Categories Earnings, LATEST, Other Industries

3M tops Q2 estimates, slashes outlook

Manufacturing giant 3M (NYSE: MMM) on Thursday reported better-than-expected second-quarter results, sending its shares up 3% during pre-market trading.

Hurt by weakness in key markets, Q2 sales were down 2.6% to $8.2 billion. However, this was better than the street projection of $8.03 billion.

During the quarter, sales saw an uptick only in the US, while all other markets witnessed declines. Segment-wise, only the Health Care unit reported year-over-year growth, while all others reported declines.

Manufacturing giant 3M (NYSE: MMM) on Thursday reported better-than-expected second-quarter results, sending its shares up 3% during pre-market trading.

Earnings, on an adjusted basis, fell 28% $2.20 per share, but surpassed average analysts’ estimate by 17 cents.

CEO Mike Roman said, “Our execution was strong in the face of continued slow growth conditions in key end markets, as we effectively managed costs and improved cash flow.”

READ: ServiceNow beats market estimates in Q2, but valuation bites stock price

Outlook slashed

Taking into account charges related to the deconsolidation of its Venezuelan subsidiary, the company now expects  2019 GAAP earnings in the range of $8.25 to $8.75 per share, lower than the prior estimate of $8.53 to $9.03 per share.

Meanwhile, it maintained its full-year 2019 adjusted earnings expectation to be in the range of $9.25 to $9.75 per share.

Browse through our earnings calendar and get all scheduled earnings announcements, analyst/investor conference and much more!

Most Popular

AVGO Earnings: All you need to know about Broadcom Q1 2021 earnings results

Broadcom Limited (NASDAQ: AVGO) reported first quarter 2021 earnings results today. Total revenue increased 14% year-over-year to $6.65 billion. GAAP net income was $1.3 billion, or $3.05 per share, compared

Infographic: Costco (COST) Q2 2021 sales up 15%; earnings miss

Retail giant Costco Wholesale Corporation (NASDAQ: COST) reported higher earnings and revenues for the second quarter of 2021. Earnings missed analysts’ expectations, while sales beat. Net profit was $951 million

Will shifting to as-a-service model help Hewlett Packard in emerging stronger from COVID?

With the corporate world rapidly shifting to cloud-native computing after the virus outbreak changed work culture and the way businesses operate, technology providers are aggressively innovating their offerings. Hewlett Packard

Add Comment
Loading...
Cancel
Viewing Highlight
Loading...
Highlight
Close
Top