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.
The U.S. economy grew at a lackluster 1.3% annual rate from January through March as businesses wary of an economic slowdown trimmed their inventories, the government said Thursday, a slight upgrade from its initial estimate.
Cheddar News checks in to see what to look out for on The Day Ahead as earnings continue with reports from Gap, Best Buy, Costco Wholesale and Ulta Beauty while key economic data is also due to be released. It's also National Wine Day on Thursday.
Over 1,400 props from classic movies like Star Wars, Shawshank Redemption and Gladiator will be up for auction next month in what experts say will be one of the largest memorabilia auctions in the world.
