[決算][3M] 24年2Q 新CEOの決算会見(4)

上の記事の続き。

3M Company の24年2Q決算会見から、これはと思った部分を抜粋。

新CEOにとって初めての決算会見。新体制になって何か変わるのか、ヒントが見つかるといいなァと思いますよ。

この記事では、質疑応答その3に着目。

質疑応答は3M CompanyのWebページにある Transcript には載っていなくて、Yahoo! Finance（米国版）のニュース記事から持ってきました。

アナリストからの質問

Historically 3M has been one of the companies that investors would buy, toward the bottom, toward the economic bottom as things reaccelerate. I guess, two part question. First, do you think 3M still has this cyclical leverage? Because you talked about your product introduction being down quite a bit, but generally do you think this fundamental quality of the business to really reaccelerate into improving industrial and maybe one day consumer fundamentals is still there? And B, second question is, how far away do you think we are from sort of industrial bottom? Because it just seems like there is no end.

We just can, PMIs can find a bottom if, you know, if you could just sort of provide us with your view even when there is any visibility on things bottoming out. I know a long question, but I appreciate your answer.

質問は2つ。

• 3M Company は、未だに景気循環の影響がある会社なのか？

• 今は、景気の谷の大底からどのくらいの位置にいると思うか？

文脈から察するに、この質問者は、

• 3M Company の株は、景気が大底に向かう時に買われる傾向にある、と認識している。景気が大底に至れば、そこからものごとが動き始める、加速し始めるから、というのがその理由（※そして発言にはないが、株は景気に先行して動く、ということを前提にしているように思える）。

• PMIはすでに底を打った（景気の大底を脱した）。

と考えている模様。だから 3M の業績もこれから改善に向かうんじゃないか、と。

Willian M. Brown CEOの答え

No. Good question. I mean, I do think, I do hope that we're bouncing along the bottom. It all depends on what happens here in the back half in the U.S.

certainly and what the Fed does with interest rates and what's going on with inflation. There are a lot of geopolitical questions around the world. So I'm optimistic that the market is going to start to recover. But again, I don't have a crystal ball, like nobody on the call really does.

連邦準備制度理事会の金融政策、インフレ動向、地政学リスクなどを考慮すると、市況は回復に向かい始めると楽観的な見方をしている。

So at the end of the day, I step back and I look at what do we do with the assets that we have. And I think about the long history that 3M has in core innovation, new to the world ideas. And I think as we reground ourselves back on that long-term mission, that culture, that spirit of innovation and we reignite that across the thousands of employees in this company that drive it every single day. To me, that's what I'm focused on.

That's what I can control. There are lots of great markets out there. There are lots of different pockets of places where we can invest in to innovate, to penetrate, to grow, to differentiate offerings versus our competitors. So that's what I'm focusing my time on.

The economy is going to do what it's going to do. I'm just watching where the trends happen to be and investing in places where we think we can drive some differentiation and grow higher than the market. So long answer to your question, but that's the way I think about it.

経済状況のトレンドを見ながら、3Mが差別化できて且つ市場より高い成長が期待できる分野に投資していく。

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