Subtext

3M Company MMM

SectorIndustrials
Transcripts71
Date range2007-10-19 – 2025-04-22
Calls charted71

Sentiment timeline

Net Loughran-McDonald sentiment per call (×1000), earliest → latest.

-16-8+0+8+162007 Q32009 Q42012 Q12014 Q22016 Q32018 Q42021 Q12023 Q22007 Q3 · Overall: +4.62007 Q4 · Overall: +1.32008 Q1 · Overall: +1.82008 Q2 · Overall: +2.32008 Q3 · Overall: -1.82008 Q4 · Overall: -2.02009 Q1 · Overall: -4.92009 Q2 · Overall: +0.52009 Q3 · Overall: -3.32009 Q4 · Overall: +10.32010 Q1 · Overall: +10.32010 Q2 · Overall: +3.82010 Q3 · Overall: +3.22010 Q4 · Overall: +5.72011 Q1 · Overall: +6.52011 Q2 · Overall: +0.92011 Q3 · Overall: +0.82011 Q4 · Overall: +7.12012 Q1 · Overall: +11.32012 Q2 · Overall: -0.42012 Q3 · Overall: +10.72012 Q4 · Overall: +6.52013 Q1 · Overall: +6.22013 Q2 · Overall: +12.12013 Q3 · Overall: +12.62013 Q4 · Overall: +8.62014 Q1 · Overall: +9.62014 Q2 · Overall: +9.12014 Q3 · Overall: +14.22014 Q4 · Overall: +13.92015 Q1 · Overall: +6.82015 Q2 · Overall: +8.82015 Q3 · Overall: +3.42015 Q4 · Overall: +5.52016 Q1 · Overall: +9.62016 Q2 · Overall: +6.42016 Q3 · Overall: +5.52016 Q4 · Overall: +8.12017 Q1 · Overall: +9.82017 Q2 · Overall: +10.12017 Q3 · Overall: +11.42017 Q4 · Overall: +7.82018 Q1 · Overall: +6.82018 Q2 · Overall: +10.82018 Q3 · Overall: +3.72018 Q4 · Overall: +1.32019 Q1 · Overall: -6.12019 Q2 · Overall: +1.92019 Q3 · Overall: +6.62019 Q4 · Overall: +7.12020 Q1 · Overall: -0.42020 Q2 · Overall: +7.22020 Q3 · Overall: +5.52020 Q4 · Overall: +14.12021 Q1 · Overall: +8.52021 Q2 · Overall: +6.32021 Q3 · Overall: +3.22021 Q4 · Overall: +8.02022 Q1 · Overall: -2.12022 Q2 · Overall: +7.72022 Q3 · Overall: +7.82022 Q4 · Overall: +0.22023 Q1 · Overall: +8.32023 Q2 · Overall: +3.42023 Q3 · Overall: +8.32023 Q4 · Overall: +6.72024 Q1 · Overall: +5.82024 Q2 · Overall: +8.92024 Q3 · Overall: +10.62024 Q4 · Overall: +11.62025 Q1 · Overall: +4.9
Overall

CEO vs CFO

Average sentiment of each executive's remarks per call. Divergence is a signal.

