3M Earnings: MMM Stock Tumbles on Big Q1 Miss, Outlook

MMM missed EPS and revenue estimates for Q1

3M earnings for the first quarter of 2019 have MMM stock falling hard on Thursday.

3M Earnings: MMM Stock Tumbles on Big Q1 Miss, Outlook
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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.


Article printed from InvestorPlace Media, https://investorplace.com/2019/04/3m-earnings-hit-mmm-stock-hard/.

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