When 3M Co. (NYSE: MMM) released its third-quarter financial results before the markets opened on Thursday, the firm said that it had $2.72 in earnings per share (EPS) and $8.0 billion in revenue. That compared with consensus estimates of $2.49 in EPS and $8.16 billion in revenue, as well as the $2.58 per share and $8.15 billion in the same period of last year.
Organic local-currency sales declined 1.3%, while acquisitions, net of divestitures, increased sales by 0.6%. Foreign currency translation reduced sales by 1.3% year over year.
Total sales grew 4.7% in Health Care and 1.7% in Consumer, with declines of 4.4% in Transportation and Electronics and 5.7% in Safety and Industrial. Organic local-currency sales increased 2.6% in Consumer and 2.0% in Health Care, with declines of 3.3% in Safety and Industrial, and 3.4% in Transportation and Electronics.
Looking ahead to the fourth quarter, the company expects to see EPS in the range of $2.05 to $2.15 and an organic local-currency sales loss of 1% to 3%. Consensus estimates call for $2.41 in EPS and $8.07 billion in revenue for the coming quarter.
Mike Roman, 3M board chair and chief executive, commented:
The 3M team delivered strong operational performance in the third quarter. While the macroeconomic environment remains challenging, we executed well and built on the progress we made in the second quarter. We continued to effectively manage costs and reduce inventory levels, while generating strong margins and cash flow.
Shares of 3M closed Wednesday at $168.76, in a 52-week range of $150.58 to $219.75. The consensus price target is $172.00. Following the announcement, the stock was down over 1% at $166.00 in early trading indications Thursday.
24/7 Wall St.Are You Still Paying With a Debit Card?
The average American spends $17,274 on debit cards a year, and it’s a HUGE mistake. First, debit cards don’t have the same fraud protections as credit cards. Once your money is gone, it’s gone. But more importantly you can actually get something back from this spending every time you swipe.
Issuers are handing out wild bonuses right now. With some you can earn up to 5% back on every purchase. That’s like getting a 5% discount on everything you buy!
Our top pick is kind of hard to imagine. Not only does it pay up to 5% back, it also includes a $200 cash back reward in the first six months, a 0% intro APR, and…. $0 annual fee. It’s quite literally free money for any one that uses a card regularly. Click here to learn more!
Flywheel Publishing has partnered with CardRatings to provide coverage of credit card products. Flywheel Publishing and CardRatings may receive a commission from card issuers.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Latest from 24/7
Our expert who first called NVIDIA in 2009 is predicting 2025 will see a historic AI breakthrough.
You can follow him investing $500,000 of his own money on our top AI stocks for free.