In the early trading session immediately following the announcement of 3M’s quarterly earnings, the 3M stock ( NYSE:MMM ) was marked 0.4% lower to trade at $117.92 per share , bringing the firm’s drop over the last six months to around 20.6%.
3M Company ( NYSE:MMM ) reported results for the second quarter on Tuesday that were higher than expected, but the company decreased its profit outlook for the entire year as a result of a greater blow from the rising value of the United States dollar and slower sales of respirators.
3M ( NYSE:MMM ) said that its adjusted earnings for the three months that ended in September were set at $2.69 per share. This figure represents an increase of 9.8% compared to the same time last year and is 9 cents more than the Street consensus projection. 3M said that its group revenues dropped by 4% to $8.6 billion, coming in slightly below the average estimate of $8.7 billion that was provided by analysts.
3M Stock Price ( NYSE:MMM )
3M stated that it now anticipates adjusted earnings in the range of $10.10 2 to $10.35 per share for the remaining months of the year. This is a decrease from its previous forecast of $10.30 to $10.80 per share range that it forecast in April. The company attributed this decrease to the continued strength of the U.S. dollar.
3M stated that it anticipates organic sales growth of between 1.5% and 2%, which is a decrease from its previous projection range of between 1.5% and 3% growth.
Mike Roman, the CEO of the company, stated that despite the very unpredictable climate, “we continue to execute our goals and deliver for our consumers.” “Our group achieved an organic growth rate of more than 3 percent when the impact of the drop in disposab...
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