3M reported earnings yesterday and the results were bad. 3M earned $1.51 per share, in the first quarter vs. expectations of $2.50 per share. Revenue was $7.86 billion in the period, down 5% year over year and also falling short of Street forecasts of $8.09 billion.
3M also said it was laying off cutting 2,000 jobs and slashed their full year forecast. These results were enough for the stock price to have its biggest one-day decline in over 30 years.
“We continued to face slowing conditions in key end markets which impacted both organic growth and margins, and our operational execution also
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