When 3M Co. (NYSE: MMM) released its first-quarter financial results before the markets opened on Thursday, the company said that it had $2.16 in earnings per share (EPS) and $8.1 billion in revenue. That compared with consensus estimates of $2.03 in EPS and $7.91 billion in revenue, as well as the $2.23 per share and $8.02 billion posted in the same period of last year.
Organic local-currency sales grew 0.3%, while acquisitions, net of divestitures, increased sales by 4.2%. Foreign currency translation reduced sales by 1.8% year over year.
Total sales grew 21.0% in Health Care and 4.6% in Consumer, with declines of 5.0% in Transportation and Electronics and 1.0% in Safety and Industrial. Organic local-currency sales increased 6.1% in Consumer, 2.2% in Safety and Industrial and 1.2% in Health Care, with a decline of 3.0% in Transportation and Electronics.
The company withdrew its full-year outlook due to the evolving and uncertain impact of the COVID-19 pandemic. Analysts are calling for $8.42 in EPS and $31.5 billion in revenue for the 2020 full year.
Mike Roman, 3M’s board chair and chief executive, commented:
In the first quarter we saw strong growth in personal safety, as well as in other areas of our portfolio experiencing high demand due to the pandemic. At the same time, we experienced weak demand in several end markets that were more severely impacted by actions taken around the world to slow the pandemic. Looking ahead, 3M is taking action that will help us navigate near-term uncertainty, generate strong cash flow, and lead out of the slowdown by delivering for employees, customers and shareholders.
3M stock traded up around 4% early Tuesday at $159.88, in a 52-week range of $114.04 to $190.86. The consensus price target is $146.47.
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