3M sees earnings hit from waning mask demand -Breaking
(Reuters) – 3M Co, an industrial giant, forecast Monday a slower rate of growth for 2022. It also expects a 45c hit to per-share earnings. This is due to a decrease in demand for the masks it makes because of global COVID-19 vaccinations.
Company expects to see total sales growth between 1% and 4 percent in 2022. That is slower than the close to 10% increase that was recorded last year.
According to Refinitiv, IBES, full-year earnings will be between $10.15 and $10.65 per share. The midpoint was slightly higher than the $10.36 share estimates.
It also projected full-year operating cash flows of between $7.3 billion and $7.9 billion.
The company suffered a 4.7% drop in fourth quarter profits from labor shortages, supply chain disruptions and other factors.
3M plans to spend approximately $4 billion on research and development, capital and other expenditures in 2022.
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