Post-it maker 3M's profit beats estimates on lower costs
Traders work around the post where 3M is traded on the floor of the New York Stock Exchange December 15, 2015. REUTERS/Brendan McDermid
Get Alerts MMM Hot Sheet
EPS Growth %: 0.0%
Financial Fact:
Provision for income taxes: 531M
Today's EPS Names:
RUSHA, SEIC, OSBC, More
Join SI Premium – FREE
(Reuters) - Diversified manufacturer 3M Co (NYSE: MMM) reported a higher-than-expected 6.6 percent rise in quarterly profit, helped by lower costs.
The company, which makes Post-it notes, Scotch tape and an array of adhesives and abrasives, also reported its smallest decline in revenue in five quarters.
Total operating expenses fell nearly 4 percent to $5.62 billion in the first quarter ended March 31, helped by restructuring initiatives including job cuts.
Net income attributable to 3M rose to $1.28 billion, or $2.05 per share, in the first quarter ended March 31, from $1.20 billion, or $1.85 per share, a year earlier.
The latest reported quarter included a gain of 10 cents per share as it changed the way it accounted for employee share-based payments.
Revenue fell to $7.41 billion from $7.58 billion.
Analysts on an average had expected the company to earn $1.92 per share, according to Thomson Reuters I/B/E/S.
3M maintained its 2016 financial forecast of a 1-3 percent sales growth, excluding the impact of currency changes, and earnings of $8.10-$8.45 per share.
3M shares were up 1 percent at $170 in premarket trading on Tuesday. Up to Monday's close, the company's shares had risen 11.8 percent this year.
(Reporting by Arunima Banerjee in Bengaluru; Editing by Savio D'Souza)
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Amphenol (APH) Tops Q1 EPS by 7c, offers guidance
- Blue Foundry Bancorp (BLFY) Tops Q1 EPS by 9c
- Bunge Limited (BG) Tops Q1 EPS by 50c, misses on revenue and guidance
Create E-mail Alert Related Categories
Earnings, ReutersRelated Entities
Layoffs, EarningsSign 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!