3M has released its financial results for the third quarter of 2022. The company reported sales of $8.6 billion, down 4% year-on-year, which included impacts of -1% from divestitures and -5% from foreign currency translation due to strength of U.S. dollar. 3M saw organic sales growth of 2% year-on-year, which included a 1.4 percentage-point headwind from the decline in disposable respirator demand.

3M updated its full-year sales and earnings expectations to reflect the continued strengthening of the U.S. dollar and the uncertain macroeconomic environment. It now predicts total sales growth of -3.5% to -3.0% versus its previous prediction of -2.5% to -0.5%. The company now expects organic sales growth of 1.5% to 2.0% compared to its previous estimate of 1.5% to 3.5%. Acquisition and divestiture sales growth is expected to be -0.5% versus a prior estimate of 0%. The company expects the impact of foreign currency translation on sales to be -4.5% compared to a previous estimate of -4.0%. Adjusted earnings per share is now anticipated to be $10.10 to $10.35.