3M Reports Q1 Beat & Reiterates Guidance, Announces Restructuring Plan
<p><a href='https://financialmodelingprep.com/financial-summary/MMM'>3M Co. (NYSE:MMM)</a> reported its Q1 results yesterday, with EPS coming in at $1.97, above the Street estimate of $1.58. Quarterly revenue was $8 billion, beating the Street estimate of $7.48 billion.</p>
<p>2023 EPS guidance was reaffirmed and did not flow through the beat. The company expects full-year EPS of $8.50-$9.00, compared to the Street estimate of $8.60. Full-year adjusted revenues are expected to decline from 2% to 6%.</p>
<p>The macro continues to be challenging for the company, with ongoing supply chain weakness and de-stocking especially in consumer-related markets. </p>
<p>The company announced a new restructuring plan and expects $700-$900 million in both charges and benefits. The plan includes both structural cost-out and headcount reduction of 6,000 employees (approximately 9% of the total headcount).</p>

NYSE:MMM