UPDATE: 3M Posts Upbeat Q3 Earnings, Revenue Misses View
3M Company (NYSE: MMM) reported upbeat earnings for the third quarter.
The St. Paul, Minnesota-based company posted quarterly net income of $1.3 billion, or $1.98 per share, compared to $1.23 billion, or $1.78 per share, in the year-ago quarter
Its sales gained 2.8% to $8.1 billion. However, analysts were expecting earnings of $1.96 per share on sales of $8.24 billion.
Industrial sales rose 3% to $2.8 billion in US dollars, while Electronics and Energy sales gained 3.5% to $1.5 billion. Safety and Graphics sales rose 1.3% to $1.4 billion, while Health Care sales gained 4.7% to $1.4 billion. Consumer segment sales climbed 2.1% to $1.2 billion in the quarter.
During the quarter, the company paid $550 million in cash dividends to shareholders and repurchased $1.2 billion of its own shares.
“This was another strong quarter for 3M,” said Inge G. Thulin, 3M's chairman, president and chief executive officer. “The 3M team once again delivered broad-based organic growth with operating margins exceeding 22 percent in all businesses.”
3M now projects full-year earnings of $7.40 to $7.50 per share, versus its previous forecast of $7.30 to $7.55 per share. It now projects organic local-currency sales growth of 4% to 5%, versus 3% to 6% previously.
3M shares fell 1.40% to close at $138.95 on Wednesday.
© 2017 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.