3M: 2Q Earnings Snapshot
ST PAUL, Minn. (AP) — 3M Co. on Thursday reported second quarter profit of $1.13 billion.
On a per-share basis, the St Paul, Minnesota-based company said it had net income of $1.92. Earnings, adjusted for non-recurring costs, came to $2.20 per share.
The results surpassed Wall Street expectations. The average estimate of six analysts surveyed by Zacks Investment Research was for earnings of $2.04 per share.
The maker of Post-it notes, industrial coatings and ceramics posted revenue of $8.17 billion in the period, also surpassing Street forecasts. Three analysts surveyed by Zacks expected $8.02 billion.
3M expects full-year earnings in the range of $9.25 to $9.75 per share.
3M shares have decreased nearly 6% since the beginning of the year, while the Standard & Poor’s 500 index has increased 20%. The stock has declined 11% in the last 12 months.