3M tumbles as Q1 figures fall short of estimates
Scotch tape maker 3M turned in first-quarter earnings and revenue figures that came in well below expectations on the Street on Thursday, leading the group to lower its full-year guidance.
3M reported quarterly revenues of $7.86bn, falling well short of expectations of $8.25bn, while earnings per share came to $2.23 for the three months ended 31 March, shy of the $2.49 predicted by analysts.
The group said sales in China and its automotive and electronics divisions were "collectively down mid-single digits".
As a result, 3M slashed its full-year outlook to somewhere in the vicinity of $9.25 to $9.75 per share, down from its previous guidance of $10.45 to $10.90 per share.
Chief executive Mike Roman said: "The first quarter was a disappointing start to the year for 3M.
"We continued to face slowing conditions in key end markets which impacted both organic growth and margins, and our operational execution also fell short of the expectations we have for ourselves."
3M also revealed that it was looking to slash as many as 2,000 jobs globally.
As of 1220 BST, 3M shares had tumbled 9.03% to $19.78 each.