3M (NYSE:MMM) layoffs are on the way as the manufacturing company prepares to let 2,500 workers go in 2023.
This news comes from the company’s earnings report for the fourth quarter of 2022. In the report, CEO Mike Roman says that 3M expects economic challenges to continue in 2023. These challenges are behind the 3M layoffs as the company seeks to “align with adjusted production volumes.”
Roman had the following to say about the 3M layoffs:
“We expect macroeconomic challenges to persist in 2023 […] Our focus is executing the actions we initiated in 2022 and delivering the best performance for customers and shareholders. Based on what we see in our end markets, we will reduce approximately 2,500 global manufacturing roles – a necessary decision to align with adjusted production volumes.”
Outside of that statement, 3M doesn’t say anything else about the layoffs in its earnings report. That includes no details on if certain areas will be affected, or when the layoffs will start.
What Else Is Hitting 3M Stock?
3M’s outlook for the full year of 2023 isn’t doing MMM stock any favors today. This has it expecting adjusted earnings per share to range from $8.50 to $9 per share. That would have it missing Wall Street’s estimate of $10.20 for the year. It would also be below 3M’s 2022 adjusted EPS of $9.88.
As far as trading volume goes, nearly 1 million shares of MMM stock have been traded as of this writing. That’s still below the company’s daily average trading volume of about 2.9 million shares.
MMM stock is down 4.7% as of Tuesday morning.
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On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.