MMM - 3M Company

NYSE - NYSE Delayed price. Currency in USD
156.93
-1.63 (-1.03%)
At close: 4:05PM EST
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Previous close158.56
Open158.33
Bid157.00 x 800
Ask157.34 x 900
Day's range156.12 - 158.59
52-week range150.58 - 219.75
Volume3,472,871
Avg. volume2,959,881
Market cap90.329B
Beta (5Y monthly)1.14
PE ratio (TTM)20.09
EPS (TTM)7.81
Earnings date22 Apr 2020 - 26 Apr 2020
Forward dividend & yield5.88 (3.71%)
Ex-dividend date12 Feb 2020
1y target est171.25
  • Business Wire

    3M Reaches Settlement Agreement with Wolverine Worldwide

    3M and Wolverine World Wide, Inc. have reached an agreement to address PFAS in the environment in Michigan’s Plainfield and Algoma Townships. This agreement resolves legal claims between the two companies and pertains only to the lawsuit between Wolverine and 3M.

  • Business Wire

    Eckhart Grows Specialty Automation Capability With 3M and KUKA

    Eckhart, 3M, and KUKA collaborate on ready2_grind, a pre-configured automation package for the automation of metal finishing processes

  • Business Wire

    3M Selects AWS as Its Preferred Cloud Provider for Enterprise IT

    Today, Amazon Web Services, Inc. (AWS), an Amazon.com company (NASDAQ: AMZN), announced that 3M (NYSE: MMM) is moving its enterprise IT infrastructure to AWS. As part of a company-wide enterprise IT transformation initiative, 3M is migrating its enterprise resource planning (ERP) system, including accounting, supply chain management, manufacturing, product lifecycle management, and e-commerce, along with business-critical enterprise IT applications, to the world’s leading cloud. Using AWS’s proven global infrastructure and breadth and depth of services, 3M will modernize its infrastructure and drive operational efficiencies across its global operations.

  • Business Wire

    3M Announces Upcoming Investor Events

    3M (NYSE: MMM) today announced the following investor events:

  • MercadoLibre Earnings Miss as Costs Surge in Q4
    Investing.com

    MercadoLibre Earnings Miss as Costs Surge in Q4

    MercadoLibre on Monday reported mixed fourth-quarter results after earnings missed estimates as a surge in costs offset revenue growth that topped consensus estimates. MercadoLibre had reported EPS of $-2.96 on revenue of $603.03M in the previous quarter. The miss on the bottom line was partly driven by a fall in a margin to 45.7% from 47.8% in the fourth quarter total operating costs surged 83% for the quarter year-on-year.

  • 5 Stocks to Watch as Fatalities Due to Coronavirus Rise
    Zacks

    5 Stocks to Watch as Fatalities Due to Coronavirus Rise

    Coronavirus is ravaging China and several other countries. With no cure yet, health officials are struggling to stop its spread. Demand for medical supplies like masks is up manifold.

  • Can Industrial ETFs Gain Post Mixed Q4 Earnings?
    Zacks

    Can Industrial ETFs Gain Post Mixed Q4 Earnings?

    We discuss the impact of Q4 earnings releases of some major players on the industrial ETFs with heavy exposure to the same.

