By John Keilman
Materials manufacturer 3M says its far-flung network of factories could help it mitigate the impact of the global trade war, but it still expects that tariffs could dent its earnings by up to 40 cents per share this year.
China is a particular concern because 3M's total annual flow of goods to and from the country amounts to about $600 million. With the U.S. and China each imposing import duties of more than 100% on each other, the tariff price tag could reach an annualized $675 million, the company said.
Chief Executive Bill Brown said the company is already planning workarounds to minimize that impact.
"Today, we ship products from the U.S. to China that we could instead ship from Europe into China, and then perhaps backfill that volume in the U.S.," he said in a call with analysts.
3M is sticking with its previously announced full-year adjusted earnings guidance of $7.60 to $7.90 per share, though it said tariffs could eat into that projection by 20 to 40 cents per share. The company beat Wall Street's first quarter estimates for sales and earnings, and its stock is up 7% in morning trading.
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(END) Dow Jones Newswires
April 22, 2025 11:51 ET (15:51 GMT)
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