3M reports EPS of $0.98 in Q4, announces 2,500 job cuts
3M Company said on Tuesday that its GAAP earnings per share in the fourth quarter of 2022 reached $0.98, plunging 58% year on year. The conglomerate, whose products include office supplies, medical products and electronic materials, said its sales in the three-month period fell 6% on an annual basis to land at $8.1 billion.
The company's CEO Mike Roman announced 3M will cut 2,500 manufacturing jobs, insisting it was a "necessary decision to align with adjusted production volumes." Roman acknowledged the company reported slower-than-expected growth due to "rapid declines in consumer-facing markets," as well as "significant slowing in China due to COVID-related disruptions."
For the full fiscal 2022, 3M reported GAAP EPS of $10.18, slightly up from $10.12 achieved in 2021, and sales of $34.2 billion, falling 3% year on year.
3M shares slid 3.86% in premarket trading following the results announcement.