3M stock ( NYSE:MMM ) was trading roughly 33% lower on Tuesday than it was this time a year ago. The price of a share has dropped by around 54% since it reached an all-time high of over $260 in 2018. The corporation is facing a number of legal challenges in connection with ear plugs that were supplied to the military as well as chemicals that were manufactured a very long time ago and have been discovered in groundwater.
The materials multinational 3M ( NYSE:MMM ) announced results for the third quarter that was better than the bottom line predictions made by Wall Street. However, the business reduced its outlook for the entire year for the second time in the past two quarters. It indicates that the state of the global economy is not as robust as it once was.
3M Stock Earnings
Earnings per share for 3M ( NYSE:MMM ) came in at $2.69 on Tuesday morning, while the company recorded revenues of $8.6 billion. Wall Street anticipated earnings of around $2.60 per share, based on revenue of $8.7 billion. During the second quarter, 3M’s revenues totaled $8.7 billion, which resulted in a profit of $2.48 per share.
Mike Roman, the company’s CEO, said in a news release, “We continue to execute our goals and deliver for our clients in a highly unpredictable market.” “Our team was able to report organic growth of over [3%] when the impact of the reduction in disposable respirator sales was taken into account. Despite headwinds from the macroeconomy and a rising currency, we were able to post higher margins on a quarterly and annual basis.
As Covid-related limitations loosen up, 3M ( NYSE:MMM ) is seeing a decrease in the number of masks it sells. That shouldn’t come as a shock to the investors.
It seems like we’ll have a good q...
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