3M narrowed its full-year earnings expectation from a prior range of $7.30 to $7.55 per share to a new range of $7.40 to $7.50. The current consensus estimate calls for full-year EPS of $7.46
The company also narrowed its estimated range for organic local-currency sales growth from a prior range of 3% to 6% (about $31.8 to $32.72 billion, based on 2013 revenues of $30.87 billion) to a new range of 4% to 5%. Foreign currency is now expected to reduce sales by approximately 15% for the year, versus a previous expectation for a negative impact of 1%.
The consensus estimates for the fourth quarter call for EPS of $1.79 on revenues of $7.85 billion.
The company’s CEO said:
The 3M team once again delivered broad-based organic growth with operating margins exceeding 22 percent in all businesses. As we look forward, our focus will remain on actively managing the portfolio and strategically investing in the business to continue delivering profitable growth across the company.
3M’s sales in the quarter grew the most in its health care division, rising 4.7% to $1.4 billion. The industrial division grew revenue 3% to $2.8 billion and safety and graphics division sales rose 1.3% to $1.4 billion. The consumer division’s sales rose 2.1% to $1.2 billion, and sales were up 3.5% in the electronics and energy division.
The company did not change its full-year guidance, but it did lift the bottom of the ranges and drop the top end a little. In the end, the effect was to focus attention more clearly on the already established mid-point. That shouldn’t have much impact on the share price Thursday.
3M’s shares were up fractionally in premarket trading Thursday morning and opened near $141.92. The current 52-week range is $122.70 to $147.87. Thomson Reuters had a consensus analyst price target of around $151.10 before the report.
ALSO READ: GE Delivers Solid Earnings With Record Backlog
100 Million Americans Are Missing This Crucial Retirement Tool
The thought of burdening your family with a financial disaster is most Americans’ nightmare. However, recent studies show that over 100 million Americans still don’t have proper life insurance in the event they pass away.
Life insurance can bring peace of mind – ensuring your loved ones are safeguarded against unforeseen expenses and debts. With premiums often lower than expected and a variety of plans tailored to different life stages and health conditions, securing a policy is more accessible than ever.
A quick, no-obligation quote can provide valuable insight into what’s available and what might best suit your family’s needs. Life insurance is a simple step you can take today to help secure peace of mind for your loved ones tomorrow.
Click here to learn how to get a quote in just a few minutes.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Latest from 24/7
