內部問題，也有一些外部問題，但我們看到後半段情況有所改善。對我們來說，電力市場依然非常強勁。

Again, we expect that to be high single digits going into the back half. So that's kind of a nutshell on the safety side on or on the general industry side.

再次，我們預計下半年的成長率將達到較高的個位數。這就是從安全方面或一般行業方面來說的概要。

On safety, we had a good start to the year. We see some acceleration in the back half. Part of it is from new product introduction, in fire safety, SCBA. We've launched a new product that and we've had some big wins with government customers. So we do see the back half on safety accelerating there as well because of both a couple of wins that we've had, but some new product introductions.

在安全方面，我們今年有一個好的開始。我們看到後半部分有所加速。其中一部分來自新產品的介紹，包括消防安全、SCBA。我們推出了一款新產品，並獲得了政府客戶的一致好評。因此，我們確實看到安全方面的後半部分也在加速發展，這不僅是因為我們取得了幾項勝利，也是因為我們推出了一些新產品。

That's great. And then just focusing a little bit on the second half guidance. Often your third quarter earnings are up a little bit sequentially, but I understand you had that $0.06 gain moving into the second quarter. Maybe help us understand how we should be thinking about third quarter versus fourth quarter dynamics. Anything to call out on sales or the margin progression?

那太棒了。然後稍微關心一下下半年的指導。通常，第三季的收益會比上一季略有成長，但據我了解，第二季的收益為 0.06 美元。也許可以幫助我們理解應該如何看待第三季與第四季的動態。對於銷售額或利潤成長有什麼需要注意的嗎？

Yes. Thanks, Julian. It's Anurag here. So listen, within the second half, let's just first start with the top line. Our guidance for the full year is approximately 2% organic growth.

是的。謝謝，朱利安。我是阿努拉格。所以聽著，在下半場，我們先從頂線開始。我們對全年的預期是有機成長約 2%。

In the first half, we grew 1.5%. So that would imply a 2.5% growth in the back half. And we're expecting probably Q3 and Q4 to grow at similar levels around there.

上半年，我們成長了1.5%。這意味著下半年的成長率為 2.5%。我們預計第三季和第四季的成長水準可能大致相同。

In terms of EPS, Q3 is historically higher than Q4, and -- that's firstly because seasonally, our revenue is higher in Q3 than in Q4 and also on the margin side, it's higher. The ratio has been, if you look at the second half, 52% of the EPS of the second half is in Q3, about 48% is in Q4. So we kind of expect the same trend this year as well.

就每股盈餘而言，第三季的歷史水準高於第四季度，這首先是因為從季節性角度來看，我們第三季的營收高於第四季度，而且利潤率也更高。從比例來看，如果你看一下下半年，你會發現下半年每股盈餘的 52% 來自第三季度，約 48% 來自第四季。所以我們預計今年也會出現同樣的趨勢。

Amit Mehrotra with UBS.

瑞銀的 Amit Mehrotra。

I guess maybe just a separate topic, talk about PFAS. I think there was obviously a nice settlement or not a nice settlement, but a decent settlement size, with the state of New Jersey, I think you have 30 more states still pending. There's obviously a personal injury suit still outstanding. But just given the development in New Jersey and kind of the structure of that and then you're obviously year-to-date exceeding your full year share buyback target. But maybe, Bill, talk about your freshest most updated thoughts on that because I still feel there's this overhang on the value of the company based on these pending liabilities.

我想也許只是一個單獨的話題，談論 PFAS。我認為，這顯然是一個不錯的和解，或者不是一個不錯的和解，但和解規模相當可觀，就新澤西州而言，我認為還有 30 個州的和解尚未完成。顯然，還有一起人身傷害訴訟尚未審理。但考慮到新澤西州的發展及其結構，今年迄今為止，你們的股票回購額顯然已經超過了全年股票回購目標。但是，比爾，也許你可以談談你對此的最新想法，因為我仍然覺得這些未決債務會對公司的價值產生影響。

So I think it would be great to hear your thoughts on maybe how you view the progress on these and when you expect to maybe gain a little bit more full clarity on it.

因此，我認為很想聽聽您的想法，了解您如何看待這些進展，以及您何時能對此有更全面的了解。

So Amit, thanks for the question. And yes, so we did have a settlement with the state of New Jersey, both for a specific site, which we did not own. It's a Chemours DuPont site, but there was some liability there as well as statewide claims. And we believe it was the right decision for the company and the shareholders to take risk off the table. It spread cash out -- cash payments out over the next 25 years through -- so we thought that, that was quite manageable.

所以阿米特，謝謝你的提問。是的，我們確實與新澤西州達成了和解，雙方都針對一個特定的地點，而該地點並不屬於我們。這是科慕杜邦公司的一個工廠，但那裡存在一些責任以及全州範圍的索賠。我們相信，對公司和股東來說，承擔風險是正確的決定。它將現金分攤出去——在未來 25 年內支付現金——所以我們認為，這是相當容易管理的。

You're right, there's just over 30 other states AG cases, both within the MDL and some outside of the -- we're taking them piece by piece. There's obviously lots of conversation going on with the AGs and the MDL in individual states. So there's a lot of activity there. And we're -- I just want to remind you, we're exiting PFAS manufacturing by the end of this year. So there'll be no new molecules that the company has produced on PFAS going into the environment.

你說得對，其他州的 AG 案件有 30 多個，既有 MDL 內的，也有 MDL 外的——我們正在逐一處理。顯然，各州的總檢察長和分庭正在就此進行大量對話。那裡有很多活動。我只是想提醒您，我們將在今年年底退出 PFAS 製造。因此，該公司生產的針對 PFAS 的新分子不會進入環境。

These are all settling legacy issues, and we're going to deal with this as best as we can. Personal injury is on the horizon. It is scheduled for -- in October, there's a bellwether case. It does -- it will be kidney cancer, there'd be 1, 2 or 3 cases that we tried around October 20.

