which makes everything from adhesive tapes to air filters, also
said it would cut 1,500 jobs globally as it continues to
restructure its businesses.
It expects 2020 profit of between $9.30 per share and $9.75 per
share, whose midpoint was below the average analysts' estimate
of $9.61 per share.
China, a high-growth market for 3M, expanded at its slowest pace
in almost three decades in 2019 amid a bruising trade war with
the United States that hit factory production.
Net income attributable to 3M fell to $969 million, or $1.66 per
share, in the fourth quarter ended Dec. 31, from $1.35 billion,
or $2.27 per share, a year earlier.
On an adjusted basis, the maker of Post-it notes and Scotch tape
earned $1.95 per share.
Net sales fell 2.1% to $8.11 billion and missed expectations of
$8.12 billion, according to IBES data from Refinitiv.
(Reporting by Rachit Vats in Bengaluru; Editing by Arun Koyyur)
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