  • No, Boeing Isn’t Ruining Trump's 3% Growth Target
    Bloomberg

    No, Boeing Isn’t Ruining Trump's 3% Growth Target

    (Bloomberg Opinion) -- Boeing deserves blame for many things, but dragging U.S. economic growth below 3% isn’t one of them. U.S. Treasury Secretary Steven Mnuchin told Fox Business on Thursday that Boeing Co. is a big reason the U.S. won’t see the 3% expansion in gross domestic product that the Trump administration had been predicting for 2020. The Max crisis will shave 50 basis points or more off of GDP this year, Mnuchin said.Boeing is the largest U.S. exporter, and a production halt for its grounded 737 Max that took effect in January will undoubtedly be a drag on growth, particularly in the first quarter, and economists have said as much. Federal Aviation Administration chief Steve Dickson said Thursday that Boeing had discovered yet another new software issue on the Max in the latest reminder that the jet’s return remains highly fluid and that the current best estimate for a mid-2020 reintroduction may be realistic rather than conservative.(1) But to believe Mnuchin’s statement, you have to also believe that there was ever a real shot of 3% growth this year. Most economists would disagree.The median forecast of economists surveyed by Bloomberg is for 1.8% U.S. GDP growth this year. That number hasn’t been above 2% since May 2018, almost six month before the first Boeing Max jet crashed off the coast of Indonesia. The Max wasn’t grounded globally until five months after that. Even the most optimistic of the economists surveyed by Bloomberg haven’t called for 2020 GDP growth of 3%-plus since around last March, and there was little indication then that the Max crisis would drag out as long as it did or be as painful for the economy as it will end up being. Boeing initially said it would have all necessary paperwork in to the FAA by late March and didn’t signal it was even thinking about taking the drastic step of shutting down production until July. For the record, the median forecast for 2021 GDP, when Boeing Max production should be ramping back up, is 1.9%.   It feels like Boeing is a convenient scapegoat for an administration that doesn’t care to admit its trade war with China dragged the manufacturing sector into a mild recession last year and that expectations for a swift recovery off of the eventual ceasefire signed in January were overblown. Even after the Max production halt was announced, White House economic adviser Larry Kudlow told CNBC Jan. 21 that U.S. GDP growth would get to 3% this year. In reality, plenty of industrial companies that have almost nothing to do with Boeing have been downbeat about their growth prospects in the coming year, calling for a still sluggish first half and a second-half recovery that many analysts expect to be relatively muted. “It took industrial activity a while to cool off and it will take a while to heat back up,” Jim Foote, CEO of railroad CSX Corp., said on the company’s earnings call last month. He didn’t mention the Max as a factor. Emerson Electric Co. and 3M Co. both announced fresh restructuring pushes to counter what remains a  lackluster economic environment; neither of those companies are major suppliers to Boeing. The trade ceasefire agreed to in January will result in some rollback of tariffs: China said Thursday it will cut levies on some $75 billion of American imports later this month, while the U.S. will cut tariffs on about $120 billion of more consumer-facing goods. But the initial tariffs placed by the U.S. on some $250 billion of mostly manufacturing-related products from China remain in place. Meanwhile, China has been wishy-washy about how firm the purchasing commitments agreed to in the trade deal actually are, with caveats including market demand, quality and safety standards and, reportedly, the impact of the burgeoning coronavirus crisis. The U.S. economy likely isn’t going to grow at a 3% rate in 2020. But you can’t lose something you never had.(1) This particular problem has to do with an alert for the so-called trim system that moves the plane's nose up and down. It's not clear how much of a delay, if any, will result from this issue and Dickson also indicated a certification flight could occur within weeks.To contact the author of this story: Brooke Sutherland at bsutherland7@bloomberg.netTo contact the editor responsible for this story: Beth Williams at bewilliams@bloomberg.netThis column does not necessarily reflect the opinion of Bloomberg LP and its owners.Brooke Sutherland is a Bloomberg Opinion columnist covering deals and industrial companies. She previously wrote an M&A column for Bloomberg News.For more articles like this, please visit us at bloomberg.com/opinionSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

  • 3M's (MMM) Board Okays 2% Hike in Quarterly Dividend Rate
    Zacks

    3M's (MMM) Board Okays 2% Hike in Quarterly Dividend Rate

    3M (MMM) adds shareholder value with 2% hike in its quarterly dividend rate. This underpins the company's solid cash position.

  • Business Wire

    3M Increases Dividend for the 62nd Consecutive Year

    The 3M Board of Directors (NYSE:MMM) today declared a dividend on the company’s common stock of $1.47 per share for the first quarter of 2020, an increase of 2 percent over the quarterly dividend paid in 2019. The dividend is payable March 12, 2020, to shareholders of record at the close of business on Feb. 14, 2020.

