3M cuts 2022 profit outlook amid decline in mask demand

MINNESOTA (REUTERS) – 3M on Tuesday (Apr 26) trimmed its full-year profit outlook as demand for its disposable N95 masks slumped in the face of waning Covid-19 instances and the commercial big continues to grapple with surging inflation.

The greatest United States producer of masks noticed a decline in disposable respirator gross sales amid lifting of coronavirus restrictions.

The firm’s challenges round provide chain constraints, semiconductor shortages and uncooked supplies additionally aggravated following Russia’s invasion of Ukraine.

3M final month joined different Western corporations in halting operations in Russia after the nation’s invasion of Ukraine.

The Ukraine struggle precipitated the corporate to face elevated prices, with scarcity of uncooked supplies and semiconductors straining its auto builds.

In February, chief monetary officer Monish Patolawala had warned of an about 2 per cent fall in world auto builds in the primary quarter from a 12 months earlier.

3M now expects full-year profit to be in a variety of US$9.89 to US$10.39 per share, down from its prior expectation of US$10.15 to US$10.65.

Net revenue attributable to 3M fell to US$1.29 billion (S$1.78 billion), or US$ 2.26 per share, in the primary quarter ended March 31, from US$1.62 billion, or US$2.77 per share, a 12 months earlier.

However, the Saint Paul, Minnesota-based firm’s adjusted earnings of US$2.65 per share beat analysts’ estimate of US$2.31.

Sales fell marginally to US$8.8 billion in the quarter.

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