3M forecasts 2020 profit below estimates on weak Asia demand; cuts 1,500 jobs

U.S. industrial giant 3M reported a 28% fall in quarterly profit on Tuesday due to restructuring and litigation charges and said it would cut 1,500 jobs globally as it looks to reduce costs.

Net income attributable to 3M fell to $969 million, or $1.66 per share, in the fourth quarter ended Dec. 31, from $1.35 billion, or $2.27 per share, a year earlier.

On an adjusted basis, the maker of Post-it notes and Scotch tape earned $1.95 per share in the quarter.

Net sales fell 2.1% to $8.11 billion.