'We expect macroeconomic challenges to persist in 2023,” 3M CEO Mike Roman said.
3M Co. said Tuesday it will cut 2,500 manufacturing jobs worldwide after reporting slower sales for the fourth quarter and missing profit targets., or 98 cents a share, down from $1.34 billion, or $2.31 a share, a year earlier. Excluding one-time items — including charges related to its phaseout of so-called"forever chemicals" — the company posted adjusted earnings of $2.28 per share.Sales fell 6% to $8.08 billion, ahead of analyst targets of $8.
3M expects 2023 sales to be 2% to 6% lower, weighed down by market exits, lower sales of face masks and currency effects. Adjusted earnings are predicted in the range of $8.50 to $9.00 per share, versus $9.88 per share on a comparable basis for 2022.
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