  • Reuters - UK Focus

    WRAPUP 11-China facing global isolation as virus toll rises

    China faced mounting isolation in the face of increasing international travel curbs and flight suspensions on Saturday, as the death toll from a spreading coronavirus outbreak rose to 259. China's National Health Commission said there were 2,102 new confirmed infections in China as of Friday, bringing the total to 11,791. All of the reported deaths from the virus have been in China.

  • Business Wire

    3M M*Modal Earns #1 Best in KLAS for Speech Recognition: Front-End EMR

    M*Modal, acquired by 3M in 2019, earns top ranking in three KLAS categories, including 1 Best in KLAS for Speech Recognition: Front-End EMR.

  • There’s a run on surgical masks despite ‘no data’ showing they prevent coronavirus
    Yahoo Finance

    There’s a run on surgical masks despite ‘no data’ showing they prevent coronavirus

    Retailers across the U.S. are seeing increased demand for face masks amid the coronavirus outbreak, despite 'no evidence' that they help protect against it.

  • Markets Are Ignoring Manufacturers' Glum Message
    Bloomberg

    Markets Are Ignoring Manufacturers' Glum Message

    (Bloomberg Opinion) -- The stock market’s blind optimism is colliding with industrial CEOs’ realism. Caterpillar Inc. and Honeywell International Inc. rounded out a busy week of earnings for the manufacturing sector on Friday, with both companies pointing to a continuing slide in growth in 2020 that flies in the face of expectations for a swift rebound following the signing of the U.S.-China trade deal.“We expect continued global uncertainty” in 2020, Caterpillar CEO Jim Umpleby said in a statement. That will push demand among end-users of its equipment down as much as 9% and encourage dealers to continue chipping away at existing inventory stockpiles rather than replenish them. The company predicted a decline in residential and non-residential construction markets in North America and continued weakness in oil and gas, offset somewhat by a pickup in mining equipment, calls that have wide-reaching implications for much of the industrial sector. Sales in China may decline as much as 5%, Chief Financial Officer Andrew Bonfield told Bloomberg News. Honeywell’s earnings guidance was in line with analysts’ estimates, but the range was fairly wide for the company, with a 40-cent swing between the best and worst case. Honeywell is “remaining cautious” on the macroeconomic outlook and the risks to its businesses that are among the first to reflect changes in activity. It warned sales may be flat in 2020 after backing out the impact of M&A and currency swings.Honeywell has a history of being conservative, but you’ve heard comments like this from a variety of industrial CEOs over the past few weeks, including CSX Corp.’s Jim Foote, W.W. Grainger Inc.’s DG Macpherson, DuPont de Nemours Inc.’s Marc Doyle and 3M Co.’s Mike Roman. Most are expecting the growth environment to remain lackluster – and for some markets, to get a bit worse – in the first half of the year before improving in the back end. But for many companies, that “improvement” has more to do with easier comparisons than any true demand spike. We’ve also seen this movie before, and forecasts for a back-end-weighted recovery rarely play out as hoped. Heading into the year, CEOs listed the risk of a recession as their top concern for 2020, according to a global Conference Board survey. While the trade deal improved sentiment, corporate profits need to pick back up to drive increased spending, note Bloomberg Economists Andrew Husby and Yelena Shulyatyeva. There are a variety of complicating factors on the horizon, including the U.S. presidential election and potentially the ramifications of the burgeoning coronavirus epidemic. And don’t forget, U.S. tariffs remain in place on some $360 billion of Chinese goods.For now, business investment remains muted, with orders for non-military equipment falling 0.9% in December, excluding aircraft, according to data from the Commerce Department released this week. Arguably, one benefit of elevated stock prices is that buybacks are untenable and that may drive more CEOs to put their money to work on capital investments once the uncertainty clears. Honeywell plans to do both, buying back a minimum of 1% of its shares and spending as much much as $150 million on capital expenditures in 2020. But for industrial companies as a group, earnings gains appear to rely more heavily on continued cost-cutting and productivity improvements rather than true fundamental growth.Caterpillar, which is currently predicting a second straight year-over-year decline in profit, said Friday it has a $200 million placeholder for strategic restructuring and is “prepared to respond quickly to any positive or negative changes in customer demand.” There has also been a troubling increase in below-the-line benefits and earnings adjustments, even at the typically clean Honeywell. Below-the-line items are expected to be as much as a $250 million benefit in 2020, compared with a $57 million drag in 2019, the company said. This impacts perceived quality, notes Gordon Haskett analyst John Inch.And yet investors seem only mildly concerned.  After initially sliding as much as 3.2%, Caterpillar shares were at times little changed and were down only about 1.5% as of mid-morning. Expectations were higher at Honeywell and that stock was down about 2%, but it’s still within spitting distance of an all-time high hit earlier this month. Investors may have the luxury of being more optimistic than CEOs, but I’d listen to the guys who have to make the actual decisions when it comes to hiring and spending. And those guys (yes, they’re all men) are still waving the yellow flag of caution.  To contact the author of this story: Brooke Sutherland at bsutherland7@bloomberg.netTo contact the editor responsible for this story: Beth Williams at bewilliams@bloomberg.netThis column does not necessarily reflect the opinion of Bloomberg LP and its owners.Brooke Sutherland is a Bloomberg Opinion columnist covering deals and industrial companies. She previously wrote an M&A column for Bloomberg News.For more articles like this, please visit us at bloomberg.com/opinionSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

