3M Company (NYSE: MMM)
Shares of 3M Company gained more than 2 percent in pre-market trading Tuesday, after second-quarter financial results of the consumer and industrial products manufacturer finished above analyst expectations.
However, the shares later slipped more than 3 percent after various analysts weighed in on the earnings.
The multinational conglomerate topped estimates on both revenue and earnings. Further, the company raised its 2018 EPS earnings outlook after experiencing growth in all its business segments.
MMM Earnings & Outlook
The company reported net income of $1.86 billion, or $3.07 per share for the quarter.
This compares to $1.58 billion, or $2.58 per share in the second quarter of the previous year. Net sales came in at $8.39 billion during the quarter, compared with $7.81 billion in the year-ago period.
Analysts expected adjusted earnings per share of $2.58 on net sales of $8.38 billion, according to Thompson Reuters figures.
The company also lifted its full-year earnings to between $9.08 and $9.38 per share, from the earlier guidance of $8.68 to $9.03 per share.
It sees adjusted full-year adjusted earnings of between $10.20 and $10.45 per share, from the previous forecast of $10.20 to $10.55. Analysts expect 3M to post full-year earnings per share of $8.78, and adjusted earnings per share of $10.34.
3M CEO Comments
“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,” said Mike Roman, 3M chief executive officer.
“Going forward we will continue to prioritize 3M’s portfolio, strengthen our innovation capabilities and accelerate our transformation, while developing our people. The 3M Playbook is working and we’re just getting started. We are well positioned to deliver even greater value for our customers and shareholders in 2018 and beyond,” concluded Roman.
3M Company Profile
3M Company is a diversified technology company based in St. Paul, Minnesota. The company operates through five segments namely: Safety & Graphics, Industrial, Electronics & Energy, Health Care, and Consumer.
Its Industrial segment provides products such as tapes, ceramics, abrasives, sealants, adhesives, specialty materials, closure systems for personal hygiene items, purification products, paint detailing and finishing products, automotive components, abrasion-resistant films, and acoustic systems products.
The Safety and Graphics segment offers personal protection items, commercial protection and cleaning products, transportation safety products, floor matting, commercial graphics systems, and roofing granules.
Under the Health Care segment, the company offers surgical and medical supplies, infection prevention and skin health products, transdermal and inhalation drug delivery systems, orthodontic and dental products, food safety products, and health information systems.
The Electronics and Energy division offers optical films, interconnection and packaging devices, splicing and insulating solutions, touch monitors and touch screens, infrastructure protection products, and renewable energy component solutions.
Its Consumer segment provides indexing systems, sponges, high-performance cloths, scouring pads, repositionable notes, home care and improvement products; and office adhesives and tapes.
The company serves various markets, including electronics, automotive, paper and printing, food and beverage, hospitals and medical clinics, packaging, construction, pharmaceuticals, orthodontic and dental practitioners, office and consumer retail, and health information systems.
It sells its products directly to consumers, or through retailers, wholesalers, dealers, and distributors.
3M Company was founded in 1902 by Herman W. Cable, Henry S. Bryan, J. Danley Budd, John Dwan, and William A. McGonagle. –CNN