3M Co. beat analysts’ fourth-quarter profit estimates as the maker of Post-it notes and Scotch tape cut costs to fight the effects of a strong U.S. dollar.
Earnings fell 8.3 percent to $1.66 a share, including a 14-cent restructuring charge, the St. Paul, Minnesota-based company said Tuesday in a statement. Analysts had expected profit of $1.62 a share, according to the average of 13 estimates compiled by Bloomberg.
“We strengthened and focused our portfolio, made significant investments in the business to support growth and made good progress in moving toward a more efficient business model through business transformation and our corporate restructuring,” Chief Executive Officer Inge Thulin said in the statement.
The results capped a challenging year for 3M as a sluggish global economy and currency headwinds weighed on sales. The company, which generates about two-thirds of its revenue overseas, has emphasized international growth and new-product development since Thulin assumed the top post in 2012.
3M in October announced a global restructuring effort focused on reducing U.S. overhead in part to combat the dollar’s strength. The move, including 1,500 job cuts, resulted in a fourth-quarter pretax charge of $114 million.
The shares fell 8.3 percent last year, the first annual decline since 2011. Premarket trading was light on Tuesday.
Sales decreased 5.4 percent to $7.3 billion. That was still enough to beat analysts’ estimates of $7.2 billion.