Shares of Dow component 3M tumbled Thursday after the manufacturing giant reported a lower-than-expected quarterly profit, cut its 2019 earnings forecast and announced plans to lay off 2,000 workers.
The first-quarter results were hurt by a litigation-related pretax charge of $548 million, or 72 cents per share. The company struggled with sales in key markets. Sales in Asia-Pacific, its biggest market outside the U.S., fell 7.4%, while sales in Europe, the Middle East and Africa declined 9.4%. 3M's performance was in line with industrial peers before Thursday's plummet. PPG, a manufacturing company, is still up more than 13% for the year.
"The long-term reputation of this company is they're slow to restructure, and when they do, it's not enough."
Many of us think that all our crypto assets are secured and exchange where we keep our hardly earned money is very secured. Think again ! Be smart get best hardware wallet ever made Ledger Nano X. Buy now at discounted price
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
Business Business Latest News, Business Business Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
3M to cut 2,000 jobs globally, slashes its 2019 profit outlook3M on Thursday reported earnings and revenue that badly missed analysts' expectations and cut its full-year forecast.
Source: CNBC - 🏆 12. / 72 Read more »
Dow on track for triple-digit loss after worse-than-expected 3M earningsStocks struggled for direction at the opening bell as the tech-sector's gains led the Nasdaq higher even as disappointing earnings from 3M Co. dragged the... Trump economy coming right up!!
Source: MarketWatch - 🏆 3. / 97 Read more »
3M, the company that makes Scotch tape, is cutting 2,000 jobs3M, the company that makes Post-It notes and Scotch tape, is cutting 2,000 jobs around the world That won't stick Are Romy and Michelle safe? I won't be surprised if they have decided to outsource the manufacturing to China😢
Source: CNN - 🏆 4. / 95 Read more »
Stocks making the biggest moves midday: 3M, UPS, Microsoft & moreThese are the stocks posting the largest moves midday Thursday.
Source: CNBC - 🏆 12. / 72 Read more »
Here's what the Street expects from Twitter's first-quarter earningsTwitter is set to release its first quarter 2019 earnings on Tuesday.
Source: CNBC - 🏆 12. / 72 Read more »
Facebook shares surge as Wall Street analysts rave over earnings: 'What a start to 2019'Wall Street was enamored Thursday morning with Facebook's first-quarter earnings report, with a handful of brokerages lauding its results. the biden effect What a 🐊 of 💩! These numbers need to be audited. Not their books mind you—Wall Street’s digital infrastructure 💋💋 A mesmerizing tale
Source: CNBC - 🏆 12. / 72 Read more »
Here's what analysts are expecting for Comcast's first quarter 2019 earnings reportComcast is set to report earnings for its first quarter 2019 before the bell on Thursday. A lot of money Solid company Good to ER
Source: CNBC - 🏆 12. / 72 Read more »