3M Company (NYSE:MMM) Q4 2022 Earnings Call Transcript

Monish Patolawala: For last year, we ended at 82%. As I’ve said multiple times, the opportunity for 3M’s cash from a working capital comes from inventory management and EP. And to answer your question, is it sustainable, of course, it will ultimately depend on the income that we generated depends on how supply chains behave and the capital. But if you just look at the ability for us to use data and data analytics to help drive inventory and working capital clearly exists. In the fourth quarter, the teams did an amazing job to take inventories down, got it down by nearly $250 million. And as supply chains start to heal, this is clearly an opportunity for us, and we’re going to keep driving that.

Dan Rizzo: All right. Thank you very much.

Monish Patolawala: Thanks.

Operator: We have no further phone questions at this time.

Mike Roman: To wrap up, we are focused on creating value for customers and shareholders in a challenging environment. We will continue to take actions to improve our performance, control costs and drive simplification while building 3M for the future. Thank you for joining us.

Operator: 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.