When 3M Co. (NYSE: MMM) released its second-quarter financial results before the markets opened on Tuesday, the company said that it had $2.59 in earnings per share (EPS) and $8.39 billion in revenue. The consensus estimates had called for $2.58 in EPS and revenue of $8.37 billion. In the same period of last year, 3M said it had EPS of $2.58 on $7.81 billion in revenue.
Looking ahead to the 2018 full year, the company expects to see EPS in the range of $10.20 to $10.45 with organic local-currency sales growth expected to be 3% to 4%. The consensus estimates are $10.34 in EPS and $33.33 billion in revenue for the full year.
In terms of its segments, the company reported as follows for the most recent quarter:
- Industrial sales were $3.1 billion, up 6.8% in U.S. dollars. Organic local-currency sales increased 5.7%.
- Safety and Graphics sales were $1.8 billion, up 15.8% in U.S. dollars. Organic local-currency sales increased 8.5%.
- Health Care sales were $1.5 billion, up 4.9% in U.S. dollars. Organic local-currency sales increased 3.8%.
- Electronics and Energy sales were $1.3 billion, up 3.6% in U.S. dollars. Organic local-currency sales increased 5.2%.
- Consumer sales were $1.2 billion, up 4.6% in U.S. dollars. Organic local-currency sales increased 4.3%.
Mike Roman, 3M CEO, commented:
3M had a strong quarter, including organic growth of 6 percent that was broad-based across all business groups and geographic areas. Our team delivered record sales and a double-digit increase in earnings per share, while keeping our commitment to investing in our business and returning cash to shareholders.
Shares of 3M were last seen down about 2% at $194.87, with a consensus analyst price target of $211.54 and a 52-week range of $190.57 to $259.77.
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