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3M loses 6,421 million in 2023 after agreements to settle claims

MADRID, 23 Ene.

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3M loses 6,421 million in 2023 after agreements to settle claims

MADRID, 23 Ene. (EUROPA PRESS) -

The American manufacturer of industrial and consumer products 3M closed the 2023 financial year with net losses of 6,995 million dollars (6,421 million euros) in contrast to the profits of 5,777 million dollars (5,303 million euros) recorded the previous year, reported the company.

The multinational specified that, throughout the last year, it reached two multimillion-dollar agreements to settle cases related to defective earplugs, as well as water pollution due to the discharge of permanent compounds, for which it took charges before taxes of 4,300 and 10,500 million dollars (3,947 and 9,638 million euros), respectively.

3M's turnover for the entire last year reached 32,681 million dollars (29,999 million euros), 4.5% below that recorded in 2022.

Specifically, the security and industrial business contributed 10,956 million dollars (10,057 million euros), 5.6% less, while the transportation and electronics business contributed 8,501 million dollars (7,803 million euros), 4.6% less. 5% less, and health 2.7% less, up to 8,195 million dollars (7,522 million euros).

Between October and December, 3M obtained an attributable net profit of 945 million dollars (867 million euros), which represents an improvement of 74.7% compared to the result of the fourth quarter of 2022, while the multinational's income fell 0.8%, up to 8,013 million dollars (7,355 million euros).

"The fourth quarter capped a strong year for 3M," said 3M President and CEO Mike Roman, noting that last year the company executed its priorities and initiated actions to restructure the organization and simplify its supply chain. in addition to addressing legal issues.

"We will continue to invest in high-growth markets where 3M's unique capabilities can make a difference, including automotive electrification, climate technology and industrial automation. I am confident that we will achieve a successful 2024," he added.

In this sense, the company highlighted that the segregation of the healthcare business "remains underway for the first half of 2024."

Looking ahead to the current fiscal year, the 3M company expects adjusted sales growth of between 0.25% and 2.25%, as well as adjusted earnings per share of between $9.35 and $9.75, with an adjusted operating cash flow of 6,500 to 7,100 million dollars (5,966 and 6,517 million euros).