3M falls on downbeat profit forecast

3M Co

23/01/2024 13:16

** Shares of diversified manufacturing company 3M  MMM.N 
fall 7.5% to $99.96 premarket
    ** Co forecasts 2024 profit between $9.35-$9.75 per share,
compared with analysts average estimate of $9.81 - LSEG data
    ** Co's electronics business faces dampened demand as
consumers have reduced spending on non-essential purchases due
to inflationary pressures - MMM
    ** Co also pointed the forecast does not reflect the
potential impact of combat arms earplug settlement and the
public water systems settlement
    ** Reports quarterly revenue of $8.01 billion, a 0.8% fall
from a year ago Q4 revenue of $8.07 billion
    ** In 2023, stock had fallen 8.8%

 (Reporting by Aatreyee Dasgupta)
 ((Aatreyee.Dasgupta@thomsonreuters.com))