-37-18+0+18+372007 Q32009 Q42012 Q12014 Q22016 Q32018 Q42021 Q12023 Q22007 Q3 · CEO: +9.62007 Q4 · CEO: +5.22008 Q1 · CEO: +3.22008 Q2 · CEO: +1.22008 Q3 · CEO: +0.92008 Q4 · CEO: +2.72009 Q1 · CEO: +1.22009 Q2 · CEO: +3.32009 Q3 · CEO: -4.82009 Q4 · CEO: +10.32011 Q1 · CEO: +8.52011 Q2 · CEO: +4.62011 Q3 · CEO: +0.62011 Q4 · CEO: +0.02012 Q1 · CEO: +17.32012 Q2 · CEO: +4.32012 Q3 · CEO: +22.32013 Q1 · CEO: +18.22013 Q2 · CEO: +23.72013 Q3 · CEO: +19.32013 Q4 · CEO: +18.92014 Q1 · CEO: +15.32014 Q2 · CEO: +15.22014 Q3 · CEO: +23.82014 Q4 · CEO: +25.62015 Q1 · CEO: +9.72015 Q2 · CEO: +13.82016 Q1 · CEO: +19.72016 Q3 · CEO: +12.82016 Q4 · CEO: +20.32017 Q1 · CEO: +18.52017 Q2 · CEO: +20.42017 Q3 · CEO: +13.82017 Q4 · CEO: +19.72018 Q1 · CEO: +22.72018 Q2 · CEO: +31.82018 Q3 · CEO: +13.12018 Q4 · CEO: +10.22019 Q1 · CEO: +1.32019 Q2 · CEO: +14.12019 Q3 · CEO: +20.32019 Q4 · CEO: +19.42020 Q1 · CEO: -2.02020 Q2 · CEO: +16.42020 Q3 · CEO: +19.32020 Q4 · CEO: +24.62021 Q1 · CEO: +20.62021 Q2 · CEO: +15.42021 Q3 · CEO: +17.42021 Q4 · CEO: +23.72022 Q1 · CEO: +1.22022 Q2 · CEO: +27.22022 Q3 · CEO: +15.92022 Q4 · CEO: +11.72023 Q1 · CEO: +27.32023 Q2 · CEO: +15.62023 Q3 · CEO: +20.02023 Q4 · CEO: +31.52024 Q1 · CEO: +13.72024 Q2 · CEO: +17.22024 Q3 · CEO: +11.82024 Q4 · CEO: +18.42025 Q1 · CEO: +6.82007 Q3 · CFO: +10.42007 Q4 · CFO: -4.32008 Q1 · CFO: +2.02008 Q2 · CFO: -2.02008 Q3 · CFO: +2.12008 Q4 · CFO: -10.52009 Q1 · CFO: -11.32009 Q2 · CFO: +2.42009 Q3 · CFO: -3.02009 Q4 · CFO: +13.22011 Q1 · CFO: +8.42011 Q2 · CFO: +0.32011 Q3 · CFO: -0.62011 Q4 · CFO: +9.22012 Q1 · CFO: +13.02012 Q2 · CFO: -9.82012 Q3 · CFO: +8.22013 Q1 · CFO: +4.32013 Q2 · CFO: +11.72013 Q3 · CFO: +15.82014 Q2 · CFO: +11.52014 Q3 · CFO: +11.52014 Q4 · CFO: +14.52015 Q1 · CFO: +9.62015 Q2 · CFO: +8.72016 Q1 · CFO: +7.92016 Q3 · CFO: +5.02016 Q4 · CFO: +5.92017 Q1 · CFO: +12.12017 Q2 · CFO: +10.22017 Q3 · CFO: +19.02017 Q4 · CFO: +9.62018 Q1 · CFO: +6.12018 Q2 · CFO: +6.72018 Q3 · CFO: +1.72018 Q4 · CFO: -0.52019 Q1 · CFO: -15.52019 Q2 · CFO: -2.92019 Q3 · CFO: +5.42019 Q4 · CFO: -2.52020 Q1 · CFO: +4.32020 Q2 · CFO: +5.82020 Q3 · CFO: +5.42020 Q4 · CFO: +14.92021 Q1 · CFO: +8.22021 Q2 · CFO: +7.62021 Q4 · CFO: +6.72022 Q1 · CFO: -0.62022 Q2 · CFO: +0.52022 Q3 · CFO: +9.12022 Q4 · CFO: -1.52023 Q1 · CFO: +1.12023 Q2 · CFO: +1.62023 Q4 · CFO: +4.72024 Q1 · CFO: +1.22024 Q2 · CFO: +1.42024 Q3 · CFO: +6.52024 Q4 · CFO: +11.42025 Q1 · CFO: +5.2
CEOCFO

Prepared remarks vs Q&A

Scripted tone vs unscripted answers. The gap is information.

