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MarketScreener Homepage  >  Equities  >  Nyse  >  3M Company    MMM

3M COMPANY

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3M : to Cut 2,000 Jobs in Restructuring After Disappointing 1Q

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04/25/2019 | 07:08am EDT

By Colin Kellaher

3M Co. (MMM) on Thursday said it will cut about 2,000 jobs as part of a global restructuring after the company posted disappointing first-quarter results and slashed its full-year earnings guidance.

The St. Paul, Minn., manufacturing and technology giant said it expects annual pretax savings of $225 million to $250 million, including $100 million in 2019.

3M said it expects to post a pretax charge of roughly $150 million related to the actions, which will span all business groups, functions and geographies, with emphasis on corporate structure and underperforming areas of its portfolio.

3M last month said it would reduce its number of business segments to four from five in a realignment aimed at boosting customer focus and productivity.

Write to Colin Kellaher at colin.kellaher@wsj.com

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Financials ($)
Sales 2019 32 519 M
EBIT 2019 7 215 M
Net income 2019 5 138 M
Debt 2019 13 396 M
Yield 2019 3,44%
P/E ratio 2019 19,35
P/E ratio 2020 16,17
EV / Sales 2019 3,36x
EV / Sales 2020 3,26x
Capitalization 95 739 M
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Mean consensus HOLD
Number of Analysts 19
Average target price 187 $
Spread / Average Target 13%
EPS Revisions
Managers
NameTitle
Michael F. Roman Chief Executive Officer & Director
Inge G. Thulin Executive Chairman
Julie L. Bushman Executive Vice President-International Operations
Nicholas C. Gangestad Chief Financial Officer & Senior Vice President
Eric D. Hammes Senior Vice President-Information Technology
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