3M (NYSE:MMM) earnings for the American consumer goods company’s third quarter of 2019 have MMM stock down on Thursday. The company starts off with per-share earnings of $2.72. This beats out Wall Street’s estimate of $2.49 for the quarter. However, its revenue of $7.99 billion was below analysts’ estimates of $8.16 billion.
Let’s take a more in-depth look at the most recent 3M earnings report.
- EPS for the quarter is up 5.43% from $2.58 in the same period of the year prior.
- Revenue was down 1.96% YoY from $81.5 billion.
- Operating income of $2.01 billion is down slightly from Q3 2018’s $2.02 billion.
- The 3M earnings report also has net income coming in at $1.58 billion.
- That’s 2.60% better than its net income of $1.54 billion from the same time last year.
Mike Roman, Chairman and CEO of 3M, has this to say about the current MMM stock earnings.
“While the macroeconomic environment remains challenging, we executed well and built on the progress we made in the second quarter. We continued to effectively manage costs and reduce inventory levels, while generating strong margins and cash flow.”
More trouble from the 3M earnings report comes from its guidance update for 2019. It is now expecting earnings per share to range from $8.99 to $9.09. The previous outlook for the period was EPS between $9.25 and $9.75. That’s bad news for MMM stock with Wall Street having an estimate of $9.29 for the year.
MMM stock was down 3.63% as of Thursday afternoon.
As of this writing, William White did not hold a position in any of the aforementioned securities.