3M forecasts downbeat 2024 profit amid slow demand
(Reuters) -Industrial conglomerate 3M forecast full-year earnings below Wall Street estimates on Tuesday, saying the macro environment "remains muted" and sending its shares plunging about 12%. "China and consumer retail end markets continue to be soft," Chief Financial Officer Monish Patolawala said on a call with analysts. The diversified manufacturer has rolled out a major restructuring that includes cutting thousands of jobs and the spinoff of its healthcare business into a listed company.