這些都是解決遺留問題，我們將盡力處理。人身傷害即將發生。該案件預計在十月審理，屆時將有一個指標性案件。確實如此——是腎癌，我們將在 10 月 20 日左右審理 1、2 或 3 例病例。

There's a lot of conversation that's happening there as well. There's a science day on other things last month. So there's a lot of activity here. We're managing as best that we can. We -- it's important for us to make sure that we maintain the cash flexibility to handle these issues as they come, yet still invest in the growth of the company.

那裡也有很多對話。上個月有一個關於其他事物的科學日。這裡有很多活動。我們正在盡力做好管理。我們—對我們來說，重要的是確保我們保持現金靈活性來處理這些問題，同時仍投資於公司的成長。

And that's what we're trying to do. Our balance sheet is very, very healthy. We have a lot of optionality on things that we can do and we're dealing with this and we communicate with investors with what we know as we know it, and you see a lot of it in the 10-Q.

這正是我們正在努力做的事情。我們的資產負債表非常非常健康。我們在可以做的事情上有很多選擇，我們正在處理這個問題，我們用我們所知道的資訊與投資者溝通，你可以在 10-Q 中看到很多這樣的資訊。

Okay. Helpful. And then maybe just one for Anurag, just circling back to the first half to second half cadence. If I -- if I just kind of unpack the implied margin, I mean I think the company did 24% in the first half, guiding to 23%, a little over 23% for the full year. So obviously, that implies a step down in second half versus first half.

好的。很有幫助。然後也許只為阿努拉格 (Anurag) 準備一個，然後回到上半場到下半場的節奏。如果我 - 如果我只是解讀一下隱含利潤率，我的意思是我認為該公司上半年的利潤率為 24%，預計為 23%，全年略高於 23%。顯然，這意味著下半年的表現會比上半年下降。

But obviously, revenue should be higher sequentially. So I'm just trying to kind of square that circle a little bit and understand why -- what are the puts and takes that actually take margins down 2H versus 1H when revenue is building sequentially.

但顯然，收入應該會比上一季更高。因此，我只是試著稍微理清一下這個問題，並理解為什麼——當收入連續增加時，哪些因素實際上會導致下半年的利潤率相對於上半年下降。

Yes. Thanks, Amit. So yes, our first half margin is 24%. We are guiding between $150 million to 200 for the year. So that would imply at the midpoint that the second half guidance would be around 22.5%.

是的。謝謝，阿米特。是的，我們上半年的利潤率為 24%。我們預計今年的預算為 1.5 億至 2 億美元。因此，這意味著下半年的預期中位數將在 22.5% 左右。

And the delta between the 2 is you clearly see a pickup in volume, productivity should do well. It's essentially the tariff impact that we are seeing in the second half, which is more than 120, 130 basis points. and also pick up investments and stranded costs. So that's a big delta between the first half and the second half, but volume productivity better. But if you take a step back and you look at it year-over-year, you're still seeing the second half margins go up by 110 basis points at the midpoint of our guidance.

兩者之間的差異可以清楚地看到產量的回升，生產力應該會表現良好。這基本上是我們在下半年看到的關稅影響，超過 120 到 130 個基點，同時也增加了投資和擱淺成本。因此，上半年和下半年之間存在很大差異，但產量生產率更高。但如果你退一步來看，與去年同期相比，你仍然會看到下半年的利潤率在我們預期的中點上升了 110 個基點。

And that's after absorbing tariff after absorbing increase in stranded costs and higher investment. So it's pretty encouraging in terms of the performance of the second half, which is, obviously, as we go into next year, mitigate more of the tariff impact, there's more productivity that will come through. So overall, the momentum in the second half operationally is similar to where we are in the first half.

這是在吸收關稅、吸收擱淺成本增加和投資增加之後的數據。因此，就下半年的表現而言，這是相當令人鼓舞的，顯然，隨著我們進入明年，關稅的影響將進一步減輕，生產力將進一步提高。因此整體而言，下半年的營運動能與上半年相似。

Steve Tusa with JPMorgan.

摩根大通的史蒂夫·圖薩。

Just a quick one to start. What's the embedded assumption on ForEx? I would have thought there was maybe a little bit more upside just given your exposure on the euro.

只需快速開始即可。ForEx 中嵌入的假設是什麼？考慮到你對歐元的曝險，我原本以為可能會有更多上漲空間。

Yes. So on ForEx, our headwind on the EPS for the year is about $0.05. On revenue, we think it's about flattish. And the reason there is a disconnect between the flattish on the revenue and the $0.05 headwind is just the impact of the year-on-year hedge benefit that we had last year. As you know, we hedge our nondollar currencies, which create a hedge benefit or a loss, which lagged to the currency movements.

是的。因此，就 ForEx 而言，我們今年每股收益的不利因素約為 0.05 美元。就收入而言，我們認為其將基本持平。收入持平與 0.05 美元逆風之間的脫節僅僅是我們去年同比對沖收益的影響。如您所知，我們會對非美元貨幣進行對沖，這會產生對沖收益或損失，但會落後於貨幣走勢。

So last year in Q2, it produced a significant hedge benefit because of the strength of the dollar. Now the dollar weakened in the second quarter, so the hedge benefit is modest. So which is why you see all of our FX headwind in the first half of the year, which is about $0.05. As you go into the second half, you should see that kind of normalize. And for the full year, it will be about $0.05 headwind on the FX side.

因此，去年第二季度，由於美元走強，它產生了顯著的對沖收益。現在美元在第二季走弱，因此對沖收益不大。這就是為什麼我們上半年的外匯逆風大約是0.05美元。進入下半年，你應該會看到這種逆風逐漸恢復正常。就全年而言，外匯方面的不利因素將約為 0.05 美元。

Okay. And then just a follow-up on the consumer electronics side, I think you guys are maybe a little bit more bearish. It seems like on the trend there. Can you maybe talk about specifically where that weakness is on electronics.

好的。然後就消費性電子進行後續討論，我認為你們可能更悲觀。這似乎是那裡的趨勢。能否具體談談電子產品的弱點在哪裡？

So we see electronics, it's still up in the back half. It's just not as strong in the front half. When we look at the across all things, TVs, tablets, phones, notebooks, everything is sort of softening towards the back end of the year, at least that's what's been expected. We had a very strong year last year. So part of it is year-over-year comps, but started pretty good in the first half, up mid-single digits, still up in the back half, but softening versus in terms of a rate basis versus the first.

