NEW YORK (AP) – 3M Co. plans to cut up to 1,500 jobs as part of a restructuring plan as it reported declines in its overall third-quarter profit and revenue, saying a stronger U.S. dollar cut into sales.
The maker of Post-it notes, industrial coatings and ceramics said it is cutting jobs as part of a plan to “strengthen its competitiveness.” It said the move will involve cutting structural overhead in the U.S. and in slower growing markets.
3M reported a slight drop in net income to just under $1.3 billion even as a decline in shares outstanding for the latest quarter resulted in a boost in the earnings per share figure to $2.05.
Revenue, meanwhile, fell 5.2 percent to $7.7 billion.
The earnings per share results topped expectations. The average estimate of six analysts surveyed by Zacks Investment Research was for earnings of $2.01 per share.