When 3M Co. (NYSE: MMM) released its second-quarter financial results before the markets opened on Thursday, the firm said that it had $2.20 in earnings per share (EPS) and $8.20 billion in revenue. That compared with consensus estimates of $2.05 in EPS and $8.03 billion in revenue, as well as the $3.07 per share and $8.39 billion in the same period of last year.
Overall, organic local-currency sales decreased 0.9%, while acquisitions, net of divestitures, increased sales by 0.1%. Foreign currency translation decreased sales by 1.8% year on year.
Total sales grew 5.8% in Health Care, with declines of 0.5% in Consumer, 2.9% in Transportation and Electronics, and 9.0% in Safety and Industrial.
Looking ahead to the 2019 full year, the company expects to see EPS in the range of $9.25 to $9.75 and an organic local-currency sales loss of 1% to 2%. Consensus estimates call for $9.39 in EPS and $32.44 billion in revenue for the year.
3M paid $830 million in cash dividends to shareholders and repurchased $400 million of its own shares during the quarter.
Mike Roman, 3M board chair and chief executive, commented:
I am encouraged by our company’s progress and performance in the second quarter. Our execution was strong in the face of continued slow growth conditions in key end markets, as we effectively managed costs and improved cash flow. Moving ahead we remain focused on continuing to drive operational improvements, investing for the future and delivering for our customers and shareholders.
Shares of 3M traded up over 3% Thursday at $185.36, in a 52-week range of $159.32 to $219.75. The consensus price target is $177.88.
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