所以我們看到電子產品仍然處於後半部分。只是前半部分不那麼強。當我們觀察電視、平板電腦、手機、筆記型電腦等所有產品時，我們發現到年底，所有產品都呈現疲軟趨勢，至少這是預期的情況。去年是我們業績非常出色的一年。因此，部分原因是與去年同期相比，但上半年開局不錯，上漲了中等個位數，下半年仍然上漲，但與上半年相比，利率基礎有所減弱。

Andrew Obin with Bank of America.

美國銀行的安德魯‧奧賓 (Andrew Obin)。

Just a question. Can we just sort of say in terms of on time in full, I know that this was a big drag on top line in Safety and Industrial. What kind of impact to top line does it have as it's improving and you're sort of regaining traction with your medium and smaller customers? Can you quantify that? Are you seeing any discernible impact yet?

只是一個問題。我們能否就按時完成而言，我知道這對安全和工業領域的營收造成了很大的拖累。隨著它不斷改善並且您重新獲得中型和小型客戶的青睞，它會對收入產生什麼樣的影響？你能量化嗎？您看到任何明顯的影響了嗎？

So we're not going to quantify it specifically because there's a lot of factors into why customers may not buy from us because of OTIF, but improving it, delivering on-time-in-full to customers is quite important. We know from talking to our end customers. It is an element of churn why customers leave us. That number is across the company is pretty substantial. We're focused on this.

因此，我們不會具體量化它，因為有很多因素導致客戶可能因為 OTIF 而不從我們這裡購買，但改進它、按時全額交付給客戶非常重要。我們透過與最終客戶的交談了解到了這一點。這是導致客戶離開我們的因素。對於整個公司來說，這個數字是相當可觀的。我們專注於此。

We're trying to bring it down. One element is responsiveness and customer service, it's quality, but importantly, it's on time in full.

我們正在努力將其降低。一個要素是響應能力和客戶服務，是質量，但重要的是，要準時、全面。

So clearly, Andrew, as we get better on that, that's going to allow us to reduce churn grow, and we're starting to see benefits of lower churn in the back half. I think part of it probably is related to OTIF. It's hard to say exactly what part of it is though.

因此，很明顯，安德魯，隨著我們在這方面做得越來越好，這將使我們能夠減少客戶流失，並且我們開始看到後半部分客戶流失率降低的好處。我認為部分原因可能與 OTIF 有關。但很難說清楚它到底是哪一部分。

Okay. Got you. And just sort of going back to the guidance. Just very simplistically, I think generally right, seasonality is a little bit different and it seems second half is weaker, despite the normal seasonality, despite accelerating top line into the second half, right, and I would imagine, based on what we're hearing actually pricing dynamic all in is not that bad on the industrial side. So can you just highlight onetime items related to your footprint consolidation and changes in -- what are the headwinds in the second half that are sort of messing with the seasonality.

好的。明白了。並回到指導上。很簡單，我認為總體來說是正確的，季節性有點不同，儘管季節性正常，儘管下半年營收加速增長，但下半年似乎比較弱，對吧，而且我可以想像，根據我們所聽到的，工業方面的實際定價動態總體上並不是那麼糟糕。那麼，您能否重點介紹與您的足跡整合和變化相關的一次性項目——下半年有哪些不利因素會對季節性產生影響。

Could you just quantify them for us again? I really appreciate it.

您能再為我們量化一下嗎？我真的很感激。

Thanks, Andrew. There is nothing on the footprint on any onetimers in the second half. which is doing it. Operationally, we grew the first half at $0.50 to $0.55. And second half, we grow around the same rate as well.

謝謝，安德魯。下半場的任何一次性動作都沒有留下任何痕跡。從營運角度來看，上半年我們的營收成長了0.50美元到0.55美元。下半年，我們的營收也維持了大致相同的成長速度。

So volume and productivity where we see the impact is more on the tariff. We have $0.20 for the year. We had a couple of pennies in second quarter. So $0.18 of that is in the second half. That is the major impact.

因此，我們認為產量和生產力對關稅的影響更大。我們今年的預算為 0.20 美元。我們在第二季度賺了幾分錢。其中 0.18 美元是在下半年。這是重大影響。

On top of that, stranded cost is picking up in the second half versus the first half and a pickup in investments. So I would say those are the big factors. There's no -- not much of a onetimer over there. The only thing on the EPS between first half and second half is obviously the sale of the investment that we had in Q2, which is below the line, which impacts the second half.

除此之外，下半年擱淺成本較上半年上升，投資也有所增加。所以我想說這些都是重要因素。那裡沒有——沒有太多一次性的東西。上半年和下半年之間 EPS 的唯一變化顯然是我們在第二季度出售的投資低於預期，這將影響下半年。

And what are the ones can you quantify the stranded costs again? I apologize.

那麼，您可以再次量化擱淺成本嗎？我很抱歉。

Was it stranded cost? Yes. So it's $100 million for the year. It's about $30 million in the first half and $70 million in the second half.

這是擱淺成本嗎？是的。所以今年的預算是 1 億美元。上半年約3000萬美元，下半年約7000萬美元。

Okay. So that hasn't changed.

好的。所以這並沒有改變。

No.

不。

Deane Dray with RBC Capital Markets.

加拿大皇家銀行資本市場的 Deane Dray。

I was hoping you could take us through the changes in your tariff assumptions the benefit of the pause that was implemented. But did you make any specific mitigation actions in the quarter? And kind of what was the decision about including it in guidance on a go-forward basis?

我希望您能向我們介紹一下關稅假設的變化以及實施暫停帶來的好處。但是您在本季採取了什麼具體的緩解措施嗎？那麼，將其納入未來指導中的決定是如何的呢？

So the last time we said it was $0.60 gross. Now it's $0.20 The biggest change really is going to be around China last year -- last quarter, it was about 80% of the tariff impact. At the time, the rate was 125%, 145%, so US 145%, China was 125%. They've come down dramatically to 10% and 30%.

