Profit at 3M to drop below expectations

Article Abstract:

3M warned investors in a revised forecast that it will report 4th qtr 1998 earnings of 80 cents a share before special items, far short of analysts' projections of $1.06 a share. The company, which also predicted a shortfall in 1999 earnings, blamed the 4th qtr 1998 problems on weak domestic sales that are furthering its Asian problems. Revenue probably will surpass the 4th qtr 1997 results of $3.71 billion by about 1.7%. By contrast, 3M reported per-share earnings of 89 cents in the 4th qtr 1997. A Goldman Sachs analysts attributed some of 3M's troubles to miscalculations on an Asian marketplace that, except for Japan, has failed to reach its bottom and is not expected to show any imminent turnaround. 3M derived 17% of its revenue and 23% of its earnings from Asia in 1997.

Diversified Companies, Sales, profits & dividends, 3M Co., MMM, Company sales/revenue, Company sales and earnings, Electronics industry, Company earnings/profit, Company business forecast/projection, Company forecasts

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Case announces more job cuts as demand falls

Article Abstract:

Racine, Wisconsin-based Case Corp. announced it will have to cut 1,300 jobs more than originally thought necessary. In September, the company announced 1,000 job cuts by year-end. Plummeting demand for farm equipment is the reason for the 19% laborforce cut. Earnings for 1998 are expected to be down as much as 60%.

Comment:

More job cuts necessary due to low demand for equipment

Farm Machinery and Equipment Manufacturing, Farm Machinery, Farm machinery and equipment, Other staff changes & profiles, Abstract, Agricultural equipment, Farm equipment, Case Corp.

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