UPDATE: 3M Co. (MMM) Misses Q1 EPS by 1c, Beats on Revenues, Trims Full Year Guidance
3M Co. (NYSE: MMM) reported Q1 EPS of $2.50, $0.01 worse than the analyst estimate of $2.51. Revenue for the quarter came in at $8.28 billion versus the consensus estimate of $8.25 billion.
First-Quarter Highlights:
- Sales of $8.3 billion, up 7.7 percent year-on-year
- Organic local-currency sales growth of 2.8 percent; growth across all business groups
- GAAP EPS of $0.98, down 55 percent year-on-year
- Adjusted EPS of $2.50, up 15.7 percent year-on-year, excluding adjustments to provisional accounting for the Tax Cuts and Jobs Act (TCJA) and a legal settlement
- Returned $1.7 billion to shareholders via dividends and gross share repurchases
3M sees FY EPS of $10.20-$10.55 vs prior expectation of $10.20 to $10.70 per share and consensus of $10.54. The company also updated its organic local-currency sales growth guidance to be in the range of 3 to 4 percent, versus a prior range of 3 to 5 percent.
For earnings history and earnings-related data on 3M Co. (MMM) click here.