3M Company MMM shares are trading lower Tuesday after the company reported worse-than-expected topline results and cut its full-year earnings outlook.
3M said third-quarter revenue decreased 4% year-over-year to $8.6 billion, which missed average analyst estimates of $8.73 billion, according to Benzinga Pro. The company reported quarterly earnings of $2.69 per share, which beat average estimates of $2.62 per share.
"We continue to execute our strategies and deliver for our customers in a highly uncertain environment. Excluding the impact of the decline in disposable respirator sales, our team posted over 3 percent organic growth. We delivered sequential and year-over-year margin expansion, amidst macroeconomic challenges and the strengthening U.S. dollar," said Mike Roman, chairman and CEO of 3M.
3M said it now expects organic sales growth of 1.5% to 2% versus prior expectations of 1.5% to 3.5%.
3M also cut its full-year adjusted earnings guidance from a range of $10.30 to $10.80 per share to a range of $10.10 to $10.35 per share versus average analyst estimates of $10.29 per share.
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MMM Price Action: 3M has a 52-week high of $181.78 and a 52-week low of $107.07.
The stock was down 2.67% at $115.23 Tuesday morning.
Photo: courtesy of 3M.
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