3M Investors Pull Back On Mixed Q3 Earnings, Guidance Cut

3M Co MMM reported third-quarter earnings of $2.58 per share Thursday, beating the analyst consensus estimate of $2.49 by 3.61%. This is unchanged from the same period last year.

The company reported quarterly sales of $7.991 billion, which missed the analyst consensus estimate of $8.16 billion by 2.07%. This is a 1.97% decrease over sales of $8.152 billion in the same period last year.

3M guided to fourth-quarter EPS in a range of $2.20-$2.30 versus a $2.41 Street estimate and cut its fiscal year 2019 EPS guidance from a range of $9.25-$9.75 to $8.99-$9.09 versus a $9.29 Street estimate.

"The 3M team delivered strong operational performance in the third-quarter," CEO Mike Roman said in a statement. 

"While the macroeconomic environment remains challenging, we executed well and built on the progress we made in the second-quarter. We continued to effectively manage costs and reduce inventory levels, while generating strong margins and cash flow." 

3M shares were trading down 1.93% at $165.50 in Thursday's premarket session. The stock has a 52-week high of $219.75 and a 52-week low of $150.58.

Related Links:

12 Stocks To Watch For October 24, 2019

3M Reports Q2 Earnings Beat

Market News and Data brought to you by Benzinga APIs
Comments
Loading...
Date
ticker
name
Actual EPS
EPS Surprise
Actual Rev
Rev Surprise
Posted In: EarningsNewsGuidance
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!