3M earnings for the first quarter of 2019 have MMM stock falling hard on Thursday.
3M (NYSE:MMM) starts off its earnings report for the first quarter of the year with earnings per share of $2.23. This is a drop from the company’s earnings per share of $2.50 from the same time last year. It was also a blow to MMM stock by coming in well below Wall Street’s earnings per share estimate of $2.49 for the quarter.
The 3M earnings report for the first quarter of 2019 also includes net income of $891 million. This is an increase over the company’s net income of $602 million reported in the first quarter of 2018.
The most recent 3M earnings report has it bringing in operating income of $1.14 billion for the quarter. That’s up from the company’s operating income of $1.01 billion reported in the same period of the year prior.
Revenue reported in the 3M earnings release for the first quarter of the year comes in at $7.86 billion. This is down from the manufacturing company’s revenue of $8.28 billion reported in the first quarter of the previous year. It was also bad news for MMM stock by missing analysts’ revenue estimate of $8.02 billion for the period.
3M’s outlook for the full year of 2019 also didn’t do any favors to MMM stock on Thursday. The company is expecting earnings per share between $9.25 and $9.75. It was previously looking for earnings per share ranging from $10.45 to $10.90. Wall Street is estimating earnings per share of $10.52 for the year.
MMM stock was down 11% as of noon Thursday.
As of this writing, William White did not hold a position in any of the aforementioned securities.