Article Image
IPFS News Link • Business/ Commerce

3M Warns Inflation Is Here To Stay, Sees Auto Production Tumbling More Than Expected

• https://www.zerohedge.com by Tyler Durden

The latest warning comes from massive multi-national conglomerate 3M.

Speaking at a Morgan Stanley conference this morning, 3M CFO Monish Patowala warned that the outlook is much more like the worst-case scenarios than any overly-optimistic view that markets appear to be imbibing... (headlines via Bloomberg)

*3M SEES AUTO '21 PRODUCTION -6% ON CHIP SHORTAGE VS -3% EARLIER

*3M EPS IMPACT DUE TO INFLATION, SUPPLY CHAIN DISRUPTIONS: CFO

*3M CFO SAYS AUTO CHIP SHORTAGE DISRUPTIONS TO CONTINUE IN 2022

*3M CFO SEES 2021 EPS IMPACT ON `HIGH END' OF 65-80 CENT RANGE

*3M CFO: COST OF RAW MATERIALS IS BIGGEST SUPPLY CHAIN CHALLENGE

Excerpted transcript:

All of us are experiencing the semiconductor shortages. I would say to automotive and electronics, but you starting to see it impacting a lot of Industries, the outbreak of the Delta variant continues to impact the world as well as hurricane idea as also put more stress now on already stress supply chains, causing a lot of inflation, as well as material availability across issues across the globe... you're seeing a lot of OEM the shutting down manufacturing because the lack of semiconductor chips.


http://www.freoganfellowship.org