Summary by Moomoo AI
3M, a diversified technology company, announced its 2023 Annual Report, highlighting a year of strategic focus amidst changes. The report was presented by Chairman and CEO Mike Roman, who emphasized the company's commitment to material science to solve customer problems and make a difference in the world. 3M introduced a new vision: making what is indispensable to empower modern life, advance human progress, and deliver a brighter future through 3M Science. The company reported strong 2023 performance, with robust cash flow despite macroeconomic challenges and a sales decline of 4.5%. 3M delivered sales of $33 billion, with organic sales growth of minus 3%, reflecting market softness. The company generated earnings per share of minus $12.63 or positive $9.24 on an adjusted basis and $6.7 billion of operating cash flow. 3M also advanced the spin-off of its health care business, anticipated to complete by April 1, 2024, and addressed risk and uncertainty by announcing major legal agreements, including the Combat Arms Earplug settlement. The company remains focused on operational performance, strategic priorities, and value creation for customers and shareholders.