Proactive Investors - 3M Co (NYSE:MMM) on Tuesday announced first-quarter 2023 adjusted earnings per share of $1.97, beating the analyst consensus estimate by $0.37.
The maker of 'Scotch' tape and 'Post-it' notes also generated adjusted sales for the quarter of $7.7 billion, down 9.7% year over year but also surpassing the Wall Street consensus by $190 million.
“Market trends were as we expected, and we made changes to improve our operations and position us for success as supply chains improve,” 3M CEO Mike Roman said in a statement.
“We will continue to prioritize investments in high-growth end markets where 3M science gives us a clear competitive advantage,” he added.
The industrial conglomerate also reported that it would eliminate about 6,000 positions globally as it looks to focus on businesses with better prospects, including automotive electrification and home improvement.
3M said it expects annual pre-tax savings of $700 million to $900 million upon completion of the cost-cutting actions.
Shares of 3M gained 1.8% to $106.90 in pre-market trading on Tuesday.