Newscasts - 3M forecasts 2025 profit growth, shares rise

Solventum

21/01/2025 19:50

Click the following link to watch video: https://share.newscasts.refinitiv.com/link?entryId=1_0ynyqlbi&referenceId=tag:reuters.com,2025:newsml_RW516721012025RP1_930&pageId=Newscasts
Source: 'Reuters - Business videos'

Description: 3M forecast profit growth for 2025 and beat fourth-quarter
estimates as the U.S. industrial conglomerate benefited from efforts to revive
sales and reduce costs, sending its shares up on Tuesday. Lisa Bernhard has
more.
Short Link: https://refini.tv/42updcC

Video Transcript:

Shares of 3M rose more than 5% Tuesday, after the company's fourth-quarter
results and 2025 profit forecast beat Wall Street estimates. CEO Bill Brown,
on the job less than a year, has looked to improve sales at the industrial
conglomerate by developing new products while also cutting supply chain costs.
As a result, 3M, perhaps best known for its Scotch Tape, expects 2025 organic
sales to grow between 2% to 3%, which one analyst called "a win for
investors." The company, which is based in St. Paul, Minnesota, also reported
a 44% drop in operating expenses in 2024 from a year earlier. Upbeat results
in recent quarters reflect a turnaround from 2023, when 3M suffered a slump in
consumer demand due to high inflation and a weak market in China. That led to
8,500 job cuts, a 12% reduction in office space and a spin-off of its
healthcare business into a publicly listed company, Solventum