3M Co. (NYSE: MMM) reported Q1 EPS of $2.05, $0.13 better than the analyst estimate of $1.92. Revenue for the quarter came in at $7.41 billion versus the consensus estimate of $7.33 billion.

On March 30, 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2016-09 for the accounting of employee share-based payments. 3M elected to adopt this new guidance ahead of the mandatory 2017 effective date for all U.S. public companies. The adoption of this ASU resulted in a first-quarter tax benefit to earnings of $0.10 per share, net of tax cost related to global cash optimization actions. Over the remainder of 2016, the company is planning to take further such actions, and as a result its full-year tax rate and earnings per share guidance remains unchanged.

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