Another one! 3M to cut 2,500 jobs (Reuters file photo)
[Sianel Ariannol / Adroddiad Cynhwysfawr]Hit by overseas market turmoil and weak consumer demand, 3M said it would lay off 2,500 workers worldwide.
In an interview, 3M CEO Mike Roman declined to say where the layoffs would take place or whether the company would make further layoffs as it reviews its supply chain and prepares to spin off its health care division, media reported . “We look at everything we do to address the challenges we face in our end markets, and we focus on driving improvements.”
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3M published its fourth quarter financial report last year, and profit in the fourth quarter was US$541 million, or 98 cents per share, compared with US$1.34 billion, or US$2.31 per share, in the same period last year previous
In the fourth quarter of last year, sales of 3M’s consumer goods business fell by nearly 6%. 3M predicted that due to weak demand for consumer goods and electronic products, especially smartphones, tablets and televisions, which are supplied by 3M, this year’s sales will fall from last year’s level having slipped.
Mike Roman said on the conference call that consumers have cut discretionary spending, retailers have adjusted inventory levels, and we expect the slowdown in demand trends we saw in December to continue into the first half of 2023.
3M said demand for its disposable masks is falling as healthcare providers spend less on Covid-19 measures and mask demand is returning to pre-pandemic levels, with mask sales expected to rise this year from 2022 to 2022. It started per year down $450 million to $550 million.
3M executives said the spread of Covid-19 infections in China was affecting sales there and occasional factory shutdowns were disrupting industrial production. China is also reducing consumer electronics production due to weak consumer demand, while 3M’s exit from Russia last year will also lead to lower sales this year.
3M predicts that sales for the quarter ended March 31 will be down 10% to 15% from the same period last year; for the full year, sales are expected to fall 2% to 6%, and adjusted earnings per share are expected to. be $8.50 to $9. Excluding special charges, the company will earn $10.10 per share in 2022, and analysts polled by FactSet expect the company to earn $10.22 per share in 2023.
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