3M stock was down on Tuesday following the release of its earnings report for the third quarter of 2018.
3M (NYSE:MMM) starts off its earnings report for the third quarter of the year with earnings per share of $2.58. This is an increase over the company’s earnings per share of $2.33 from the same time last year. However, it was bad news for 3M stock by missing Wall Street’s earnings per share estimate of $2.70 for the period.
During the third quarter of 2018, 3M reported net income of $1.54 billion. This is better than the company’s net income of $1.43 billion that was reported in the third quarter of the previous year.
Operating income reported by 3M for the third quarter of the year came in at $2.02 billion. The health care and consumer goods company reported operating income of $2.01 billion for the same period of the year prior.
3M also reported revenue of $8.15 billion for the third quarter of 2018. This is a drop from the company’s revenue of $8.17 billion reported in the third quarter of 2017. It was also a blow to 3M stock by coming in below analysts’ revenue estimate of $8.39 billion for the quarter.
3M’s outlook for the full year of 2018 also didn’t do MMM stock any favors today. The company says it is expecting earnings per share ranging from $9.90 to $10.00. However, Wall Street is looking for earnings per share of $10.28 from the company for the year.
MMM stock was down 6% as of Tuesday morning and is down 14% year-to-date.
As of this writing, William White did not hold a position in any of the aforementioned securities.
