3M (MMM) Heads Lower on Lackluster Q3, Guidance
Article
Related Press Releases (1)
Related Articles (1)
Related SEC Filings (1)
Stock Quotes (1)
Comments (0)
Tweet
Send to a Friend
Get Alerts MMM Hot Sheet
Price: $111.39 +0.29%
EPS Growth %: -1.2%
Financial Fact:
Interest expense: 39M
Today's EPS Names:
LBIX, ESEA, ISS, More
EPS Growth %: -1.2%
Financial Fact:
Interest expense: 39M
Today's EPS Names:
LBIX, ESEA, ISS, More
Trade MMM Now!
Shares of 3M (NYSE: MMM) are lower early Tuesday following a lackluster third quarter earnings report and guidance that was below Street estimates.
3M reported third quarter revenue of $7.5 billion, below the consensus of $7.63 billion, and down 0.4 percent year-over-year.
EPS was reported in line with estimates at $1.65, 8.6 percent higher than last year. Reflecting current economic "realities," 3M now expects full-year earnings to be in the range of $6.27 to $6.35 per share, including $0.03 per share of anticipated acquisition-related costs. 3M previously expected a range of $6.35 to $6.50 per share, which did not include acquisition-related costs, and the Wall Street consensus of $6.40.
"In the face of the current slow-growth economy, our businesses continued to grow organically and generated record profitability," said Inge G. Thulin, 3M chairman, president and chief executive officer.
Thulin continued, "Regardless of economic conditions, we will remain focused on things within our control. 3M's unique combination of technology strength, manufacturing excellence and global capability will enable us to deliver sustainable increases in sales, earnings and cash flow."
The company anticipates full-year organic local-currency sales growth of 2 to 2.5 percent and that currency translation will reduce sales by approximately 2.5 percent for the year. Operating income margins will be in the range of 21.5 to 22 percent.
Shares of MMM last traded at $90.32, down 2.4 percent from Monday's close.
Join StreetInsider.com FREE and get immediately alerted when news breaks on your stocks and other market items - JOIN NOW
*NEW - Download StreetInsider's FREE iPhone and iPad App - Click Here
3M reported third quarter revenue of $7.5 billion, below the consensus of $7.63 billion, and down 0.4 percent year-over-year.
EPS was reported in line with estimates at $1.65, 8.6 percent higher than last year. Reflecting current economic "realities," 3M now expects full-year earnings to be in the range of $6.27 to $6.35 per share, including $0.03 per share of anticipated acquisition-related costs. 3M previously expected a range of $6.35 to $6.50 per share, which did not include acquisition-related costs, and the Wall Street consensus of $6.40.
"In the face of the current slow-growth economy, our businesses continued to grow organically and generated record profitability," said Inge G. Thulin, 3M chairman, president and chief executive officer.
Thulin continued, "Regardless of economic conditions, we will remain focused on things within our control. 3M's unique combination of technology strength, manufacturing excellence and global capability will enable us to deliver sustainable increases in sales, earnings and cash flow."
The company anticipates full-year organic local-currency sales growth of 2 to 2.5 percent and that currency translation will reduce sales by approximately 2.5 percent for the year. Operating income margins will be in the range of 21.5 to 22 percent.
Shares of MMM last traded at $90.32, down 2.4 percent from Monday's close.
Join StreetInsider.com FREE and get immediately alerted when news breaks on your stocks and other market items - JOIN NOW
*NEW - Download StreetInsider's FREE iPhone and iPad App - Click Here
You May Also Be Interested In
- UPDATE: Applied Materials, Inc. (AMAT) Tops Q2 EPS by 3c, Offers Guidance
- Autodesk, Inc. (ADSK) Misses Q1 EPS by 3c, Offers Guidance
- UPDATE: Aruba Networks, Inc. (ARUN) Misses Q3 EPS by 4c, Guidance Light
Create E-mail Alert Related Categories
Earnings, Guidance, Hot Earnings, Hot GuidanceRelated Entities
Earnings
Login with Facebook
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
