Tags: 3M | Earnings | Profit | Post-It Notes

3M Narrows Full-Year Projection Despite Profit Topping Views

Thursday, 23 Oct 2014 08:31 AM

3M Co. posted higher quarterly profit on Thursday that topped Wall Street's estimate, reporting improved performance across its business segments but narrowing its full-year financial targets as it pointed to bigger currency impacts.

Sales from the diversified manufacturing company, excluding the impact of foreign currency translation, rose 3.9 percent. Such organic sales growth, closely watched by Wall Street, slowed from the second-quarter but was ahead of the expectation of some analysts.

3M derives more than 60 percent of its sales from outside the United States, and some analysts had been bracing for a difficult financial quarter for the company amid uncertain economies in Europe and Latin America.

3M shares rose 1.8 percent in premarket trading.

The maker of adhesives, abrasives and other products for a variety of industries said third-quarter net income rose 5.9 percent to $1.3 billion, or $1.98 per share.

Analysts on average were looking for $1.96 per share, according to Thomson Reuters I/B/E/S.

3M's sales rose 2.8 percent to $8.14 billion. Analysts were looking for $8.24 billion.

The company projected full-year profit in the range of $7.40 to $7.50 per share, compared to $7.30 to $7.55 per share previously.

Analysts have been looking for 2014 earnings of $7.46 per share.

3M now expects organic local-currency sales growth of 4 to 5 percent in 2014 versus 3 to 6 percent previously. The company said the effect of movements in foreign currencies will cut sales by 1.5 percent for the year, compared to 3M's earlier view of a 1 percent reduction.


© 2017 Thomson/Reuters. All rights reserved.

 
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3M Co. posted higher quarterly profit on Thursday that topped Wall Street's estimate, reporting improved performance across its business segments but narrowing its full-year financial targets as it pointed to bigger currency impacts.
3M, Earnings, Profit, Post-It Notes
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2014-31-23
Thursday, 23 Oct 2014 08:31 AM
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