3M Cuts Forecast as Q3 Revenue Misses Estimates (MMM)

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.

Be sure to visit our complete recommended list of the Best Dividend Stocks, as well as a detailed explanation of our ratings system here.

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