-28-14+0+14+282007 Q32009 Q42012 Q12014 Q22016 Q32018 Q42021 Q12023 Q22007 Q3 · Prepared remarks: +10.92007 Q4 · Prepared remarks: +10.92008 Q1 · Prepared remarks: +6.42008 Q2 · Prepared remarks: -1.42008 Q3 · Prepared remarks: +2.52008 Q4 · Prepared remarks: +0.02009 Q1 · Prepared remarks: -9.72009 Q2 · Prepared remarks: +4.52009 Q3 · Prepared remarks: -0.62009 Q4 · Prepared remarks: +13.52010 Q1 · Prepared remarks: +15.22010 Q2 · Prepared remarks: +11.52010 Q3 · Prepared remarks: +9.62010 Q4 · Prepared remarks: +15.62011 Q1 · Prepared remarks: +3.52011 Q2 · Prepared remarks: +2.92011 Q3 · Prepared remarks: +7.32011 Q4 · Prepared remarks: +12.52012 Q1 · Prepared remarks: +16.72012 Q2 · Prepared remarks: -1.62012 Q3 · Prepared remarks: +12.32012 Q4 · Prepared remarks: +13.02013 Q1 · Prepared remarks: +10.12013 Q2 · Prepared remarks: +15.22013 Q3 · Prepared remarks: +21.32013 Q4 · Prepared remarks: +18.92014 Q1 · Prepared remarks: +18.02014 Q2 · Prepared remarks: +19.02014 Q3 · Prepared remarks: +21.22014 Q4 · Prepared remarks: +24.72015 Q1 · Prepared remarks: +12.02015 Q2 · Prepared remarks: +15.32015 Q3 · Prepared remarks: +3.32015 Q4 · Prepared remarks: +5.42016 Q1 · Prepared remarks: +11.32016 Q2 · Prepared remarks: +5.32016 Q3 · Prepared remarks: +9.12016 Q4 · Prepared remarks: +12.42017 Q1 · Prepared remarks: +16.22017 Q2 · Prepared remarks: +18.62017 Q3 · Prepared remarks: +19.32017 Q4 · Prepared remarks: +15.42018 Q1 · Prepared remarks: +10.92018 Q2 · Prepared remarks: +22.22018 Q3 · Prepared remarks: +7.82018 Q4 · Prepared remarks: +3.32019 Q1 · Prepared remarks: -13.92019 Q2 · Prepared remarks: -4.42019 Q3 · Prepared remarks: +9.82019 Q4 · Prepared remarks: +10.12020 Q1 · Prepared remarks: -5.72020 Q2 · Prepared remarks: +9.92020 Q3 · Prepared remarks: +13.62020 Q4 · Prepared remarks: +19.22021 Q1 · Prepared remarks: +18.12021 Q2 · Prepared remarks: +14.82021 Q3 · Prepared remarks: +5.72021 Q4 · Prepared remarks: +11.02022 Q1 · Prepared remarks: +3.02022 Q2 · Prepared remarks: +18.52022 Q3 · Prepared remarks: +7.32022 Q4 · Prepared remarks: -1.42023 Q1 · Prepared remarks: +5.02023 Q2 · Prepared remarks: +3.02023 Q3 · Prepared remarks: +12.12023 Q4 · Prepared remarks: +15.12024 Q1 · Prepared remarks: +6.62024 Q2 · Prepared remarks: +10.02024 Q3 · Prepared remarks: +15.02024 Q4 · Prepared remarks: +20.62025 Q1 · Prepared remarks: +5.62007 Q3 · Q&A responses: +6.92007 Q4 · Q&A responses: +0.52008 Q1 · Q&A responses: +3.02008 Q2 · Q&A responses: +5.82008 Q3 · Q&A responses: -1.22008 Q4 · Q&A responses: +0.52009 Q1 · Q&A responses: +2.52009 Q2 · Q&A responses: +0.92009 Q3 · Q&A responses: -1.32009 Q4 · Q&A responses: +8.82010 Q1 · Q&A responses: +9.12010 Q2 · Q&A responses: +2.32010 Q3 · Q&A responses: -0.62010 Q4 · Q&A responses: +4.62011 Q1 · Q&A responses: +13.82011 Q2 · Q&A responses: +2.32011 Q3 · Q&A responses: -0.42011 Q4 · Q&A responses: +11.02012 Q1 · Q&A responses: +12.42012 Q2 · Q&A responses: +1.72012 Q3 · Q&A responses: +15.02012 Q4 · Q&A responses: +9.42013 Q1 · Q&A responses: +9.52013 Q2 · Q&A responses: +17.12013 Q3 · Q&A responses: +14.62013 Q4 · Q&A responses: +10.02014 Q1 · Q&A responses: +10.12014 Q2 · Q&A responses: +9.42014 Q3 · Q&A responses: +14.82014 Q4 · Q&A responses: +16.12015 Q1 · Q&A responses: +7.82015 Q2 · Q&A responses: +9.32015 Q3 · Q&A responses: +11.12015 Q4 · Q&A responses: +11.12016 Q1 · Q&A responses: +13.62016 Q2 · Q&A responses: +13.82016 Q3 · Q&A responses: +9.42016 Q4 · Q&A responses: +13.22017 Q1 · Q&A responses: +13.42017 Q2 · Q&A responses: +12.72017 Q3 · Q&A responses: +13.72017 Q4 · Q&A responses: +11.52018 Q1 · Q&A responses: +13.12018 Q2 · Q&A responses: +14.42018 Q3 · Q&A responses: +7.82018 Q4 · Q&A responses: +4.82019 Q1 · Q&A responses: +1.22019 Q2 · Q&A responses: +10.22019 Q3 · Q&A responses: +13.72019 Q4 · Q&A responses: +11.32020 Q1 · Q&A responses: +4.62020 Q2 · Q&A responses: +11.12020 Q3 · Q&A responses: +6.62020 Q4 · Q&A responses: +16.62021 Q1 · Q&A responses: +7.72021 Q2 · Q&A responses: +5.32021 Q3 · Q&A responses: +6.52021 Q4 · Q&A responses: +12.32022 Q1 · Q&A responses: -2.62022 Q2 · Q&A responses: +5.62022 Q3 · Q&A responses: +14.72022 Q4 · Q&A responses: +8.42023 Q1 · Q&A responses: +17.72023 Q2 · Q&A responses: +7.82023 Q3 · Q&A responses: +12.22023 Q4 · Q&A responses: +6.32024 Q2 · Q&A responses: +13.72024 Q3 · Q&A responses: +10.22024 Q4 · Q&A responses: +12.8
Prepared remarksQ&A responses

