We take in advance

3M has adopted a more aggressive gambling book to alleviate the challenges it has faced in the first three months of 2019, President and CEO Michael Roman told CNBC on Monday.

"We were late on what we were doing to reduce costs in the first quarter," he said in an individual interview with Jim Cramer of "Mad Money." "The steps we are taking now allow us to get ahead of this curve, which is what we are doing: getting ahead of the curve."

Roman explained that the weak first quarter results of the manufacturing giant were attributed to the challenges in China, as well as in the automotive and electronics sectors. About 30% of the company's revenue comes from these three segments and management is "disappointed" by the most important results, he said.

Sales of organic products fell 1.1% from one year to the next during the quarter.

The stock is down about 13% while it was closed Wednesday before the announcement of the company's results on Thursday morning. Cramer noted that it was the worst fall in equity in more than three decades.

3M has taken steps to combat headwinds in China, in the automotive and electronics industries, but this has not been enough to offset the declines, Roman said. He said declines accelerated in February and March.

The company's forecast for 2019 earnings has also been reduced to a range of $ 9.25 to $ 9.75, rising to a range of $ 10.90.

"Our execution has led to low productivity, as we call it, and we are doing so," said Roman.

The three markets are short-term challenges, but they are still an integral part of 3M's long-term strategy, he said. Management plans to do better to protect its market share, while generating value for the entire portfolio, he added.

The 3M model is still "strong" and the company will focus on innovation and its best growth points, Roman said. Among the defensive measures taken by leaders to overcome the obstacles are the reduction of operational costs and the realignment of manufacturing on demand in these markets, he said.

"Our team knows how to react … We will take the lead over the quarters and the rest of the year," Roman said. "Some of the restructurings will take longer – it will take time and it will be more towards the end of this year."

Shares of 3M were trading at less than 1% down Monday, settling at $ 190.21 by the end of trading.