3M Company (NYSE: MMM), a leading provider of industrial products and solutions, announced financial results for the fourth quarter of 2022, reporting a decline in revenues and earnings.
Adjusted profit, excluding special items, dropped to $2.88 per share in the fourth quarter from $2.45 per share in the prior-year quarter. Unadjusted profit plunged to $541 million or $0.98 per share from $1.34 billion or $2.33 per share last year.
The bottom line was negatively impacted by a 6% fall in revenues to $8.08 billion. All the operating divisions and geographical regions registered a decline.