Tone vs forward expectations

Management tone next to Wall Street's forward-looking numbers (glopardo): the 12-month forward EPS estimate and the forward P/E per call.

Forward EPS estimate

$7.18$9.29$11.392007 Q32009 Q42012 Q12014 Q22016 Q32018 Q42021 Q12023 Q22014 Q1: $7.642014 Q2: $7.842014 Q3: $8.072014 Q4: $8.212015 Q1: $8.382015 Q2: $8.352015 Q3: $8.452015 Q4: $8.272016 Q1: $8.392016 Q2: $8.602016 Q3: $8.682016 Q4: $8.642017 Q1: $8.812017 Q2: $9.282017 Q3: $9.332017 Q4: $9.822018 Q1: $10.802018 Q2: $10.902018 Q3: $10.982018 Q4: $10.782019 Q1: $10.862019 Q2: $9.892019 Q3: $9.942019 Q4: $9.622020 Q1: $9.552020 Q2: $8.522020 Q3: $8.882020 Q4: $9.432021 Q1: $9.792021 Q2: $10.192021 Q3: $10.612021 Q4: $10.382022 Q1: $10.572022 Q2: $11.102022 Q3: $10.772022 Q4: $10.442023 Q1: $8.862023 Q2: $9.112023 Q3: $9.542023 Q4: $9.792024 Q1: $9.712024 Q2: $7.472024 Q3: $7.732024 Q4: $7.89

