3M recorded net income of US$ 541 million in the fourth quarter of 2022, a decrease compared to the US$ 1.339 billion obtained in the same period of the previous year. Earnings per share were $0.98, up from $2.33 previously, with adjusted earnings per share of $2.28 for the most recent quarter.
The result was below the forecast of US$ 2.36 by analysts consulted by FactSet and the action retreated 4.24% in the premarket in New York, at 8:50 am (from Brasilia).
3M’s net sales were $8.079 billion in the fourth quarter of last year, up from $8.612 billion previously reported. Operating income also declined, from $1.616 billion previously to $632 million in the most recent quarter.
In a statement, the company says it continues to focus on delivering results for customers and shareholders, “in a challenging economic environment”. The company highlights organic growth of 0.4% obtained in the fourth quarter, against an expectation of between 1% and 3%. And he mentions the slowdown in China because of covid-19 as partly responsible for the weaker result.
3M says it expects adjusted earnings per share of $8.50 to $9 in 2023, compared to $10.10 the year before.
Source: CNN Brasil
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