3M Co. (NYSE: MMM) released its most recent quarterly earnings report before the markets opened on Tuesday. The company said that it had $2.16 in earnings per share (EPS) and $7.69 billion in revenue, versus consensus estimates from Thomson Reuters of $2.06 in EPS and revenue $7.47 billion. In the same period of last year, 3M posted EPS of $2.05 and $7.41 billion in revenue.
Organic local-currency sales increased 4.6%, while divestitures reduced sales by 0.4%. Foreign currency translation decreased sales by 0.5% year on year. On a segment by segment basis, Organic local-currency sales growth was 11.5% in Electronics and Energy, 5.7% in Industrial, 4.8% in Safety and Graphics, 3.1% in Health Care, with a decline of 1.2% in Consumer.
In terms of guidance for the 2017 full year, the company expects to see EPS in the range of $8.70 to $9.05, up from the previous outlook of $8.45 to $8.80 in EPS. The consensus estimates call for $8.63 in EPS and $30.45 billion in revenue for the full year.
On the books, 3M cash, cash equivalents and marketable securities totaled $2.31 billion at the end of the quarter, down from $2.68 billion at the end of December 2016.
Inge G. Thulin, 3M’s board chair, president and chief executive, commented:
The 3M team delivered a strong start to 2017, marked by organic sales growth of 5 percent – with positive growth in all geographic areas. At the same time, we increased investments across the enterprise to further accelerate growth and improve productivity, while increasing our dividend for the 59th consecutive year. In the first quarter we also announced the acquisition of Scott Safety, which will bolster 3M’s already strong position in the personal safety market.
Shares of 3M traded down about 1% at $192.40 early Tuesday, with a consensus analyst price target of $190.50 and a 52-week trading range of $163.17 to $194.45.