3M Co. (MMM-NYSE) is expected to post EPS of $1.12 on revenues of $5.69 Billion, and if the company offers guidance the analyst community is expecting $1.12 EPS and revenues of $5.91 Billion for the following quarter. Without hitting all of the painful details, the stock is up off recent lows but has been essentially dead money for the better part of more than 3 years.
It is more than difficult to determine which parts of the company could be “unlocked” and it is impossible to know from an outsider stance as to which units could use some “shearing” to improve the bottom line; but what is obvious is that there are areas of interest and areas for improvement. Some of this is up to George Buckley to decide. The truth is that multi-national conglomerates are getting harder and harder to adequately run, even if they do offer strategic advantages in slower or less robust times.
The stock is still right in the middle of its 52-week trading range of $67.05 to $88.35 based on the $76.97 close. This company (and other conglomerate operations) needs to do more for shareholders.
Jon C. Ogg
April 25, 2007
Jon Ogg can be reached at [email protected]; he does not own securities in the companies he covers.
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