3M Earnings: Moving in the Right Direction

3M Co. (NYSE:MMM) generated a profit and met Wall Street’s expectations, AND beat the revenue expectation. The revenue beat is a positive sign to shareholders seeking high growth out of the company. Shares are down 0.40%.

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3M Co. Earnings Cheat Sheet

Results: Net income increased 3.88% to $991 million ($1.41 per diluted share) in the quarter versus a net gain of $954 million in the year-earlier quarter.

Revenue: Rose 4.25% to $7.39 billion from the year-earlier quarter.

Actual vs. Wall St. Expectations: 3M Co. reported adjusted net income of $1.41 per share. By that measure, the company met the mean analyst estimate of $1.41. It beat the average revenue estimate of $7.18 billion.

Quoting Management: “Fourth-quarter was a good finish to a successful year for 3M,” said Inge G. Thulin, 3M chairman, president and chief executive officer…

…Our people executed well in the face of challenging macroeconomic conditions and we have built good momentum to innovate and move forward in 2013.”

Key Stats:

Revenue decreased 1.43% from $7.5 billion in the previous quarter. Net income decreased 14.64% from $1.16 billion in the previous quarter.

Looking Forward: Analysts have a more negative outlook for the company’s next-quarter performance. Over the past three months, the average estimate for next quarter’s earnings has fallen from a profit of $1.69 to a profit $1.68. For the current year, the average estimate has moved down from a profit of $6.33 to a profit of $6.32 over the last ninety days.

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(Company fundamentals provided by Xignite Financials.)