3M: 2Q Earnings Snapshot
ST PAUL, Minn. (AP) _ 3M Co. (MMM) on Tuesday reported second-quarter earnings of $1.86 billion.
On a per-share basis, the St Paul, Minnesota-based company said it had profit of $3.07. Earnings, adjusted for non-recurring gains, were $2.59 per share.
The results met Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was also for earnings of $2.59 per share.
The maker of Post-it notes, industrial coatings and ceramics posted revenue of $8.39 billion in the period, which beat Street forecasts. Three analysts surveyed by Zacks expected $8.32 billion.
3M expects full-year earnings in the range of $10.20 to $10.45 per share.
3M shares have declined 16 percent since the beginning of the year, while the Standard & Poor’s 500 index has increased 5 percent. The stock has fallen roughly 6 percent in the last 12 months.