所以上次我們說的是毛利 0.60 美元。現在是 0.20 美元，最大的變化實際上發生在去年中國——上個季度，關稅影響約為 80%。當時的利率是125%、145%，美國是145%，中國是125%。它們已大幅下降至 10% 和 30%。

That was the biggest source of change. Things are moving around still a little bit, but we included it in the guidance mainly because we're more than halfway through the year. Things have stabilized at least a little bit. And any changes from here, we only have a couple of months in the balance of the year that would impact '25. The rest would roll into 2026.

這是最大的變化之源。事情仍在不斷變化，但我們將其納入指導範圍，主要是因為今年已經過去一半多了。情況至少已經穩定了一點。從現在開始的任何變化，都只會影響到今年剩餘的幾個月，而這會影響 25 年。其餘部分將延續至 2026 年。

So we feel we're pretty well calibrated.

所以我們覺得我們已經調整得很好了。

Of course, we're watching very carefully what happens in the EU. We've got to watch against any reescalation and trade tensions with China. -- that could be a change. But from the way we see it today, I think we know enough about it in terms of the gross and net impact to roll it through into guidance, which I think is cleaner for investors. So we're offsetting $0.20 of gross tariff with both cost and sourcing changes, which is about half of the offset and the other half is coming through price.

當然，我們正在密切關注歐盟的動態。我們必須警惕與中國之間的貿易緊張局勢再次升級——這可能會帶來改變。但從我們今天的看法來看，我認為我們對其總影響和淨影響有足夠的了解，可以將其納入指導，我認為這對投資者來說更清晰。因此，我們透過成本和採購變化來抵消 0.20 美元的總關稅，這大約是抵消額的一半，另一半則透過價格來抵消。

So the gross amount is about $140 million, nets around $70 million, about half of that, say $35 million, $40 million is price. The other half $35-ish million is going to be cost savings as well as sourcing. And the pricing piece of it that's one of the elements that's helping us push second half growth a little bit because that's mostly a second half item.

因此總金額約為 1.4 億美元，淨金額約為 7,000 萬美元，其中約一半，即 3,500 萬美元，4,000 萬美元是價格。另一半 3500 萬美元將用於成本節約和採購。其中定價部分是幫助我們推動下半年成長的因素之一，因為這主要是下半年的專案。

Great. And then in your answer, you just put the spotlight on China and there might have been an expectation there would be some fallout because of tariffs and maybe some pushback on your business there, but up single digits look pretty healthy. So just -- have you seen much of a fallout? And how much is embedded in the second half?

偉大的。然後在您的回答中，您只是把焦點放在了中國，人們可能會預期關稅會帶來一些影響，也許會對您在中國的業務造成一些阻礙，但個位數的成長看起來相當健康。那麼—您是否看到了很大的後果？下半部又嵌入了多少？

So no, we actually had a very good first half, up mid-single digits. It was -- frankly, it was better than we expected coming into the year. Early in the year, we were thinking it's low single digits, it's been mid-single digits in the front half. We do expect it will slow down in the back half. That's embedded in our numbers.

所以，實際上，我們的上半場表現非常好，領先了個位數左右。坦白說，今年的業績比我們預期的還要好。今年年初，我們認為這是一個低個位數，但上半年卻是中等個位數。我們確實預計下半年增速將會放緩。這已經體現在我們的數字中了。

For us, it's roughly half is domestic, half is export. And both were performing very well. It's some of the local stimulus happening in China for appliances, white goods, which we sell a lot of tape products into as well as their export market, a lot of which was electronics.

對我們來說，大約一半是國內，一半是出口。而且兩人的表現都非常出色。這是中國針對家用電器、白色家電等市場推出的一些地方刺激措施，我們向這些市場以及出口市場銷售了大量膠帶產品，其中許多是電子產品。

Again, that for us has been pretty healthy. But again, we do see it softening in the back half of the year. We're committed to China. It's a big part of the company in 7 factories, 5,000 people there. And we have a great team, great business, really driving a great job on commercial excellence there in China.

再說一次，這對我們來說非常健康。但我們再次看到，今年下半年趨勢將會減弱。我們致力於中國市場。它是公司的重要組成部分，擁有 7 家工廠，5,000 名員工。我們擁有一支優秀的團隊，出色的業務，在中國的商業卓越發展方面做出了巨大貢獻。

And again, it will slow down, but still be up for the year.

雖然速度會再次放緩，但全年仍會保持成長。

Nicole DeBlase with Deutsche Bank.

德意志銀行的 Nicole DeBlase。

Maybe just starting with the demand trends through the quarter. I guess there's still been some concern out there that we've heard about like whether there was any sign of tariff prebuy, it seems like we're kind of on the verge of tabling that. So I just wanted to hear your thoughts, Bill, and if what you've seen through July kind of gives conviction that prebuy wasn't really a factor.

也許只是從整個季度的需求趨勢開始。我想我們聽到的外界擔憂仍然存在，例如是否有任何關稅預購的跡象，似乎我們即將提出這項建議。所以我只是想聽聽你的想法，比爾，以及你是否從七月看到的情況確信預購並不是一個真正的因素。

So it's not -- so it's hard to discern that. There's probably a little bit hanging out there, but it's not substantial, anything that might happen from Q2 into Q1, we see Q3 coming into Q2. So it's -- I don't think the prebuy is an issue. For the quarter, our orders were up low single digits as we described in the materials a little bit better in SIBG, about flattish in TEBG down a little bit in consumer, but consumer accelerated over the course of the quarter. So June was better than May.

所以事實並非如此——因此很難辨別這一點。可能存在一些懸而未決的問題，但並不大，從第二季到第一季可能發生的任何事情，我們都會看到第三季進入第二季。所以——我不認為預購是個問題。就本季而言，我們的訂單量呈現個位數低成長，正如我們在資料中所描述的那樣，SIBG 的訂單量略有好轉，TEBG 的訂單量基本上持平，消費者的訂單量略有下降，但消費者的訂單量在本季加速成長。所以六月比五月好。

May was better than April. So we saw some acceleration there. July, it's still very, very early. It's -- we saw some similar progress here in July. But again, it's only a couple of weeks, so it's hard to discern a pattern over that.

