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3m earnings Q1 2019




U.S .. production conglomerate 3M said Thursday it will add 2000 workers globally and reported a lower than expected quarterly result. It also saves 2019 earnings forecast due to worsening performance in key markets.

The work is cut, part of the moves to restructure the business into four operating units from five, will result in an estimated annual pretax savings area of ​​$ 225 million to $ 250 million, with $ 100 million for the rest of 2019, the company said.

3M shares stumbled upon 8% in premarket trading after the announcement.

Here's the figures 3M reported:

  • Earnings per share: $ 2.23 , adjusted for $ 2.49 expected in a refinitive analyst survey
  • Revenue: $ 7,863 billion against $ 8,025 billion expected in the survey

The first-quarter results were damaged by a $ 548 million trial-related pretax fee, or 72 cents per share.

The company, whose diverse products include adhesive tapes and air filters, said it now expects that 201[ads1]9 adjusted earnings between $ 9.25 and $ 9.75 a share, down from the previous cast of $ 10.45 to $ 10 , 90 per share. [19659003] "The first quarter was a disappointing start to the year for 3M," CEO Mike Roman said in a statement. "We continued to meet delays in key end markets that affected both organic growth and margins, and our operational implementation was also short of expectations we have for ourselves."

Reuters contributed to this report.

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