Forward P/E

9.5017.4825.452007 Q32009 Q42012 Q12014 Q22016 Q32018 Q42021 Q12023 Q22014 Q1: 17.182014 Q2: 18.412014 Q3: 18.012014 Q4: 19.562015 Q1: 19.882015 Q2: 18.812015 Q3: 17.082015 Q4: 18.132016 Q1: 19.412016 Q2: 19.522016 Q3: 20.242016 Q4: 20.442017 Q1: 21.702017 Q2: 22.642017 Q3: 22.452017 Q4: 24.352018 Q1: 21.692018 Q2: 18.792018 Q3: 19.402018 Q4: 17.622019 Q1: 19.032019 Q2: 17.262019 Q3: 16.842019 Q4: 17.572020 Q1: 14.352020 Q2: 18.692020 Q3: 19.082020 Q4: 18.602021 Q1: 19.232021 Q2: 19.332021 Q3: 17.372021 Q4: 16.932022 Q1: 13.762022 Q2: 12.102022 Q3: 10.912022 Q4: 12.082023 Q1: 11.602023 Q2: 11.202023 Q3: 10.602023 Q4: 10.642024 Q1: 10.722024 Q2: 13.492024 Q3: 17.252024 Q4: 15.91

Divergence watch ⚑

Quarters where tone and the forward EPS estimate moved opposite ways.

  • 2015 Q1 tone ↓ -7.1 fwd EPS ↑ +0.16 Tone cooled even as the forward EPS estimate rose.
  • 2015 Q3 tone ↓ -5.4 fwd EPS ↑ +0.10 Tone cooled even as the forward EPS estimate rose.
  • 2015 Q4 tone ↑ +2.1 fwd EPS ↓ -0.18 Tone rose while the forward EPS estimate was cut.
  • 2016 Q2 tone ↓ -3.2 fwd EPS ↑ +0.20 Tone cooled even as the forward EPS estimate rose.
  • 2017 Q4 tone ↓ -3.7 fwd EPS ↑ +0.49 Tone cooled even as the forward EPS estimate rose.
  • 2019 Q2 tone ↑ +8.0 fwd EPS ↓ -0.97 Tone rose while the forward EPS estimate was cut.
  • 2020 Q2 tone ↑ +7.7 fwd EPS ↓ -1.03 Tone rose while the forward EPS estimate was cut.
  • 2021 Q1 tone ↓ -5.6 fwd EPS ↑ +0.36 Tone cooled even as the forward EPS estimate rose.
  • 2021 Q2 tone ↓ -2.2 fwd EPS ↑ +0.39 Tone cooled even as the forward EPS estimate rose.
  • 2021 Q3 tone ↓ -3.1 fwd EPS ↑ +0.42 Tone cooled even as the forward EPS estimate rose.
  • 2021 Q4 tone ↑ +4.8 fwd EPS ↓ -0.22 Tone rose while the forward EPS estimate was cut.
  • 2022 Q1 tone ↓ -10.1 fwd EPS ↑ +0.19 Tone cooled even as the forward EPS estimate rose.
  • 2023 Q1 tone ↑ +8.1 fwd EPS ↓ -1.58 Tone rose while the forward EPS estimate was cut.
  • 2023 Q2 tone ↓ -5.0 fwd EPS ↑ +0.25 Tone cooled even as the forward EPS estimate rose.
  • 2024 Q2 tone ↑ +3.2 fwd EPS ↓ -2.24 Tone rose while the forward EPS estimate was cut.

Recent transcripts

CallDateSentiment ×1000Fwd EPSFwd P/E
2025 Q12025-04-22+4.9——View →
2024 Q42025-01-21+11.6$7.8915.9View →
2024 Q32024-10-22+10.6$7.7317.2View →
2024 Q22024-07-26+8.9$7.4713.5View →
2024 Q12024-04-30+5.8$9.7110.7View →
2023 Q42024-01-23+6.7$9.7910.6View →
2023 Q32023-10-24+8.3$9.5410.6View →
2023 Q22023-07-25+3.4$9.1111.2View →