五月比四月好。因此我們看到那裡有一些加速。七月，還很早很早。我們在七月也看到了一些類似的進展。但同樣，這只是幾週的時間，因此很難辨別其中的規律。

But Q2 orders were up low single digit.

但第二季的訂單量僅成長了個位數。

Our backlog grew, it's about 1% sequentially, so about $2 billion. And as Anurag mentioned in his comments, I mean, we're not really a backlog-driven business. We're more book and ship. But we saw some backlog growth sequentially and 20%, 25% of Q3's covenant backlog, which is a pretty good place to be. So what I'm pleased about is orders are hanging in there and backlog is hanging in, if not growing a little bit sequentially.

我們的積壓訂單比上一季成長了約 1%，約 20 億美元。正如 Anurag 在評論中提到的那樣，我的意思是，我們實際上並不是一個由積壓訂單驅動的企業。我們更多的是預訂和發貨。但我們看到積壓訂單環比有所增長，第三季的契約積壓訂單量為 20% 至 25%，這是一個相當不錯的水平。因此，我很高興看到訂單和積壓訂單都在繼續，甚至環比增長了一點。

That's helpful. And then on Europe, I feel like there's definitely been a little bit of excitement building about the potential course of recovery there. I know you guys were flat in the quarter, but have you seen anything when you look at those orders and backlog that suggest green shoots in Europe?

這很有幫助。然後談到歐洲，我感覺人們對那裡潛在的復甦進程肯定有些興奮。我知道你們本季業績持平，但是當你們看到這些訂單和積壓訂單時，您是否看到了歐洲出現復甦跡象的跡象？

So we're hopeful for Europe in the back half. It's an important market for us. The thing -- the watch item for us is going to be auto, Nicole, actually what we've seen overall is IHS builds globally are sort of flattish. So it moved from down a little bit to up a couple of tenths in the latest drop a couple of days ago. A lot of that's China.

因此，我們對歐洲下半年的表現充滿希望。這對我們來說是一個重要的市場。事情是這樣的——我們關注的項目是汽車，妮可，實際上我們總體上看到的是，IHS 全球的建設有點平淡。因此，在幾天前的最新一次下跌中，它從略微下降轉為上漲了百分之幾。其中很大一部分來自中國。

-- which is driving that growth. Europe and North America, both down, which adversely affects 3M. Europe is expected to be down in the back half on auto build, and that's 1 that's important to us.

——推動了這項成長。歐洲和北美均出現下滑，對 3M 產生了不利影響。預計下半年歐洲汽車產量將下滑，這對我們來說非常重要。

Other parts of our business are showing some signs of growth. We saw SIBG up in the quarter in Europe. And I think there's signs that there could be growth on that side, but auto is a watch area for us in Europe in the back half.

我們業務的其他部分也顯示出一些成長跡象。我們看到本季歐洲的 SIBG 有所上升。我認為有跡象表明這方面可能會成長，但汽車是我們下半年在歐洲關注的領域。

Chris Snyder with Morgan Stanley.

摩根士丹利的克里斯·斯奈德。

I wanted to ask about back half organic growth to 2.5%, so up from the 1.5% in the first half. The comps do get a bit tougher. It sounds like you guys think the macro continues to go sideways. So is that lift really all just price that's coming through and maybe some help from the NPI. And is there any buffer in that guide for maybe some volume pressure should there have been first half channel build?

我想問一下下半年有機成長率是否達到 2.5%，高於上半年的 1.5%。比賽確實變得更加艱難了。聽起來你們認為宏觀經濟將繼續橫盤整理。那麼，這種提升真的只是價格上漲的結果，或許還有一些 NPI 的幫助嗎？如果前半部分通道已經建立，那麼指南中是否存在緩衝來應對一些音量壓力？

So Chris, thanks for the question. Look, there is some price in there. It's probably 40 basis points, let's say, of price in that 2.5%. So -- if you look at just comparable to Q1, it's 1.5% to 2.1%. So it's up in terms of growth rate sequentially first half in the second half, but there is some pricing benefits.

克里斯，謝謝你的提問。瞧，裡面有一些價格。假設這 2.5% 的價格為 40 個基點。因此—如果僅與第一季相比，則為 1.5% 至 2.1%。因此，下半年的成長率比上半年有所上升，但也有一些定價優勢。

I went through some of the drivers on the general industrial side, the safety business. The one area I talked a little bit about electronics, softening a little bit in the back half, but still up, there is some end markets that are up. We do see some larger orders that have come through on the government side on electrical product side.

我研究了一般工業方面、安全業務方面的一些驅動因素。我剛才談到了電子產品領域，下半年市場略有疲軟，但仍在上漲，一些終端市場也在上漲。我們確實看到政府方面在電氣產品方面下達了一些較大的訂單。

The one area that I didn't speak about was on the automotive side, even though automotive will remain weak. We are working hard on repositioning our business there and driving growth with new models. We do expect us to be flattish in the back half from being down in the front half, even though the builds are still weak in the back half. Part of it is really aggressive commercial excellence efforts to go back and recapture opportunities in the tiers, particularly bonding and joining in acoustics and other things.

我沒有談到的一個領域是汽車方面，儘管汽車行業仍將保持疲軟。我們正在努力重新定位我們的業務，並透過新模式推動成長。我們確實預計，由於前半部處於下滑狀態，後半部將趨於平穩，儘管後半部的建築仍然較弱。其中一部分是真正積極的商業卓越努力，以回到並重新獲得各個層面的機會，特別是在聲學和其他方面的結合和加入。

There's some model switchovers happening where we're spec-ed in, we're hopeful that we can continue our position on those new models as they get into production later on this year. So auto is a watch area for us. We do expect that to be better in the back half and more flattish versus down in the front, but that's an important driver of the second half performance, Chris.

我們正在按照我們的規格進行一些模型轉換，我們希望能夠在今年稍後投入生產時繼續保持這些新模型的地位。因此汽車是我們關注的領域。我們確實希望後半段的表現會更好，前半段的表現會更加平穩，但這是下半場表現的重要驅動因素，克里斯。

I appreciate that. And if I could follow up on maybe competitive tailwinds that could support demand. I imagine, particularly in consumer, there's a lot of low-cost competitors from Asia, I mean, if we look at the online marketplaces. Have you seen any impact here from tariff costs on those competitors that could maybe give you guys some pricing in consumer, which I know it's typically difficult or even some share gain opportunity.

