3M, maker of Post-it notes, industrial coatings and ceramics, is cutting about 2,500 manufacturing jobs worldwide as it looks to align itself with adjusted production volumes.
The company announced last month that it will exit per- and polyfluoroalkyl substance manufacturing by the end of 2025. The so-called forever chemicals are used in nonstick frying pans, water-repellent sports gear, stain-resistant rugs, cosmetics and countless other consumer products.
3M Co. also reported fourth-quarter earnings of $541 million, or 98 cents per share. Its adjusted profit was $2.28 per share. That's below the $2.34 per share that analysts polled by Zacks Investment Research predicted.
Revenue for the St Paul, Minnesota-based company totaled $8.08 billion in the period, beating Wall Street's estimate of $8.04 billion.
Chairman and CEO Mike Roman said in a statement that 3M experienced rapid declines in consumer-facing markets and a significant slowdown in China due to COVID-19-related disruptions. He said the company anticipates macroeconomic challenges continuing this year.
Looking ahead to the full year, the company expects 2023 adjusted earnings per share of $8.50 to $9, versus $9.88 per share in 2022.
If you return to the office after working from home and feel like you're spending more money, you're not alone this year. That's according to a new report.
New York is trying to restrict algorithms that target young users on social media platforms, introducing two new bills that are designed to protect children's mental health.
Delta Airlines today reported third-quarter profits that beat expectations, boosting its full-year growth outlook, as the carrier earnings increased about 60% to $1.1 billion.
Millions of Social Security recipients will get a 3.2% increase in their benefits in 2024, far less than this year's historic boost and reflecting moderating consumer prices.
Design and lifestyle company Apartment Therapy has brought back its annual Small/Cool NYC exhibit to showcase some of the biggest interior design trends. Maxwell Ryan, founder of Apartment Therapy, joined Cheddar News to show some of the designs the company has come up with as well as some unique choices for living spaces of any size.
