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- 3M Co MMM has doubled its previous estimate for the decline in new-vehicle production in this year’s second half due to concerns over the shortage of semiconductor chips.
- CFO Monish Patolawala now expects auto production to decline 6%, from the previously expected decline of 3%.
- Patolawala expects the chip crisis and higher inflation to affect its EPS by $0.65 - $0.80 for the year.
- Patolawala said inflation is higher than what was expected in the third quarter.
- Toyota Motor Corp TM, General Motors Co GM, and Volkswagen AG VWAGY have already slashed their production guidance due to the chip crisis.
- In July, 3M had raised its EPS outlook to $9.70 - $10.10 for FY21.
- Price Action: MMM shares closed higher by 0.37% at $185.23 on Monday.
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