UPDATE: 3M Co. (MMM) Tops Q3 EPS by 5c; Announces Restructuring Plan
(Update corrects consensus EPS to $2.00.)
3M Co. (NYSE: MMM) reported Q3 EPS of $2.05, topping the analyst estimate of $2.00. Revenue for the quarter came in at $7.71 billion versus the consensus estimate of $7.85 billion.
To further strengthen its competitiveness, 3M also announced a restructuring plan that will result in an expected reduction of 1,500 positions worldwide with estimated pre-tax savings of $130 million in 2016. The company anticipates a fourth-quarter pre-tax charge of approximately $100 million, or $0.13 per share, related to this plan. Reductions will be primarily focused on structural overhead, largely in the U.S., and slower-growing markets with particular emphasis on EMEA and Latin America.
Guidance:
3M Co. sees FY2015 EPS of $7.73-$7.78, versus prior guidance of $7.73-$7.93 and the consensus of $7.77.
For earnings history and earnings-related data on 3M Co. (MMM) click here.