Last week, readers were most interested in news from 3M regarding its first quarter 2019 financial results and actions the company plans to take (3M Initiates Restructuring Following Challenging 2019 First Quarter): “3M recently reported that its sales declined 5% to $7.9 billion in the first quarter of 2019. Organic local-currency sales declined 1.1%, while divestitures, net of acquisitions, decreased sales by 0.5%. Foreign currency translation decreased sales by 3.4% compared to the 2018 first quarter.
“Total sales grew 0.3% in Health Care, with declines of 1.9% in Consumer, 4.2% in Safety and Graphics, 6.6% in Industrial, and 11.8% in Electronics and Energy. Organic local-currency sales increased 0.9% in Consumer and 0.7% in Health Care, with decreases of 0.1% in Safety and Graphics, 2.8% in Industrial, and 3% in Electronics and Energy.
“On a geographic basis, total sales grew 0.1% in the U.S., with declines of 6.5% in Latin America/Canada, 7.4% in Asia-Pacific, and 9.4% in Europe, Middle East and Africa (EMEA). Organic local-currency sales increased 0.8% in Latin America/Canada and 0.7% in EMEA, with decreases of 0.4% in the U.S. and 3.6% in Asia-Pacific.
“‘The first quarter was a disappointing start to the year for 3M,’ said Mike Roman, CEO. ‘We continued to face slowing conditions in key end markets which impacted both organic growth and margins, and our operational execution also fell short of the expectations we have for ourselves. As a result, we have stepped up additional actions—including restructuring—to drive productivity, reduce costs, and increase cash flow as we manage through challenges in some of our end markets.’”
Top 5 News that Sticks for May 5-11
3M Initiates Restructuring Following Challenging 2019 First Quarter
#4 last week
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This weekly roundup highlights the adhesives, sealants, and coatings-related news stories that garnered the most attention during the previous week on our website, as well as our eNewsletters and social media platforms.