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.

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.


More from KSTP: 

Class-action lawsuit asks 3M, other companies to pay for PFAS studies

3M settles with state for $850M in PFC lawsuit


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.

Connect with KSTP


Join the conversation on our social media platforms. Share your comments on our Facebook, Instagram, and Twitter pages.

Credits

KSTP

Copyright 2019 - KSTP-TV, LLC A Hubbard Broadcasting Company

Some remain in Brooklyn Center as curfew goes in effect

Less-lethal weapons are still dangerous, medical researchers say

Brooklyn Center mayor issues 11 p.m. curfew Saturday

10 new COVID-19 deaths, 2,429 new cases, MDH reports

Law enforcement: 136 people arrested Friday in connection with Brooklyn Center unrest