(Reuters) -U.S. industrial conglomerate 3M Co on Tuesday raised its full-year profit forecast, benefiting from higher prices and cost-cut measures including significant layoffs.
FILE PHOTO: The 3M logo is seen at its global headquarters in Maplewood, Minnesota, U.S. on March 4, 2020.
To counter the surge, 3M also reduced its total global workforce by 10% over two rounds of layoffs.
The St. Paul, Minnesota-based company reported a loss of $12.35 per share in the second quarter, compared with a profit of 14 cents a year earlier.
The loss includes the settlement amount payable over 13 years, which negatively impacted earnings per share by $14.19.
Persons:
Nicholas Pfosi, ”, Mike Roman
Organizations:
Reuters, REUTERS, Revenue
Locations:
Maplewood , Minnesota, U.S, Paul , Minnesota