3M Co. said it plans to cut about 2,500 manufacturing jobs, citing persistent economic hurdles, and forecast profit for this year that fell short of Wall Street estimates. The stock tumbled by the most in nearly 13 years.
The maker of Post-it notes, surgical supplies and touch-screen displays said Tuesday that it sees adjusted earnings for 2023 in a range of $8.50 to $9 per share, excluding special items. That’s below the average analyst estimate. Organic sales could fall as much as 3%, the industrial and consumer-goods conglomerate said.
“We are not satisfied with our progress or performance,” Chief Executive Officer Mike Roman said on a conference call with analysts. “We are taking a deeper look at everything we do.”
Shares of the company pared a drop of as much as 16% — the biggest intraday drop since May of 2010 — falling 6.3% to $114.85 as of 10:38 a.m. in New York.
The St. Paul, Minnesota-based company sees continued macroeconomic headwinds this year and described the planned job cuts as a needed move due to declining production volumes. 3M’s glum guidance follows several disappointing quarters — and may be an ill omen for other industrial companies heading into 2023.
“As a bellwether for the sector, 3M’s outlook of broad-based weakness across industrial and consumer markets could portend worsening conditions for other industrials,” Karen Ubelhart, an analyst at Bloomberg Intelligence, wrote in a research note following the earnings report.
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Softening Consumer Demand
3M’s fourth-quarter adjusted earnings per share and the adjusted operating margin for the period also missed analysts’ estimates. The company saw a sharp slowdown in segments such as consumer electronics and retail channels, and expects sluggish demand to continue in 2023.
Lackluster demand has added to ongoing inflationary pressures driving up 3M’s cost of materials, labor and logistics. Roman said the company has taken aggressive action to curtail its manufacturing footprint in response, and imposed strict controls on hiring and discretionary spending.
The company, which had about 95,000 employees at the end of 2021, twice cut its full-year 2022 sales and profit outlook. It did so most recently in October, saying a strong US dollar and shaky demand was adding to pressure on margins from inflation and supply chain turmoil.
3M has battled with softening demand in key segments as well as mounting risks tied to litigation over allegedly defective combat ear plugs. It also faces liabilities over contamination caused by so-called forever chemicals, which the company plans to stop producing by the end of 2025.
Mann ki Baat: India’s techade dream to be fulfilled by innovators, says PM Modi
PTI | | Posted by Ritu Maria Johny
Prime Minister Narendra Modi said on Sunday that domestic patent filings have outscored the country’s foreign patent filings as he expressed confidence that India’s dream of “techade” will be fulfilled on the strength of its innovators.
This underscores the country’s increasing scientific capabilities, he said in the first episode of ‘Mann ki Baat’ in the new year.
Modi has in the past used “techade” to describe the decade being dominated by technologies and India making most of it.
He said India’s rank in patent filling is seventh globally while it is fifth in trademark registration. India’s patent registration has risen by 50 per cent in the last five years, the prime minister said, noting that its ranking in the global innovation index has surged to 40 from below 80 in 2015.
“I am confident that India’s dream of techade will be fulfilled by its innovators and their patents,” he said.
The premier Indian Institute of Science had 145 patents in 2022 which is a rare record, Modi said.
In his address, Modi noted that this year’s Padma awards include a number of tribal people or those working for the community besides those who have strengthened the world of music.
He urged people to read about the winners and said their stories will inspire new generations.
Mann Ki Baat: E-waste can harm environment if not disposed, says PM Modi
Prime Minister Narendra Modi on Sunday called for a proper disposal of e-waste, saying it can become a great force to build a circular economy. During his first ‘Mann Ki Baat’ address of 2023, the prime minister cited a United Nations report which stated that 50 million tonnes of e-waste is being thrown every year.
“Can you imagine how much it is? Even if all commercial planes made in human history are weighed together, it will still be less than this e-waste. It is like, every second eight hundred laptops are being thrown away. About 17 types of precious metals can be extracted from this E-Waste through different processes”, he said.
“Therefore recycling of e-waste is no less than making gold from waste”, the prime minister said.
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“Whenever someone replaces their old device, it becomes necessary to keep in mind whether it is discarded properly or not. If E-Waste is not disposed, it can also harm our environment. If done carefully, it can become a great force in Circular Economy of Recycle and Reuse”, he added.
The prime minister also said that domestic patent filings in India have outscored the country’s foreign patent filings. He expressed confidence that India’s dream of ‘Techade’ will be fulfilled on the strength of its innovators.
Modi said India’s rank in patent filling is seventh globally while it is fifth in trademark registration. India’s patent registration has risen by 50 per cent in the last five years, the prime minister said, noting that its ranking in the global innovation index has surged to 40 from below 80 in 2015.
This 45-year-old Biotech CEO spends $2 million a year to be 18 again
Bryan Johnson is a California-based Biotech CEO, who is 45 going on 18…No, really. The entrepreneur, along with a team of 30 doctors, is on a mission to biohack youthfulness by spending over $2 million (approximately ₹16 crore) annually. According to a Bloomberg report, the experimental programme titled Project Blueprint consists of a strict vegan diet of 1,977 calories daily, high intensity exercise, consistent bedtime, regular ultrasounds, MRIs, colonoscopies and blood tests to make Johnson have the health of an 18-year-old. He even has a machine to monitor the number of erections at night, which are reportedly similar to a teenager’s.
His day starts with two dozen supplements and a green juice with creatine and collagen peptides, and tracking of his body fat, heart rate variations and blood glucose levels. He also dons blue-light-blocking glasses, which filter the brain-stimulating blue rays from electronic devices, two hours before hitting the sack.
The efforts to stop time in its tracks have shown early results with doctors saying the software CEO now has the heart of a 37-year-old, the skin of a 28-year-old, and the lung capacity of an 18-year-old, gum inflammation of a 17-year-old and a record reversal of at least 5 years overall.
Led by Oliver Zolman, a 29-year-old physician who aims to prove that humans can decrease the medical age of their organs by 25%, charges $1,000 hourly for the medical tests undertaken by Johnson.
The CEO of KernelCo, a startup that manufactures $50,000-apiece helmets that analyze brain signals, has also started a website called Rejuvenation Olympics which ranks 1750 people who are striving to reverse their age, with Johnson topping the charts.
In his 30s, after selling his company Braintree Payment Solutions to EBay for $800 million, his mental and physical health went for a toss due to the stressful lifestyle. He was inspired to chase youthfulness after battling depression and obesity. He now aspires for all his major organs — including brain, liver, kidneys, teeth, penis and rectum — to be as healthy as a teen’s.
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