3M Co. (NYSE: MMM) reported its second-quarter financial results before the markets opened on Tuesday. Out of all the Dow Jones Industrial Average stocks that reported on Tuesday morning, 3M was the worst performing of the group.

The company said that it had $2.58 in earnings per share (EPS) and $7.81 billion in revenue, which compares with consensus estimates from Thomson Reuters of $2.54 per share and $7.86 billion. In the same period of last year, 3M posted EPS of $2.08 and $7.66 billion in revenue.

In terms of its business segments, the company reported:

• Industrial sales increased by 2.5% to $2.7 billion in U.S. dollars. Organic local-currency sales increased 3.8%, foreign currency translation reduced sales by 0.7% and divestitures reduced sales by an additional 0.6%.
• Safety and Graphics sales fell by 0.9% in U.S. dollars. Organic local-currency sales increased 3.2%, while foreign currency translation reduced sales by 0.7% and divestitures decreased sales by 3.4%.
• Health Care sales grew by 1.8% to $1.4 billion in U.S. dollars. Organic local-currency sales increased 2.5% and foreign currency translation reduced sales by 0.7%.
• Electronics and Energy sales increased by 7.5% to $1.2 billion in U.S. dollars. Organic local-currency sales increased 8.4%, foreign currency translation reduced sales by 0.5% and divestitures decreased sales by 0.4%.
• Consumer sales grew by 0.5% to $1.1 billion in U.S. dollars. Organic local-currency sales increased 0.7% and foreign currency translation decreased sales by 0.2%.

3M updated its guidance for 2017, and the company forecasts organic local-currency sales growth to be 3% to 5%, up from previous guidance of 2% to 5%. 3M expects earnings in the range of $8.80 to $9.05 per share — up 8% to 11% year-on-year — versus a prior expectation of $8.70 to $9.05. The consensus estimates are $8.95 in EPS and $30.77 billion in revenue for the 2017 full year.

On the books, 3M cash, cash equivalents and marketable securities totaled $2.79 billion at the end of the quarter, up from $2.68 billion at the end of the previous fiscal year.

Inge G. Thulin, 3M chairman, president and CEO, commented:

Our team posted another quarter of strong and broad-based organic growth, which included positive growth across all five of our business groups. We also continued to deliver premium margins and returns, while accelerating investments to support growth and strengthen the portfolio – which is part of our playbook to build an even stronger and more competitive 3M.

Shares of 3M closed Monday at $210.00, with a consensus analyst price target of $205.09 and a 52-week range of $163.85 to $214.57. Following the release, the stock was down about 3% at $203.55 in early trading indications Tuesday.

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