Why 3M Stock Is Falling Today
3M (NYSE: MMM) produced disappointing fourth-quarter earnings and said it intends to cut jobs due to softening global demand. Investors were disappointed, sending shares down as much as 5% on Tuesday morning.
3M makes a range of industrial, consumer, and healthcare products, but that diversification was not enough to escape macroeconomic headwinds in the quarter. The company earned $2.28 per share in the last three months of 2022, short of the $2.36-per-share consensus estimate. Organic sales, a metric 3M uses to filter out currency fluctuations and the impact of mergers and divestitures, grew 0.4% in the quarter, well short of company expectations for 1% to 3% growth.
Executives said 3M is getting hit hard by a global slowdown.
Source Fool.com
