2023 Q3 Earnings
Raising full-year 2023 EPS and free cash flow guidance
Full-year
Increasing adjusted earnings per share
$8.95 to $9.15 vs. $8.60 to $9.10, prior
Pre-tax restructuring charges and benefits
remain unchanged
Adjusted organic sales growth
~-3% vs. lower end of -3% to flat, prior
Includes (2) ppt headwind from disposable
respirator decline and 2022 exit of Russia
Raising adjusted free cash flow conversion
100% to 110% vs. 90% to 100%, prior
•
Implied Q4
Adjusted sales of $7.6B to $7.7B
Electronics stabilizing, consumer remains weak, industrial
end-market demand mixed
Normal seasonal trends (including fewer business days
sequentially due to holidays)
Adjusted earnings of $2.13 to $2.33 per share, includes:
-
Pre-tax restructuring charges of ~$70M to $120M (~$0.10 to
$0.17 per share) vs. ~$10M to $60M prior (driven by Q3
timing impacts)
Pre-tax restructuring benefits of -$145M to $195M (~$0.21
to $0.29 per share) vs. ~$185M to $235M prior
2023 Q3 Earnings | October 24, 2023. All rights reserved.
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