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Industrials

Are Solid 3M Earnings Good Enough?

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By Chris Lange Updated Published
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Are Solid 3M Earnings Good Enough?

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When 3M Co. (NYSE: MMM) released its second-quarter financial results before the markets opened on Tuesday, the company said that it had $2.59 in earnings per share (EPS) and $8.39 billion in revenue. The consensus estimates had called for $2.58 in EPS and revenue of $8.37 billion. In the same period of last year, 3M said it had EPS of $2.58 on $7.81 billion in revenue.

Looking ahead to the 2018 full year, the company expects to see EPS in the range of $10.20 to $10.45 with organic local-currency sales growth expected to be 3% to 4%. The consensus estimates are $10.34 in EPS and $33.33 billion in revenue for the full year.

In terms of its segments, the company reported as follows for the most recent quarter:

  • Industrial sales were $3.1 billion, up 6.8% in U.S. dollars. Organic local-currency sales increased 5.7%.
  • Safety and Graphics sales were $1.8 billion, up 15.8% in U.S. dollars. Organic local-currency sales increased 8.5%.
  • Health Care sales were $1.5 billion, up 4.9% in U.S. dollars. Organic local-currency sales increased 3.8%.
  • Electronics and Energy sales were $1.3 billion, up 3.6% in U.S. dollars. Organic local-currency sales increased 5.2%.
  • Consumer sales were $1.2 billion, up 4.6% in U.S. dollars. Organic local-currency sales increased 4.3%.

[nativounit]

Mike Roman, 3M CEO, commented:

3M had a strong quarter, including organic growth of 6 percent that was broad-based across all business groups and geographic areas. Our team delivered record sales and a double-digit increase in earnings per share, while keeping our commitment to investing in our business and returning cash to shareholders.

Shares of 3M were last seen down about 2% at $194.87, with a consensus analyst price target of $211.54 and a 52-week range of $190.57 to $259.77.

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About the Author Chris Lange →

Chris Lange is a writer for 24/7 Wall St., based in Houston. He has covered financial markets over the past decade with an emphasis on healthcare, tech, and IPOs. During this time, he has published thousands of articles with insightful analysis across these complex fields. Currently, Lange's focus is on military and geopolitical topics.

Lange's work has been quoted or mentioned in Forbes, The New York Times, Business Insider, USA Today, MSN, Yahoo, The Verge, Vice, The Intelligencer, Quartz, Nasdaq, The Motley Fool, Fox Business, International Business Times, The Street, Seeking Alpha, Barron’s, Benzinga, and many other major publications.

A graduate of Southwestern University in Georgetown, Texas, Lange majored in business with a particular focus on investments. He has previous experience in the banking industry and startups.

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