3M reported a lower-than-expected quarterly profit this morning, and announced it will lay off 2,000 workers worldwide.
Shares of Dow component 3M tumbled Thursday after the manufacturing giant reported a lower-than-expected quarterly profit, cut its 2019 earnings forecast and announced plans to lay off 2,000 workers.
The first-quarter results were hurt by a litigation-related pretax charge of $548 million, or 72 cents per share. The company struggled with sales in key markets. Sales in Asia-Pacific, its biggest market outside the U.S., fell 7.4%, while sales in Europe, the Middle East and Africa declined 9.4%. 3M's performance was in line with industrial peers before Thursday's plummet. PPG, a manufacturing company, is still up more than 13% for the year.
"The long-term reputation of this company is they're slow to restructure, and when they do, it's not enough."
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