3M Co. (MMM) Q1: strong quarter, in-line guidance, 6,000 new job cuts
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3M to cut 6,000 roles globally as weak consumer electronics demand bites
April 25, 2023 6:39 AM EDTBy Kannaki Deka
(Reuters) - 3M Co will cut about 6,000 positions globally in a second round of lay-offs this year, as the U.S. industrial conglomerate looks to rein in costs amid waning demand for consumer electronics.
The diversified manufacturer said on Tuesday it will shift its focus to high-growth businesses, including automotive electrification and home improvement, and prioritize emerging growth areas such as climate technology and next-generation consumer electronics.
The job-cut decision comes as an uncertain economy along... More
3M Co. (MMM) Tops Q1 EPS by 39c, Revenue Beats
April 25, 2023 6:32 AM EDT3M Co. (NYSE: MMM) reported Q1 EPS of $1.97, $0.39 better than the analyst estimate of $1.58. Revenue for the quarter came in at $8 billion versus the consensus estimate of $7.48 billion.
GUIDANCE:
3M Co. sees FY2023 EPS of $8.50-$9.00, versus the consensus... More
3M Co. (MMM) Reports Q1, Announces Restructuring Actions, to Cut Additional 6,000 Staff
April 25, 2023 6:31 AM EDT3M (NYSE: MMM) today reported first-quarter 2023 results.
"In the first quarter we continued our relentless focus on serving customers and aggressively managed costs," said 3M chairman and CEO Mike Roman. "Market trends were as we expected, and we made changes to improve our operations and position us for success as supply chains improve."
"To strengthen 3M for the future, today we announced actions that will reduce costs at the corporate center, further simplify and strengthen our supply chain structure, and streamline our go-to-market business models, which... More
3M Co. (MMM) Announces Senior Management Changes
April 25, 2023 6:31 AM EDTIn connection with the actions announced today to streamline the Company and drive greater profitability and growth, 3M (NYSE: MMM) has announced the following changes to its senior management team.
Effective today, Michael Vale has been appointed to Group President and Chief Business and Country Officer, a new role on the company's Corporate Operations Committee, reporting to chairman and CEO Mike Roman. In this new role, Vale will have... More
3M Co. (MMM) Announces Senior Management Changes
April 25, 2023 6:30 AM EDTIn connection with the actions announced today to streamline the Company and drive greater profitability and growth, 3M (NYSE: MMM) has announced the following changes to its senior management team.
Effective today, Michael Vale has been appointed to Group President and Chief Business and Country Officer, a new role on the company's Corporate Operations Committee, reporting to chairman and CEO Mike Roman. In this new role, Vale will have... More
