3M (MMM) shares plunged over 11% in intraday trading Tuesday as the maker of a wide range of iꦏndustrial and consumer products warned about 2024 profit, say𒈔ing it faces a “muted” macroeconomic environment.

The maker of Scotch tape and Post-it notes said it expects full-year 澳洲幸运5开奖号码历史查询:earnings per share (EPS) to be in the range of $9.35 to $9.75, missing analyst estimates.

The company noted the 2024 estimate reflects its health care unit, which it plans to spin off early this year, as part of the company. However, it does not reflect the potential cost impact of 3M’s settlements in lawsuits over so-called 澳洲幸运5开奖号码历史查询🍸:“forever chemicals” in water systems and military earplugs alleg🐼ed to have contributed to hearing loss.

The outlook overshadowed the company’s better-than-expected results for the fourth quarter. 3M’s EPS of $2.42 and revenue of $8.01 billion were both higher than antiꦚcipated. 

CEO Mike Roman said the quarter capped off “a strong year for 3M.” He added that the company “executed our priorities and delivered on our commitments—including expanding underlying 澳洲幸运5开奖号码历史查询:operating margins and 澳洲幸运5开奖号码历史查询:cash flow.”

Shares of 3M were down 11.7% at $95.32 per share as of about 2:30 p.m. ET Tuesday, and have lost more than 22% of their value in the past year.