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3M Warns That Q2 Suffering From China Demand & Supply Chain Issues – $MMM $DIA

By John F. Heerdink, Jr.

As per reports, 3M (MMM) warned of a $300 million hit to revenue in the current quarter as COVID lockdowns in China hurt demand and intensified supply chain issues. The company also expects an impact of 30 cents on per-share earnings in the second quarter, informed Chief Executive Michael Roman at the Bernstein Strategic Decisions Conference. Industrial conglomerate 3M flagged impacts on the automotive and electronics end markets due to chip shortages driven by supply chain issues.

China’s “zero Covid” policy to combat the Omicron variant led to fresh lockdowns and shut factories, disrupting sales of businesses worldwide. Earlier this week, Shanghai announced an end to its two-month-long COVID-19 lockdown. 

“COVID shutdowns in China impacted our manufacturing operations in the country,” stated Chief Executive Michael Roman.
3M (MMM) is a global science company that seems to never stop inventing. Using 46 technology platforms, their integrated team of scientists and researchers works with customers to create breakthroughs. Their inventions have improved daily life for hundreds of millions of people all over the world. With $30 billion in sales, 90,000 employees connect with customers all around the world. Scientists, researchers, and marketers work across countries and across subjects to solve challenges big and small. To learn more about 3M (MMM) and to track its ongoing progress please visit the  Vista Partners 3M (MMM), Coverage Page.

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(Read Original Story: 3M expects $300 mln revenue hit from China COVID lockdowns in Reuters)


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