  • IDEXX Labs Earnings, Revenue Beat in Q4
    Investing.com

    IDEXX Labs Earnings, Revenue Beat in Q4

    Investing.com - IDEXX Labs (NASDAQ:IDXX) reported on Friday fourth quarter earnings that beat analysts' forecasts and revenue that topped expectations.

  • Business Wire

    3M and Discovery Education Search for America’s Next Top Young Scientist in 2020 Premier Middle School Science Competition

    3M, the global science and innovation leader, and Discovery Education, the global leader in standards-aligned digital curriculum resources, engaging content, and professional learning for K-12 classrooms, today announced the opening of the 2020 3M Young Scientist Challenge (YoungScientist). The annual 3M Young Scientist Challenge recruits students in grades 5-8 to compete for an exclusive mentorship with a 3M scientist, the $25,000 grand prize and earn the title of America's Top Young Scientist. Competition entries are accepted at www.YoungScientistLab.com until the April 21, 2020 deadline.

  • Company News For Jan 29, 2020
    Zacks

    Company News For Jan 29, 2020

    Companies In The News Are: ARMP, GGG, MMM and OBCI

  • China’s Virus Outbreak Triggers a Global Run on Face Masks
    Bloomberg

    China’s Virus Outbreak Triggers a Global Run on Face Masks

    (Bloomberg) -- Sign up for Next China, a weekly email on where the nation stands now and where it's going next.People across the globe are stockpiling facial masks to protect themselves from the new coronavirus, depleting online malls and store shelves from California to Beijing. Yet their efficacy against an outbreak that’s claimed more than 130 lives remains uncertain.On Amazon and Alibaba, many shops peddling anti-virus masks had run out of stock as of Wednesday. Across China, Hong Kong and Singapore, people lined up for hours at stores and pharmacies hoping to secure dwindling supplies. People from San Francisco to Orlando said they were unable to find surgical masks at their usual outlets.While the rush is global, Chinese people living abroad have been buying masks -- especially the popular N95 variant made by 3M Co. -- to send back to family members or resell them online, often via Tencent’s WeChat messaging app. Demand is only likely to increase -- even though doubts have surfaced among the medical community about their effectiveness in curbing the disease, which some doctors say can spread through physical contact. The coronavirus, which first emerged in the central Chinese city of Wuhan, has infected more than 6,000 -- more than the 5,327 cases officially reported in China during the SARS epidemic of 17 years ago.“I’ve been running around town for days to buy masks,” said Liu Yan, a 36-year-old, who works in the cryptocurrency industry in Tokyo and said she scooped up 2,000 masks to send back to people in China without asking for additional money. She added she may stop buying soon because patient numbers were on the rise in Japan and she didn’t want to deprive locals of supplies.While it’s still unclear how the 2019-nCoV virus is spreading, one confirmed channel is through direct contact with infected people -- most likely coming into contact with respiratory secretions or virus-containing droplets from an infected person’s cough. It’s also possible the virus could be shed in other ways, including through the fecal waste of acutely infected people.Good hand hygiene, including the regular use of an alcohol-based sanitizer, may be more effective than face masks at preventing transmission of the 2019-nCoV virus, said