3M (NYSE:MMM) reported a loss of US$6.841 billion in the second quarter of 2023, compared to a profit of US$82 million reported in the previous period.
On the same basis of comparison, revenue totaled US$ 8.325 billion, a decrease of 4.33%.
According to the company, the results reflect the reduction in the sale of electronic products, weaker performance in retail in general, the reduction in pharmaceutical demand, high hospital costs and the slow recovery of the economy in China.
In the security and industrial segment, 3M reported a 5.44% decline in revenue to $2.765 billion due to litigation cost reallocations.
In transport and electricity, there was a drop of 3.4%, with total revenue of US$ 2.191 billion. In the health area, there was a decrease of 4.77% to US$ 2.191 billion, due to the reallocation of products to the consumer sector.
Finally, the consumer segment dropped 2.78% year-on-year to a total of US$2.075 billion, as the sector was reorganized into three departments: Home, Health and Auto Care; construction and home improvement markets; and Stationery and Office.
The company announced that 2023 earnings per share were revised upward from $8.50 to $9 to $8.60 to $9.10.