Shares of 3M Co (MMM) lost more than 5% over the past trading week. The diversified technology and industrial company reported its third quarter results on Monday before the market open.
Third Quarter Results
MMM reported third quarter revenues of $7.5 billion, down 0.4% on the year. Organic sales growth of 2.2% and the 0.5% contribution from acquisitions was offset by unfavorable exchange rates, which hurt sales by 3.1%. Revenues fell short of analysts expectations of $7.63 billion.
Profits rose 6.7% to $1.16 billion on the back of cost cutting and a good performance of materials used in cars and planes. Earnings per share rose from $1.52 last year to $1.65 per share over the past quarter. Earnings matched analysts expectations of $1.65 per share.
Read the entire article on Seekingalpha by clicking the following link
No comments:
Post a Comment