我很感激。如果我可以跟進也許可以支持需求的競爭順風。我想，特別是在消費者方面，有很多來自亞洲的低成本競爭對手，我的意思是，如果我們看看線上市場的話。您是否看到關稅成本對競爭對手產生了任何影響，這可能會給您帶來一些消費者定價，我知道這通常很困難，甚至會給您帶來一些市場份額成長機會。

Chris, thank you. some, but it's not going to be price. It's more volume. And there's -- all of the US retailers are looking very carefully at where their source of supply is, if it's coming from non-US markets, it's important. Obviously, the tariff impact makes them a little less economic and makes us a little more attractive. So on the margin, yes, there are some opportunities there, and the team in CBG are really pushing that. It's not going to come through necessarily in price is more likely to be in volume, and those are some of the opportunities that are embedded in the back half of the year for CBG.

克里斯，謝謝你。有些，但這不會是價格。音量更大。而且——所有美國零售商都在仔細尋找他們的供應來源，如果來自美國以外的市場，這一點很重要。顯然，關稅的影響會使他們的經濟狀況下降，而我們的吸引力則有所增強。因此，從邊緣來看，是的，那裡有一些機會，而且 CBG 的團隊正在努力推動這一點。這不一定反映在價格上，更可能體現在數量上，而這些是 CBG 在下半年面臨的一些機會。

Nigel Coe with Wolfe Research.

沃爾夫研究公司的 Nigel Coe。

Obviously, a lot of my questions have been answered already. Just want to make sure, Bill, I heard the price contribution in the second half. I think you said 40 basis points. Is that 40 basis points absolute price that a 40 basis point improvement versus the first half?

顯然，我的許多問題已經得到解答了。只是想確認一下，比爾，我聽說了下半年的價格貢獻。我認為您說的是 40 個基點。這 40 個基點的絕對價格是否與上半年相比提高了 40 個基點？

No, it's 40 basis points of absolute year-over-year improvement. For the look, it's -- let me just step back on the whole thing. Just because for the year, we're getting about 70 basis points more or less of price. We typically would see about 50 basis points, which is what is required to offset 2% material cost inflation. So 2% on $6 billion of materials, $120 million that's -- and if we pass it through in price, which we've done, that's 50 basis points.

不，這是絕對的同比增長 40 個基點。就外觀而言，這是——讓我回顧一下整個事情。只是因為今年我們得到的價格大約高出或低了 70 個基點。我們通常會看到大約 50 個基點，這是抵銷 2% 材料成本通膨所需的。因此，對於價值 60 億美元的材料，稅率為 2%，即 1.2 億美元——如果我們將其轉嫁到價格上，也就是 50 個基點，我們已經這樣做了。

We're getting about 70 basis points. So it's a little bit of an extra lift. Part of that is coming because we're offsetting tariff headwind and a lot of that's going to happen in the back half of the year.

我們獲得了大約 70 個基點。所以這有點額外的提升。部分原因是我們正在抵消關稅逆風，其中很大一部分將在今年下半年發生。

But part of it is going to come from some of the pricing discipline that we're putting in place. What we see very different processes on price governance in SIBG and now moving to TEBG as well. So in SIBG, we used to have about 60% or more of the deals were less than $20,000. So very small. Today, that's less than 20%.

但部分原因將來自於我們正在實施的一些定價規則。我們看到 SIBG 的價格治理流程非常不同，現在也轉向了 TEBG。因此，在 SIBG，我們過去有大約 60% 或更多的交易金額低於 20,000 美元。非常小。如今，這一比例還不到20%。

So we're trying to be more strategic on where we give pricing discounts. The larger customers and make sure we get the volume for it.

因此，我們正嘗試在提供價格折扣方面採取更具策略性的策略。較大的客戶並確保我們能獲得足夠的數量。

So that's showing an effect in some price as well. So long-winded way of saying, yes, it's 40 basis points year-over-year and it's 70 basis points for the full year of price.

所以這也對某些價格產生了影響。所以，長話短說，是的，年比上漲了 40 個基點，全年價格上漲了 70 個基點。

Okay. That's helpful. And then I find it curious or maybe a little bit ironic that SIBG growth is actually superior despite the fact that OTIF is lagging the other 2 segments. So number one, are you still on track to get OTIF within SIBG to 90% by year-end. And if you were to guess, if you can improve OTIF from 83% to 93%, what kind of growth uplift would you expect to see?

好的。這很有幫助。然後我發現一個奇怪的或有點諷刺的事情：儘管 OTIF 落後於其他兩個部門，但 SIBG 的成長實際上更勝一籌。那麼第一點，您是否仍有望在年底前將 SIBG 內的 OTIF 提高到 90%。如果您猜的話，如果您可以將 OTIF 從 83% 提高到 93%，您預計會看到什麼樣的成長提升？

Again, the question gets back to like sort of trying to get as an OTIF to revenue. It's very difficult to do that. But we do know that not delivering on time is a source of churn and reducing churn implicitly drives growth. So look, 83% just over that was a good result, not what we had expected. We expect more from that as we transition into July, we're a little north of 85%.

再一次，問題又回到了試圖透過 OTIF 獲得收入。要做到這一點非常困難。但我們確實知道，不能準時交付是造成客戶流失的原因，而減少客戶流失則會間接推動成長。所以看起來，83% 剛好超過這個數字，這是一個好結果，而不是我們所期望的。隨著進入 7 月份，我們預計這一數字還會進一步上升，目前已略高於 85%。

We expect to be in the high 80s now by the end of the year. The team tells me they want to exit the year at 90%. I think that's a stretch goal. You may notice our inventories are running a little bit higher than last year. So part of it is we're making up for lower OTIF with higher inventory, so we've got to make sure that we both drive OTIF improvement in the back end, which we're really, really focused on -- at the same time, we bring down inventory.

