3M Swings to Large Loss but Adjusted Profit Beats by Wide Margin — And Stock Surges
Shares of 3M Co. rallied on July 25, after the consumer, industrial and health care-products company swung to a large second-quarter loss on a litigation settlement, but reported adjusted profit that beat expectations by a wide margin and raised its full-year outlook. “In the second quarter, the actions we took to strengthen our supply chain and restructure the company led to improved service for customers, reduced costs across 3M, and better than expected margins and cash flow,” said chief executive Mike Roman.
The company swung to a net loss of $6.84 billion, or $12.35 a share, from net income of $78 million, or 14 cents a share, in 2022. The loss was a result of a $10.3 billion charge booked during the quarter for a proposed settlement of claims it was responsible for per- and polyfluoroalkyl substances (PFAS), or “forever chemicals,” in drinking water.
To read the full article, visit the Market Watch website.
ACME United Reports 35% Increase in Earnings per Share for Second Quarter of 2023
Acme United Corporation announced that net sales for the quarter ended June 30, 2023 were $53.3 million compared to $56.8 million in the second quarter of 2022, a decrease of 6%. Net sales for the six months ended June 30, 2023 were $99.2 million, compared to $100.1 million in the same period in 2022, a decrease of 1%. The company also share that net income was $3.4 million, or $0.96 per diluted share, an increase of 26% in net income and 35% in diluted earnings per share compared to 2022.
Net sales in Canada for the three months ended June 30, 2023 increased 13% in U.S. dollars and 21% in local currency compared to the same period in 2022. Net sales for the six months ended June 30, 2023 increased 2% in U.S. dollars and 8% in local currency compared to the first half of 2022. The growth in the three and six month periods was mainly due to higher sales of first aid products.
To read the full article, visit the CEO.CA website.
Fast Office Furniture Introduces AFRDI Approved Chairs: Setting the Standard for Quality and Durability
Fast Office Furniture, a leading office furniture solutions provider in Australia, is proud to introduce their AFRDI-approved chairs, designed to provide superior quality, durability, and ergonomic support for businesses nationwide. With these new chairs, businesses can enhance their office environment and promote employee well-being. AFRDI approval sets the standard for office chairs, ensuring they meet stringent safety, durability, and ergonomics criteria. Chairs that comply with AS/NZS 4438 undergo comprehensive testing to guarantee they are tough, durable, and safe for everyday use. Fast Office Furniture’s AFRDI-approved chairs offer numerous benefits to improve the environment, and protect users from backaches and pains, and other problems from prolonged sitting.
To read the full article, visit the Globe and Mail website.
Staples Is Nostalgic for the ’90s in Back-to-School Campaign
Staples launched its Back-to-School campaign on July 10. At a time when many Canadian consumers are frustrated by inflationary price increases, the retailer is is adopting a “Since 1991” theme and leaning on promotional pricing from the ’90s, with a creative campaign to match.
Howie Mandel and Pierre-Yves Lord return for the campaign which features the two celebrities interacting with customers in store. The new ads also embrace a theme of ’90s nostalgia to promote everything from top tech to backpacks and supplies. Both Mandel and Lord close the spots sporting over-the-top ’90s looks and the “Since 1991” message.
To read the full article, visit the The Message website.
