3M Co. said it plans to cut about 2,500 manufacturing jobs, citing persistent economic hurdles, and forecast profit for this year that fell short of Wall Street estimates. The stock tumbled by the most in nearly 13 years.
The maker of Post-it notes, surgical supplies and touch-screen displays said Tuesday that it sees adjusted earnings for 2023 in a range of $8.50 to $9 per share, excluding special items. That’s below the average analyst estimate. Organic sales could fall as much as 3%, the industrial and consumer-goods conglomerate said.
“We are not satisfied with our progress or performance,” CEO Mike Roman said on a conference call with analysts. “We are taking a deeper look at everything we do.” Shares of the company pared a drop of as much as 16% — the biggest intraday drop since May of 2010 — falling 6.3% to $114.85 as of 10:38 a.m. in New York.