3M will cut 2,000 jobs globally in a restructuring after the company posted a grim first quarter and slashed its profit forecast for the rest of the year.
The Minnesota-based company Thursday reported first-quarter adjusted earnings of $2.23 per share, down 11 percent from a year ago and well below the $2.49 per share expected by stock analysts. The company's first-quarter sales tallied $7.9 billion, down 5 percent from a year ago.
"The first quarter was a disappointing start to the year for 3M," Mike Roman, the company's CEO said in a press statement. "We continue to face slowing conditions in key end markets which impacted both organic growth and margins, and our operational execution also fell short of the expectations we have for ourselves."
3M's stock was down nearly 20 percent in premarket trading.
The company cut its 2019 earnings outlook from a range of $10.45 to $10.90 per share to $9.25 to $9.75 per share.
