3M sees earnings hit from waning mask demand -Breaking
[ad_1]
(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.
Fusion MediaFusion Media or any other person involved in the website will not be held responsible for any loss or damage resulting from reliance on this information, including charts, buy/sell signals, and data. You should be aware of all the potential risks and expenses associated with trading in the financial market. It is among the most dangerous investment types.
[ad_2]