Major Industrial Earnings Surviving, But Not Thriving (MMM, CAT, LMT)
October 21, 2008 by Douglas A. McIntyreThis morning there have been earnings reports from key industrial and defense stocks from the likes of 3M Co. (NYSE: MMM), Caterpillar Inc. (NYSE: CAT), and Lockheed Martin Corporation (NYSE: LMT). These have all reported earnings that Wall Street appears to be digesting well. None of these numbers are blow-out numbers, but they are also not indicative of the orders at major companies falling off of a cliff into the abyss.
3M Co. (NYSE: MMM) is trading higher this morning after theconglomerate beat earnings expectations. It posted $1.42 non-GAAP and$1.41 actual EPS vs. First Call estimates of $1.38, while revenues were$6.56 billion versus $6.65 billion estimates. The company also guided$5.40 to $5.48 EPS versus estimates of $5.45 EPS. 3M shares are up 4%at $60.00.
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