— 3M Company (NYSE: MMM) reported fourth-quarter 2019 adjusted earnings of $1.95 per share versus $2.10 per share expected.
— Sales rose by 2.1% to $8.11 billion versus $8.12 billion expected. Organic local-currency sales declined by 2.6% while acquisitions, net of divestitures, increased sales by 5.1%. Foreign currency translation reduced sales by 0.4%.
— Sales grew by 25.4% in Health Care and were flat in Consumer, while it decreased by 6.2% in Transporation and Electronics and 4.8% in Safety and Industrial.
— On a geographic basis, total sales rose 7.4% in the US and 1.2% in Latin America/Canada, while it declined 2% in EMEA and 1.7% in the Asia Pacific.
— Looking ahead into the full year 2020, the company expects earnings in the range of $9.30-9.75 per share. The consensus estimates EPS of $9.61. The organic local-currency sales are anticipated to be flat to 2%.
— The free cash flow conversion is expected to be in the range of 95-105% and return on invested capital is predicted to be 18-21% for the full year 2020.
— 3M announced the next step in its transformation journey, which includes a new global operating model and a streamlined organizational structure. The company initiated a restructuring that will lower about 1,500 positions, spanning all business groups, functions and geographies.
— On a pre-tax basis, 3M took a restructuring charge of $134 million in the fourth quarter of 2019. The company expects annual pre-tax savings of $110 million to $120 million, with $40 million to $50 million in 2020.
Micron Technology Inc. (NASDAQ: MU) reported third quarter 2022 earnings results today. Revenue increased 16% year-over-year to $8.64 billion. GAAP net income was $2.63 billion, or $2.34 per share, compared
Shares of Constellation Brands Inc. (NYSE: STZ) were down 4% on Thursday despite the company beating expectations on its first quarter 2023 earnings results. The stock has dropped 7% year-to-date.
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