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.
Want to Retire Early? Start Here (Sponsor)
Want retirement to come a few years earlier than you’d planned? Or are you ready to retire now, but want an extra set of eyes on your finances?
Now you can speak with up to 3 financial experts in your area for FREE. By simply clicking here you can begin to match with financial professionals who can help you build your plan to retire early. And the best part? The first conversation with them is free.
Click here to match with up to 3 financial pros who would be excited to help you make financial decisions.
Have questions about retirement or personal finance? Email us at [email protected]!
By emailing your questions to 24/7 Wall St., you agree to have them published anonymously on a673b.bigscoots-temp.com.
By submitting your story, you understand and agree that we may use your story, or versions of it, in all media and platforms, including via third parties.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Latest from 24/7
