3M Sees Upside in Earnings; Matches Estimates (MMM)
Diversified technology company, 3M Co(MMM) reported increased earnings on Thursday, matching analysts expectations.
The St. Paul, MN based company reported fourth quarter earnings of $991 million, or $1.41 per share, up 3% from $954 million, or $1.35 per share last year. Analysts expected to see earnings of $1.41.
Revenue for the quarter was reported at $7.39 billion, up 4% from $7.09 billion last year, and beating analysts estimates of $7.18 billion.
Looking ahead, the company expects to see FY2013 earnings in the range of $6.70 to $6.95 per share. Analysts expect to see earnings of $6.85 with revenue of $31.34 billion. MMM estimates that they will see growth in sales of about 2-5%.
3M shares were mostly flat during Thursday morning trading. The stock has increase 15.5% in the past year.
The Bottom Line
Shares of 3M (MMM) have a 2.37% dividend yield, based on last night’s closing stock price of $99.49. The stock has technical support in the $92-$94 price area. The shares are trading at 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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