3M Cuts Forecast as Q3 Revenue Misses Estimates (MMM)
Diversified manufacturer 3M Co. (MMM) on Tuesday posted mixed third quarter earnings results and lowered its full-year outlook, sending its shares lower in premarket trading.
The St. Paul, MN-based company reported third quarter net income of $1.16 billion, or $1.65 per share, compared with $1.09 billion, or $1.52 per share, in the year-ago period.
Revenue fell 0.4% from last year to $7.5 billion.
On average, Wall Street analysts expected a matching profit of $1.65 per share, albeit on higher revenue of $7.63 billion.
For the year, 3M lowered its per-share earnings estimate to $6.27 to $6.35 a share, including three cents of acquisition-related costs, on sales growth, excluding currency impacts, of 2% to 2.5%. The company had previously expected per-share earnings of $6.35 to $6.50,
3M shares fell $2.01, or -2.2%, in premarket trading Tuesday.
The Bottom Line
Shares of 3M (MMM) have a 2.55% dividend yield, based on last night’s closing stock price of $92.53. The stock has technical support in the $85-$90 price area. The shares are trading near all-time highs.
3M Co. (MMM) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.4 out of 5 stars.
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