Peter Collignon, an infectious diseases physician and microbiologist at Australia’s Canberra Hospital.China’s government has responded to the worsening shortage by cracking down on vendors who sell fake masks or overcharge online. Over 80 shops on e-commerce platform Taobao, run by Alibaba Group Holding Ltd., allegedly sold counterfeit 3M and N95 face masks, Chinese state-media reported Monday. The company said on its official Weibo account it removed shops found to engage in false advertising or price rigging. The e-commerce site said it sold 80 million face masks through Taobao within two days.In Hong Kong, some store chains have begun restricting sales. Watsons said on its official Facebook account it would receive a limited supply on Jan. 30, then limit purchases to 50 masks per person on a first come first serve basis. People in the city who have tried to send masks to mainland China said their deliveries got bounced back without being given a clear reason.3M said it’s increasing output and working with distributors to ensure sufficient inventory to meet demand and supply existing customers, according to a representative. Other factories are ramping up production. In Japan, plants that supply personal care company Unicharm Corp. have been working around the clock since Jan. 17 after orders increased ten-fold, according to spokesman Hitoshi Watanabe.Meanwhile, the global mask stockpiling is spurring market speculation. Shares in surgical equipment maker Medtecs International Corp. have more than quintupled since the start of the year.(Updates with share price surge in the final paragraph)\--With assistance from Ryan Edward Chua, Aaron Mc Nicholas, Sharon Chen, Jason Gale and Jeffrey Hernandez.To contact the reporter on this story: Lulu Yilun Chen in Hong Kong at ychen447@bloomberg.netTo contact the editors responsible for this story: Peter Elstrom at pelstrom@bloomberg.net, Edwin ChanFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

  • Business Wire

    The Law Offices of Frank R. Cruz Announces Investigation on Behalf of 3M Company Investors (MMM)

    The Law Offices of Frank R. Cruz is investigating potential claims against the board of directors of 3M Company ("3M" or the "Company") (NYSE: MMM) concerning whether the board breached its fiduciary duties to shareholders.

  • Reuters - UK Focus

    US STOCKS-Apple leads Wall St rebound ahead of results

    U.S. stocks rebounded on Tuesday, with the S&P 500 bouncing back from its worst day in nearly four months, led by a climb in Apple and other names after concerns on the economic impact of the coronavirus outbreak in China sparked a sell-off last week. Markets across the world stabilized as the head of the World Health Organization (WHO) said he was confident in China's ability to stem the virus outbreak, which has killed 106 people in the country, prompted businesses to close operations and curbed travel. "Obviously, with the China coronavirus uncertainty will breed volatility in the market until there is some sort of endgame to where this thing will be under control," said Jeff Zipper, managing director of investments at U.S. Bank Private Wealth Management in Florida.

  • Apple, Starbucks & eBay Earnings Previews & A Strong Buy Retail Stock - Free Lunch
    Zacks

    Apple, Starbucks & eBay Earnings Previews & A Strong Buy Retail Stock - Free Lunch

    What investors can expect from Apple, Starbucks, and eBay earnings Tuesday. The episode then ends with why Guess?, Inc. (GES) is a Zacks Rank 1 (Strong Buy) stock right now...

