...April 27, 2022 PRINCETON (S&P Global Ratings) April 27, 2022--3M Co.'s organic revenues grew 1.7% in the first quarter on a year-over-year basis, with strength in the Health Care and Consumer segments offsetting weakness in Transportation and Electronics and lower respirator sales. Company-adjusted EBITDA margins were down 270 basis points primarily due to ongoing supply chain issues and inflation (over 300 basis points on an S&P Global Ratings-adjusted basis given the litigation charges). Overall, the results were weaker than S&P Global Ratings' previous expectations. The lower earnings will consume some of the credit buffer the company built in recent years with good cash flow and lower debt. The profitability headwinds, coupled with $1.625 billion returned to shareholders in the quarter, resulted in weaker credit metrics, but still within the 1.5x-2.0x range that we view as appropriate for the rating. Although profitability was down year over year, the sequential change was less negative....
