“We were looking at a sluggish start to China in the first quarter based on automotive, and the build rate’s expected to be down mid-single digits and maybe even high single digits,” stated Chief Executive Officer Michael Roman in a post-earnings call.Highlights from the earnings release:
- 3M reported a $214 million write-down for litigation related to PFAS chemicals.
- Sales at its healthcare unit accounting for 25% to total revenue, rose about 25.4% on strength in international markets.
- The company expects 2020 earnings per share to be between $9.30 and $9.75.
- Net income fell 28% to $969 million.
- 3M earned $2.15 per share, beating expectations of $2.10, according to IBES data from Refinitiv.
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