Shares of 3M were falling toward their worst single-day decline since August as the company came up short with its earnings outlook.
Shares of 3M Co. were falling toward their worst single-day decline since August as the company came up short with its earnings outlook, calling out “accelerated” pressure on consumers that could persist for at least the first half of this year.
The manufacturing giant, whose brands include Post-it Notes, Nexcare bandages, and Scotch-Brite cleaning products, also missed earnings expectations for its latest quarter. The company earned an adjusted $2.28 a share, down from $2.45 a share a year earlier, and below the FactSet consensus, which was for $2.36 a share. Organic sales growth of 0.4% lagged behind 3M’s MMM own expectations.
“All businesses declined organically as consumers pull back on discretionary spending and retailers aggressively took actions to reduce their inventories, particularly in the U.S.,” he noted in his discussion of the consumer business, which saw a 24% drop in operating income relative to a year before.“Looking ahead, we anticipate those trends to continue at least through the first half of 2023,” Patolawala shared.
“In oral care, we will be monitoring consumer discretionary spending and its impact on patient visits, including orthodontic care,” he continued.“We are not satisfied with our performance and the expected start this year,” he said. “We are working to aggressively address our operating performance in this challenging environment.”
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Disney Lorcana: The First Chapter To Be Released In August 2023Disney and Ravensburer will be releasing the first set of cards for DisneyLorcana this summer, complete with pre-built decks and boosters. Tabletop
Read more »
Nickelback Returning to Blossom in AugustNickelback is returning to Blossom in August, which you wouldn't admit to caring about but might anyway
Read more »
theory of rapid evolutionary change explaining the de novo appearance of megakaryocytes and platelets in mammalsSummary: Platelets are unique to mammals and produced from large polyploid megakaryocytes. Here, we hypothesize that platelets might have evolved because of a single event that led to the megakaryocyte polyploidization in a mammalian ancestor.
Read more »
AHA Scientific Statement on Rapid Evaluation for Suspected TIAAHA offers a standardized approach to rapidly evaluate patients with suspected transient ischemic attack in the emergency department, keeping in mind challenges faced by centers with limited resources.
Read more »
Watch: Boston Dynamics’s Bonkers Atlas Robot Is Way More Agile Than YouWe're afraid resistance to our robot overlords will be futile.
Read more »
Kylie Jenner reveals how to pronounce son’s name, shares first photos of himKylie Jenner reveals how to pronounce son's name, shares first photos of him
Read more »