3M Co. (NYSE:MMM) delivered a profit and met Wall Street’s expectations, AND came up short on beating the revenue expectation. The revenue miss is a negative sign to shareholders seeking high growth out of the company. Shares are down 0.42%.
3M Co. Earnings Cheat Sheet
Results: Adjusted Earnings Per Share increased 3.01% to $1.71 in the quarter versus EPS of $1.66 in the year-earlier quarter.
Revenue: Rose 2.89% to $7.75 billion from the year-earlier quarter.
Actual vs. Wall St. Expectations: 3M Co. reported adjusted EPS income of $1.71 per share. By that measure, the company met the mean analyst estimate of $1.71. It missed the average revenue estimate of $7.77 billion.
Quoting Management: “This was a good quarter for 3M, with strong performances across the portfolio,” said Inge G. Thulin, 3M’s chairman, president and chief executive officer. “Four of our five business segments achieved positive organic growth and posted operating margins above 21 percent. We converted 107 percent of net income to free cash flow in the quarter, which fueled ongoing investment in the business and allowed for significant cash returned to shareholders. Our employees executed well in the face of continued slow economic growth.”
Key Stats (on next page)…