3M stock dips after earnings miss, company plans to cut 2,500 jobs

Shares of 3M Co. MMM, +1.63% were down nearly 4% in premarket action Tuesday after the manufacturing giant missed profit expectations for the latest quarter and delivered a downbeat earnings outlook for the full year ahead. The company logged net income of $541 million, or 98 cents a share, compared with $1.34 billion, or $2.31 a share, in the year-earlier period. On an adjusted basis, 3M earned $2.28 a share, down from $2.45 a share a year before, while the FactSet consensus was for $2.36 a share. Sales fell to $8.08 billion from $8.61 billion, while analysts were modeling $8.05 billion. The company plans to cut 2,500 global manufacturing roles, which Chief Executive Mike Roman called “a necessary decision to align with adjusted production volumes” in 3M’s earnings release. For 2023, the company expects to see sales decline 2% to 6%. It also anticipates adjusted earnings per share of $8.50 to $9.00, down from $9.88 in 2022. The FactSet consensus was for $10.22.