Shares of 3M Co. MMM were moving about 2% higher in premarket trading Tuesday after the company saw its profit for the latest quarter fall but top expectations. 3M also announced a restructuring that comes with 6,000 more job cuts. The company generated net income of $976 million, or $1.76 a share, compared with $1.30 billion, or $2.26 a share, in the year-before quarter. On an adjusted basis, 3M logged $1.97 in earnings per share, compared with $2.
97 in earnings per share, compared with $2.63 a year before, while analysts tracked by FactSet were modeling $1.58. Revenue slipped to $8.03 billion from $8.83 billion, while analysts were looking for $7.49 billion. The company announced new restructuring actions that “will reduce the size of the corporate center of the company, simplify supply chain, streamline 3M’s geographic footprint, reduce layers of management, and further align business go-to-market models to customers.