我們預計到今年年底氣溫將達到 80 多度。團隊告訴我，他們希望今年的完成率能達到 90%。我認為這是一個延伸目標。您可能會注意到我們的庫存比去年略高一些。因此，部分原因是我們透過增加庫存來彌補較低的 OTIF，因此我們必須確保我們都在後端推動 OTIF 改進，這是我們真正關注的 - 同時，我們降低庫存。

So that's what we're trying to do. The team is focused on it. We're making progress. I would say I wish it would be faster. I think Chris would expect it to be faster, but good progress.

這就是我們正在嘗試做的事情。團隊正專注於此。我們正在取得進展。我想說我希望它能更快。我認為克里斯希望它能更快，但進展良好。

And we know that's going to drive growth in the back half.

我們知道這將推動下半年的成長。

Andy Kapowitz with Citi Group.

花旗集團的 Andy Kapowitz。

You had a nice jump in margin after what seemed like a few quarters of pressure in TEBG. So -- could you talk about what, if anything changed? I know you talked about the metering of the investments that you're making for the company? Does it hit that segment a bit more than others or maybe you're getting closer to fully absorbing PFAS stranded costs or maybe just better mix? Any color would be helpful.

在經歷了幾個季度的 TEBG 壓力之後，利潤率有了很大的提高。那麼——您能談談有什麼變化嗎？我知道您談到了您為公司所做的投資的計量？它對該細分市場的影響是否比其他細分市場更大一些，或者您更接近完全吸收 PFAS 擱淺成本，或者可能只是更好的組合？任何顏色都會有幫助。

Thanks for the question, Andy. It's driven by volume and productivity. It's not so much of the investment. I think all the 3 segments, the margin expansion was very, very good, specifically in TEBG.

謝謝你的提問，安迪。它是由數量和生產力所驅動的。這並不是什麼大的投資。我認為所有 3 個部門的利潤擴張都非常非常好，特別是 TEBG。

There was -- volume was about 1 point higher than last year. But just the productivity, which we did both on the supply chain and on the G&A side, it's spread across all the 3 business groups also in TEBG which more than mitigated the stranded cost that they had. So when we -- the past couple of quarters, TEBG margins have been down, we see this pick up. And as we go through the course of the year, in our current margin guide of 150 to 200 basis points. You should see all 3 business groups doing well.

交易量比去年高出約 1 個百分點。但是，我們在供應鏈和 G&A 方面所實現的生產力，已經擴展到 TEBG 的所有 3 個業務組，這大大減輕了他們的擱淺成本。因此，當過去幾季 TEBG 利潤率下降時，我們看到了這種回升。隨著今年的推進，我們目前的保證金指導價為 150 至 200 個基點。您應該會看到所有 3 個業務組都表現良好。

SIBG and CBG will definitely do better. TEBG a little bit lighter because of the stranded cost that you pointed out, but the productivity is flowing through well there.

SIBG和CBG肯定會做得更好。由於您指出的擱淺成本，TEBG 稍微輕了一點，但生產力在那裡很好地流動。

And Bill, I think it might be helpful to hear about your thoughts on the fiscal environment here in the US. Maybe a little bit of color on how 3M is thinking about the big beautiful bill. I think it does put money in industrial companies pockets, given bonus depreciation, et cetera, but it doesn't seem like you're reacting to it at all. Is it just too early? How do you think about it, how might companies react to it moving forward?

比爾，我想聽聽你對美國財政環境的看法可能會有所幫助。也許可以稍微了解一下 3M 公司是如何考慮這張精美大鈔的。我認為它確實為工業公司帶來了收入，包括獎金折舊等等，但你似乎對此根本沒有反應。現在還太早嗎？您對此有何看法？公司未來會如何因應？

So it's a good question. It's a very broad question. I think specifically to the tax bill, it's favorable to us. It's favorable to other companies. In the sense, it helps us with maintaining reasonable FDII GILTI rates, which is important to us, helps us maintain our effective tax rate in the 20% range, which is what we had anticipated and hoped for.

所以這是一個好問題。這是一個非常廣泛的問題。我認為具體到稅收法案來說，它對我們有利。這對其他公司有利。從某種意義上說，它幫助我們維持合理的 FDII GILTI 稅率，這對我們很重要，幫助我們將有效稅率維持在 20% 的範圍內，這正是我們所預期和希望的。

So it maintains where we happen to be. It's good news because it could have gone the other way. Bonus depreciation and the R&D expense doesn't really work for us for the next couple of years because of the some of the PWS costs and other things. But that will help us in the out years. But right now, FDII GILTI rates hovering around -- maintain around 14%, which I think they made permanent.

因此它維持著我們所在的位置。這是個好消息，因為事情本來可能會朝著相反的方向發展。由於 PWS 成本和其他因素，獎金折舊和研發費用在未來幾年對我們來說實際上沒有什麼用。但這將對我們未來幾年有所幫助。但目前，FDII GILTI 利率徘徊在 14% 左右，我認為這是永久性的。

-- is good news for the company for sure. So I won't comment on any relative fiscal environment, but that's certainly, from a tax perspective, help for the company.

——對公司來說無疑是個好消息。因此，我不會對任何相關的財政環境發表評論，但從稅務角度來看，這肯定對公司有幫助。

Joe O'Dea with Wells Fargo.

富國銀行的喬‧奧迪亞 (Joe O’Dea)。

Just wanted to make sure I just want to make sure I'm thinking about the back half organic constructs across the segments. -- where if there's roughly 100 basis points better year-over-year growth in 2H versus 1H that we would see a stronger than average improvement in SIBG, TEBG, improving growth a little bit and consumer, maybe that growth rate is more consistent with the first half? Is that a reasonable framework?

我只是想確保我考慮的是各個部門後半部分的有機結構——如果下半年的同比增長比上半年高出大約 100 個基點，我們會看到 SIBG、TEBG 的改善幅度高於平均水平，增長略有改善，消費者的增長率可能與上半年更加一致？這是一個合理的框架嗎？

Yes, that's exactly what it is. Yes. So both SIBG and TEBG should be a little bit better in the back half and consumer in line with that, maybe a tick or 2 up, but -- but again, it depends on the consumer behavior, but it's really going to -- and it's a smaller business, but it hinges on the first 2.

