Australian shares are set to open lower, while Wall Street wobbles on company results. Google's down as the US launches fresh legal action. Follow the day's events and insights from our business reporters on the ABC News live markets blog.
Tue 24 Jan 2023 at 9:03pm3M shares fell 4.7% as it joined other industrial majors General Electric Co and Raytheon Technologies CorpDemand slowdown has extended into the current quarter as consumers cut discretionary spending and rigorous industrial de-stocking, especially in Asia, 3M said.
"Three weeks into January, we are seeing continued slowing in organic sales volume as we start the year," Chief Financial Officer Monish Patolawala said. The company, which has been battling with higher labour and energy costs, said it would continue to adjust its manufacturing levels and maintain spending discipline until volumes bounce back.
3M expects adjusted sales in the first quarter to be $US7.2 billion to $7.6 billion, down 10% to 15% since last year.Sales in the fourth quarter fell 6% to $US8.1 billion. The downbeat outlook and quarterly results pile more pain on the company, at a time it faces separate lawsuits related to defective earplugs and its use of "forever chemicals", which 3M said in December it plans to discontinue.
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