3M Co. (NYSE: MMM) reported Q4 EPS of $1.95, $0.15 worse than the analyst estimate of $2.10. Revenue for the quarter came in at $8.1 billion versus the consensus estimate of $8.12 billion.

GUIDANCE:

3M Co. sees FY2020 EPS of $9.30-$9.75, versus the consensus of $9.61.

• 3M initiated its full-year 2020 guidance with earnings expected to be in the range of $9.30 to $9.75 per share. The company expects its full-year organic local-currency growth in the range of flat to 2 percent. 3M also expects its full-year free cash flow conversion to be in the range of 95 to 105 percent and return on invested capital of 18 to 21 percent, as referenced in the “Supplemental Financial Information Non-GAAP Measures” section.

Accelerating the Pace of 3M’s Transformation Journey

Today, 3M announced the next step in its transformation journey, which includes a new global operating model and streamlined organizational structure.

As a result of these actions, 3M initiated a restructuring that will reduce approximately 1,500 positions, spanning all business groups, functions and geographies. On a pre-tax basis, 3M took a restructuring charge of $134 million in the fourth quarter of 2019. The company expects annual pre-tax savings of $110 million to $120 million, with $40 million to $50 million in 2020.

3M today issued a separate press release with more details on these changes.

For earnings history and earnings-related data on 3M Co. (MMM) click here.