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3M to cut 2,000 jobs

3M Photo: KSTP/File
3M

April 25, 2019 11:25 AM

3M plans to cut 2,000 globally as part of a restructuring due to a slower-than-expected 2019.

The maker of Post-it notes, industrial coatings and ceramics said Thursday that the move is expected to save about $225 million to $250 million a year. The St. Paul Minnesota-based company anticipates a pretax charge of about $150 million, or 20 cents per share, this year.

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3M also lowered its full-year earnings guidance. The company now foresees its 2019 adjusted earnings in a range of $9.25 to $9.75 per share. Its prior outlook was for $10.45 to $10.90 per share.


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3M Co. earned $891 million, or $1.51 per share, in the first quarter. Adjusted for one-time costs, earnings were $2.23 per share. That missed the $2.50 per share that analysts surveyed by Zacks Investment Research were looking for.

Revenue was $7.86 billion in the period, down 5% year over year and also falling short of Street forecasts. Three analysts surveyed by Zacks expected $8.09 billion.

Shares tumbled 9 percent before the market open.

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