是的，確實如此。是的。因此，SIBG 和 TEBG 在後半部分的表現應該會更好一些，消費者的表現也應該與此一致，可能會上升一兩個點，但是 — — 但同樣，這取決於消費者的行為，但它確實會 — — 而且這是一項較小的業務，但它取決於前兩個。

Got it. And then actually, I thought the consumer margin was the most impressive. I think organic was up 30 bps year-over-year and op profit was up north of 20%. And so just any unpacking of the bridge there, the self-help side of things, absence of any items that were a drag last year? Any color would be helpful.

知道了。實際上，我認為消費者利潤是最令人印象深刻的。我認為有機成長比去年同期成長了 30 個基點，營業利潤成長了 20% 以上。那麼，只要拆開橋樑，在自助方面，就沒有去年造成拖累的物品了嗎？任何顏色都會有幫助。

Yes. So we finished over 21% on CBG on the Consumer business group, which is very good. Last year, we ended on the 19% level. So this was really good. I think where you'd see the benefit more is around the productivity side.

是的。因此，我們在消費者業務集團的 CBG 上取得了超過 21% 的成績，這非常好。去年，我們的成長率達到了 19%。這真的很好。我認為您會看到更多的好處是在生產力方面。

In fact, the investments actually did go up in the consumer group relative to last year. The one compared from Q2 of last year was obviously the equity comp timing, which did impact consumer as well. But I would say more of the outperformance on the margin is driven by the productivity that we're driving both on the supply chain side as well as the G&A side, which trickle through to the consumer business.

事實上，與去年相比，消費族群的投資確實增加。與去年第二季相比，顯然是股權補償時機，也對消費者產生了影響。但我想說，利潤率的優異表現更多的是由我們在供應鏈方面以及一般及行政方面推動的生產力所驅動，這些生產力逐漸滲透到消費者業務中。

Laurence Alexander with Jefferies.

勞倫斯·亞歷山大 (Laurence Alexander) 與傑富瑞 (Jefferies) 合作。

Just 2, hopefully, very quick ones. One is, how do you think about the effect of your metering of investments on operating leverage if demand surprises on the upside either back half of this year or next year? And secondly, can you -- on the PFAS question, I just want to follow up on kind of if I understood one of your comments. How are you thinking about the property damage side of PFAS litigation. When do you think you'll have visibility around the legal strategy to ring fence the liabilities there?

僅 2 個，希望非常快。一是，如果今年下半年或明年需求意外上升，您如何看待投資計量對營運槓桿的影響？其次，關於 PFAS 問題，我只是想跟進我是否理解了您的一條評論。您如何看待 PFAS 訴訟中的財產損失方面。您認為何時才能清楚了解解決債務問題的法律策略？

Yes. Maybe I'll just start off with the operating leverage first. On the operating leverage piece, we should see that flow through. Okay. Today, our operating leverage is about -- I mean, incremental is about 35%.

是的。也許我應該先從經營槓桿開始。在經營槓桿方面，我們應該會看到這種流動。好的。今天，我們的營運槓桿大約是——我的意思是，增量大約是 35%。

That will probably be the same, if not go higher. -- as volume picks up on the upside. Because if you look at the metering of investments, I mean, we're spending $175 million of a step-up in investment this year relative to last year. The metering was more because of the demand calibration. If demand softens up a little bit and you don't spend so much on advertising and merchandising.

這可能與上期持平，甚至更高——因為成交量正在上升。因為如果你看一下投資計量，我的意思是，我們今年的投資支出比去年增加了 1.75 億美元。由於需求校準，計量更加頻繁。如果需求稍微減弱，你就不會投入太多廣告和商品銷售。

You look at the tariff landscape, then you look at different projects and you say, okay, let's prioritize them. But when it comes to R&D comes to sales, we've added it.

你看一下關稅情況，然後看看不同的項目，然後說，好吧，讓我們優先考慮它們。但當涉及到研發和銷售時，我們就增加了它。

For the second quarter, we had envisioned about $85 million of pickup in investment, we did more than $40 million. So it's still quite a significant amount. So that investment is probably going in the right stage -- second half, we're still maintaining the investment that we always had. And if volume comes up, I think the operating leverage should be north of 35% in the second half or in time to come.

對於第二季度，我們預計投資將增加約 8,500 萬美元，但實際投資額超過了 4,000 萬美元。所以這仍然是一個相當大的數字。因此，投資可能正處於正確的階段——下半年，我們仍將保持一貫的投資。如果交易量上升的話，我認為下半年或未來一段時間的營運槓桿應該會超過 35%。

And on the PFAS question, a lot of the environmental natural resources property issues are encompassed in the AG cases, part of which was resolved in New Jersey, Vermont is coming up and moved out to November and the rest are in the MDL, and we'll handle them as they come forward. Won't circumscribe any particular number on that. There's plenty of disclosure in our 10-Q. Okay, everybody. Well, thank you very much for joining the call for all the questions we got through every analyst, which was good.

關於 PFAS 問題，許多環境自然資源財產問題都包含在 AG 案件中，其中一部分已在新澤西州得到解決，佛蒙特州即將開庭並移至 11 月，其餘案件則在 MDL 中，我們將在它們出現時進行處理。不會對此限制任何特定的數字。我們的 10-Q 中有很多揭露內容。好的，各位。好吧，非常感謝您參加電話會議，回答我們透過每位分析師提出的所有問題，這很好。

I also want to thank all the 3Mers for their continued drive towards excellence in the company, improving every single day and delivering value to customers and to our shareholders. We're laser focused on our priorities. -- and we'll be through the next number of quarters, and I look forward to speaking with you at the end of our third quarter. Thank you so much. Have a good day.

我還要感謝所有 3M 員工，感謝他們不斷推動公司追求卓越，每天都在進步，為客戶和股東創造價值。我們高度關注我們的優先事項——我們將度過接下來的幾個季度，我期待在第三季度末與您交談。太感謝了。祝你有美好的一天。

Ladies and gentlemen, that does conclude today's conference call. We thank you for your participation and ask that you please disconnect your line at this time.

女士們、先生們，今天的電話會議到此結束。我們感謝您的參與，並請您此時斷開線路。