2023 Q3 Earnings
Safety & Industrial
Q3 2023 commentary
Organic growth performance:
- Low-double digit decline in closure and masking; high-single digit declines
in industrial adhesives and tapes and personal safety; mid-single digit
decline in abrasives; low-single digit declines in electrical markets and
automotive aftermarket
- High-single digit increase in roofing granules
- Disposable respirator/Russia YoY headwind of $130M, or -58%
organically; reduced segment organic growth by 4.3 ppts
• Industrial end-market demand mixed; distributors right-sizing inventory levels
Adjusted operating margin up 250 bps YoY; up 350 bps sequentially
- YoY increase driven by:
■ Benefits from productivity actions, restructuring, strong spending
discipline, and price
■ Partially offset by lower sales volume and higher restructuring costs
Organic growth
-5.8%
Includes ~(4.3) ppt headwind from disposable
respirator decline and 2022 exit of Russia
Adjusted operating margin
25.7%
2023 Q3 Earnings | October 24, 2023. All rights reserved.
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