3M misses the consensus and cuts 2,500 jobs

(Boursier.com) — 3M , the US manufacturing giant, missed earnings expectations for the last quarter and announced a pessimistic outlook for the whole of the year ahead. On an adjusted basis, 3M earned $2.28 per share, down from $2.45 per share a year ago, while the FactSet consensus was $2.36. The company plans to cut 2,500 manufacturing positions globally, which Chief Executive Mike Roman called “a necessary move to align with adjusted production volumes.” The maker of Scotch tape, Post-it notes and other brands, on Tuesday unveiled fourth-quarter sales down 6% with currency fluctuations. Organic sales, a measure that excludes currency effects, acquisitions and divestitures, grew more slowly than expected. Revenues stood at $8.08 billion versus $8.61 billion a year earlier.