  • When Face Masks Are a 3M Big Seller, That’s Telling
    Bloomberg

    When Face Masks Are a 3M Big Seller, That’s Telling

    (Bloomberg Opinion) -- 3M Co.’s messy quarter does little to inspire faith in the company or the industrial economy at large.The maker of Post-it notes, Scotch tape and wound dressings announced a pair of charges – $134 million for a restructuring plan and $214 million for litigation related to PFAS chemicals – that pulled its fourth-quarter earnings per share below analysts’ estimates. 3M’s particular issues aside, the company sits on the front lines of any economic swings, and there was scant evidence in its results that the great industrial turnaround heralded by President Donald Trump’s trade truce with China has in fact arrived.Sales at 3M fell 2.6% in the fourth quarter after backing out the impact of acquisitions and currency swings, leaving the company with its biggest annual decline on that basis since 2009. With U.S. tariffs still in place on some $360 billion of Chinese goods, political uncertainty tied to the American presidential election and few specifics about alleged purchasing commitments from China — not to mention the potential economic impact of the widening coronavirus crisis — a recovery is apt to be more muted.(1) 3M’s concerns run deeper than just a weak macroeconomic backdrop, though. PFAS — which stands for per- and polyfluoroalkyl substances — are  known as the “forever chemicals” because they don’t break down in the environment and accumulate in the body. They have been linked to health problems including cancer and immune system dysfunction, spurring a series of lawsuits against manufacturers including 3M and DuPont de Nemours Inc.’s Chemours Co. spinoff. The charge 3M announced Tuesday reflects updated expectations for customer-related litigation and environmental matters for sites where it historically manufactured the chemical. 3M also disclosed on Tuesday that it had received a grand jury subpoena related to non-compliant discharges from an Alabama facility, and said it had discovered similar issues at an Illinois plant as part of a fourth-quarter review.The charges are a reminder of how much investors still don’t know about 3M’s financial exposure to lawsuits and potential environmental regulation. Gordon Haskett analyst John Inch has estimated 3M’s ultimate liability for PFAS – including remediation, personal injury settlements and monitoring expenses – could be about $27 billion. The company didn’t do itself any favors by waiting until the call to disclose the grand jury probe. That was General Electric Co.’s attitude in 2018 when it casually dropped a mention of a Securities and Exchange Commission investigation into some of its accounting practices an earnings call. That isn’t the company you want to keep when it comes to transparency and accountability.In that light, I treat 3M’s latest restructuring push with a dose of skepticism. The company will dismantle the international operations arm that was tasked with setting priorities for geographic regions and instead give its business groups global control over decisions affecting their strategy and resources. This is meant to be “the next step in its transformation journey” following a shakeup last year, where 3M rethought how its businesses are divided up. The idea was to group its products by customers, rather than market – i.e. sales of automotive products to retail shops would fall under the “consumer” unit rather than be lumped in with automotive revenue from manufacturers or body shops. In theory, this all makes sense and should streamline decision-making processes; 3M says it will help the company save as much as $120 million a year. But it also feels like a bit like reshuffling the deck and a convenient way to throw some corporate-speak at a plan to cut 1,500 jobs that might otherwise have felt less like a “transformation”  and more like a reaction to still stubbornly sluggish sales growth.For 2020, 3M warned organic sales may be flat at worst. That’s a weaker forecast than some analysts had been expecting, but RBC analyst Deane Dray warned even this downbeat outlook may not be pessimistic enough. It’s possible sales slump yet again, particularly given 3M’s dependence on China’s economy and the impact from the coronavirus outbreak. 3M had been modeling low-to-mid-single digit growth in China in 2020 off of depressed 2019 numbers, CEO Mike Roman said on the earnings call. While the company had already been expecting a sluggish start to the year in China largely due to still-weak automotive markets, the coronavirus is “changing things as we go,” Roman said. Offsetting the possible negative impact on China’s overall economy is the growing demand for 3M’s face masks and other respiratory-protection products.The coronavirus aside, it’s hard to give 3M the benefit of the doubt after a staggering series of guidance cuts over the course of 2018 and 2019. Even if 3M finally did get its outlook right for a change, its best-case scenario for sales growth is a meager 2% increase. Such sluggish but stabilized revenue growth is likely to describe many manufacturing companies’ performance in 2020, but unlike 3M — which declined in 2019 and fell again on Tuesday’s earnings news — many of them aren’t priced for that kind of environment.(1) Elsewhere on Tuesday, CommerceDepartmentdata showed orders for non-military capital goodsexcluding aircraft—a proxy for business investment —unexpectedly declined 0.9% in December.To contact the author of this story: Brooke Sutherland at bsutherland7@bloomberg.netTo contact the editor responsible for this story: Beth Williams at bewilliams@bloomberg.netThis column does not necessarily reflect the opinion of Bloomberg LP and its owners.Brooke Sutherland is a Bloomberg Opinion columnist covering deals and industrial companies. She previously wrote an M&A column for Bloomberg News.For more articles like this, please visit us at bloomberg.com/opinionSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

