Just read the news. A great third quarter should mitigate any layoffs.
Congratulations all.
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Wow - great 24 hour rally.
Want announcement in 4q to keep up cost cutting momentum
Is it really a "great Q3"? Wall street doesn't think so, based on the stock price.
So, all these analyst work for companies that hold 3M stock. Every quarter 3M beats analyst projections, thus providing some exit liquidity for these companies that own 3M stock. Rinse and repeat for 5 years. I swear Mike and Moni clicked on the spam headline 'how to show a profit with this one accounting trick'
Is it really a "great Q3"? How are those sales looking?
A huge concern about earnings is the prominent mention of automotive OEM and automotive electrification being growth engines for the company. The core 3M auto OEM business is stale with virtually zero product innovation the last decade. 3M’s solutions in this market are mature and in decay. Auto electrification is just a new accounting trick of taking out electronics sales into a new market….no real innovation here. 3M’s NPI solutions in the electrification space have zero market traction and commercialization success and we are not nimble enough to win in this market.
Don't get your hopes up. We have been told consultants again running around. If you are ask to give your honest opinion on something. Just tell everything is great. Otherwise messenger going to get fired instead of fixing the problem.
Look at the stock over last 2 years… down $96.80. Congratulations!
My read is the Q3 restructuring charge was the bill for already announced layoffs.
The elephant in the room is still the lack of sales growth. Down 3%, ouch, against a GDP still running +2% or so. SIBG still a mess. TEBG down, but more reasonable against the China recession. HCBG eh, mediocre. CBG takes the award for the dog of the quarter, woof.
Oh yeah, all this against a $4.27 billion dollar legal write-off that wiped out every penny of the profit for this quarter, and probably next quarter too. For the record, the litigation costs for just this 2023 are up to $14.7 billion. (See page 6 of the financials.)
Moni does warning at investor conference and stock drops $30/share. Results come out better than expected and share jump $3/share. Moni is a mo--n.
Don’t be too sure. $68M Q3 restructuring charge will be used for something?