3M Co. (NYSE:MMM) reported its Q1 results yesterday, with EPS coming in at $1.97, above the Street estimate of $1.58. Quarterly revenue was $8 billion, beating the Street estimate of $7.48 billion.

2023 EPS guidance was reaffirmed and did not flow through the beat. The company expects full-year EPS of $8.50-$9.00, compared to the Street estimate of $8.60. Full-year adjusted revenues are expected to decline from 2% to 6%.

The macro continues to be challenging for the company, with ongoing supply chain weakness and de-stocking especially in consumer-related markets.

The company announced a new restructuring plan and expects $700-$900 million in both charges and benefits. The plan includes both structural cost-out and headcount reduction of 6,000 employees (approximately 9% of the total headcount).