3M to cut 1,500 jobs, profit falls 28%

(Reuters) – U.S. industrial giant 3M Co (N:) reported a 28% fall in quarterly profit on Tuesday due to restructuring and litigation charges and said it would cut 1,500 jobs globally as it looks to reduce costs.

Net income attributable to 3M fell to $969 million, or $1.66 per share, in the fourth quarter ended Dec. 31, from $1.35 billion, or $2.27 per share, a year earlier.

On an adjusted basis, the maker of Post-it notes and Scotch tape earned $1.95 per share in the quarter.

Net sales fell 2.1% to $8.11 billion.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.