3M Company Earnings: Outlook Brighter than Wall Street Expected
3M Company Earnings Cheat Sheet for the First Quarter
Results: Net income for the diversified machinery company rose to $1.08 billion ($1.49/share) vs. $930 million ($1.29/share) in the same quarter a year earlier. A rise of 16.2% from the year earlier quarter.
Revenue: Rose 15.2% to $7.31 billion YoY.
Actual vs. Wall St. Expectations: MMM beat the mean analyst estimate of $1.44/share. Estimates ranged from $1.38 per share to $1.50 per share.
Quoting Management: “We are off to a tremendous start in 2011 with first-quarter organic sales growth of nine percent — or 10.5 percent adjusting for Japan and H1N1 impacts,” said George W. Buckley, 3M chairman, president and chief executive officer. “New product flow is accelerating, boosted by higher investment in laboratory, sales and marketing and manufacturing capacity. Sales are growing faster as a result and our businesses are growing most everywhere in the world.”
Net income has increased 30.8% year over year on average across the last five quarters. The biggest gain came in the first quarter of the last fiscal year, when income climbed 79.5% from the year earlier quarter.
Over the last five quarters, revenue has increased 15.6% on average year over year. The biggest increase came in the first quarter of the last fiscal year, when revenue rose 24.7% from the year earlier quarter.
Competitors to Watch: General Electric Company (NYSE:GE), Danaher Corporation (NYSE:DHR), 3M India Ltd. (3MINDIA), Johnson & Johnson (NYSE:JNJ), DENTSPLY Intl. Inc. (NASDAQ:XRAY), Tyco International Ltd. (NYSE:TYC), Honeywell Intl. Inc. (NYSE:HON), Carlisle Companies, Inc. (NYSE:CSL), Siemens AG (ADR) (NYSE:SI), and E.I. du Pont de Nemours & Co. (NYSE:DD).
Today’s Performance: Shares of MMM are trading at $95.39 as of April 26, 2011 at 8:59 AM ET, up 1.36% from the previous close.