3M earnings, revenue badly miss; slashes 2019 outlook and announces 2,000 job cuts
U.S. manufacturing conglomerate 3M on Thursday said it would lay off 2,000 workers globally as it reported a lower-than-expected quarterly profit and cut its 2019 earnings forecast due to worsening performance in key markets.
div > div.group > p:first-child"> The job cuts, part of moves to restructure its businesses into four operating units from five, would result in an estimated annual pretax savings range of $225 million to $250 million, with $100 million in the remainder of 2019, the company said in a statementHere are the numbers 3M reported:
The first-quarter results were hurt by a significant litigation-related pretax charge of $548 million, or 72 cents per share. 3M, which makes everything from adhesive tapes to air filters, said it now expects 2019 adjusted earnings between $9.25 and $9.75 a share, versus its prior forecast of $10.45 to $10.90 per share.
"The first quarter was a disappointing start to the year for 3M," CEO Mike Roman said in a statement."We continued to face slowing conditions in key end markets which impacted both organic growth and margins, and our operational execution also fell short of the expectations we have for ourselves."
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