3M released its second-quarter 2022 financial results, reporting sales of $8.7 billion, down 3% year-on-year. The second-quarter sales numbers included a negative 4 percentage point impact from foreign currency translation due to the strength of U.S. dollar. The company reported organic sales growth of 1% year-on-year, which included a 4 percentage point headwind from the combined impact of China COVID-related lockdowns and decline in disposable respirator demand.
With the release of the second-quarter results, 3M updated its full-year sales and earnings expectations to reflect the impact of the strong U.S. dollar along with the current uncertain macroeconomic environment. The company now expects total sales growth of between -2.5% and -0.5% and organic sales growth of between 1.5% and 3.5%.