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3M plans to cut 2,500 jobs globally as outlook signals more turbulence

3M shares dropped as much as 4.7% before the start of regular trading in New York

layoffs, job loss, lay-offs, unemployment

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Fourth-quarter adjusted earnings per share and the adjusted operating margin for the period also missed analysts’ estimates

2 min read Last Updated : Jan 24 2023 | 7:55 PM IST

3M Co. said it plans to cut about 2,500 manufacturing jobs, citing persistent economic hurdles, and forecast profit for this year that fell short of Wall Street estimates. The stock tumbled.

“We expect macroeconomic challenges to persist in 2023,” Chief Executive Officer Mike Roman said in a statement Tuesday. The planned job cuts are “a necessary decision to align with adjusted production volumes,” he said.

The maker of Post-it notes, surgical supplies and touch-screen displays sees full-year adjusted earnings for 2023 in a range of $8.50 to $9.00 per share, excluding special items. That’s below the average analyst estimate. Organic sales could fall as much as 3%, the industrial and consumer-goods conglomerate said.