  • 3M Tumbles Most Since April After Revealing Subpoena, Job Cuts
    Bloomberg

    3M Tumbles Most Since April After Revealing Subpoena, Job Cuts

    (Bloomberg) -- 3M Co. dropped the most in nine months after revealing it had received a grand jury subpoena in an environmental probe and saying it would cut 1,500 jobs amid slumping markets from car parts to electronics.The pared workforce is part of a restructuring -- affecting “all business groups, functions and geographies” -- starting this month that will recast reporting lines and consolidate manufacturing oversight, 3M said Tuesday as it reported earnings. The company anticipates pretax savings of as much as $120 million a year from the changes.The cuts, on top of 2,000 layoffs announced in April, cap a rough year for the maker of everything from Post-it notes to touchscreen displays. 3M trimmed its forecasts multiple times in 2019 because of trade disputes, headwinds in China and flagging demand in the automotive and electronics markets.3M is positioning itself to capitalize on an eventual rebound, Chief Executive Officer Mike Roman said in an interview. While he acknowledged recent challenges in several markets, “they are stabilizing as we come into the year,” he said.The shares fell 5.7% to $165.59 at 11:45 a.m. New York after skidding as much as 6%, the most intraday since April 25. 3M fell 7.4% in 2019, the third-worst performance in the Dow Jones Industrial Average.The company received a federal grand jury subpoena last month regarding discharges at an Alabama facility that may not have complied with relevant permits, Roman said in a call with analysts. 3M is cooperating with the investigation, which followed a previously reported company disclosure to authorities, he said.The St. Paul, Minnesota-based company took a pretax fourth-quarter writedown of $214 million for litigation related to PFAS chemicals. The company, along with chemicals- and materials-making peers such as Chemours Co., faces potentially substantial liability from lawsuits over the harmful effects of the so-called “forever chemicals.”As part of the latest restructuring, non-U.S. employees will now report to their business groups rather than the international operations organization, which is being eliminated. Julie Bushman, who oversees international operations, will step down April 1, 3M said.The job cuts, representing about 1.5% of the company’s workforce, prompted a fourth-quarter pretax charge of $134 million, the company said. Total adjusted profit fell to $1.95 a share in the period, trailing the $2.10 average of analysts’ estimates compiled by Bloomberg. Sales climbed 2.1% to $8.1 billion.The quarter was “noisy,” with “unexpectedly large” charges, Deane Dray, an analyst at RBC Capital Markets, said in a note to clients.The transportation and electronics unit continued to weigh on results, with revenue dropping 6.2%. The strain was countered somewhat by the health-care division, a recent bright spot, which boosted sales 25% in the quarter.China VirusInternational corporations are now grappling with a new challenge from the deadly coronavirus that has killed more than 100 people in China and is spreading around the globe. Many companies have restricted employee travel and taken other steps in response.3M has a particularly direct relationship to the crisis as a top maker of protective face masks. The company is “ramping up production to meet the demand” for respiratory protection and other health-care products needed to combat the virus, Roman said.3M gave the first peek at its expectations for 2020, saying adjusted profit will be $9.30 to $9.75 a share. The midpoint of the range trailed the $9.60 average of analyst estimates. Organic sales, excluding the impact of currency conversions, will rise no more than 2% this year.To contact the reporter on this story: Richard Clough in New York at rclough9@bloomberg.netTo contact the editors responsible for this story: Brendan Case at bcase4@bloomberg.net, Tony RobinsonFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

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