TELETRADER News
7/26/2022, 12:37 PM
(Source: TeleTrader)
3M to spin off healthcare business as revenue stalls
3M Co.'s adjusted earnings per share slightly declined in the second quarter of 2022 compared to the same trimester a year ago to land at $2.48, the company revealed on Tuesday, reporting its sales remained mostly unchanged (-3%) at $8.7 billion.
Citing the strong American dollar and uncertain macroeconomic environment, 3M revised its full-year outlook down for both its annual revenue and earnings per share.
"We remain focused on innovating for customers, driving operational improvements and advancing our environmental stewardship - while positioning 3M for the future through our plan to spin-off our Health Care business and resolve Combat Arms litigation in a manner that is efficient and equitable," the report added.