3M Shares Drop Amid Lower Than Expected 2024 Profit Forecast

Company grapples with weak demand and fallout from lawsuits, despite restructuring efforts and cost reduction measures.

3M Co forecast full-year earnings below Wall Street estimates as the company grapples with weak demand, sending the diversified manufacturer's shares down 11%.
Higher interest rates and inflation have dampened demand for non-essential big-ticket purchases, hurting 3M's electronics business that makes displays for smartphones and tablets.
3M undertook restructuring measures, including cutting jobs, to streamline its business and reduce costs.
The company is dealing with the fallout from lawsuits related to its Combat Arms earplugs and water pollution claims tied to 'forever chemicals'.
The company expects 2024 profit between $9.35 and $9.75 per share, compared with analysts' estimates of $9.81.