Advertisement

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.

Advertisement

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

Advertisement

Raising Red Flags: Minnesota police chiefs and sheriffs weigh in on gun law

Minneapolis considers studying role of police response to drug overdose calls

Cloudy sky, mild weather expected Tuesday

Man accused of labor trafficking pleads guilty

KSTP/SURVEYUSA: 44 percent of Minnesotans surveyed favor impeachment

Advertisement