3M (MMM) reported third-quarter earnings, reporting a better-than-expected quarterly profit and revenue riding on sales growth across its business units. Post-It notes to industrial sandpaper Maker, 3M, informed it would increase product prices to deal with inflationary and supply chain pressures troubling U.S. manufacturers. Higher costs related to polypropylene, ethylene, resins, and labor strained the market, it added that the global semiconductor crunch would continue to concern its automotive and electronics end-markets.
3M forecast’s a hit of 80 cents to 90 cents to full-year earnings from raw material and logistics costs. Net income in the third quarter increased marginally to $1.434 billion, or $2.45 per share, exceeding analysts’ average estimate of $2.20 per share. Net sales also increased 7.1% to $8.94 billion, beating expectations of $8.67 billion. Its third-quarter disposable respirator sales dropped 7%.
Annual sales are now expected to grow between 9% and 10%, higher than the prior forecast of 7% to 10%. The industrial giant informed that 2021 earnings per share are forecast to come in between $9.70 and $9.90, versus its earlier prediction of $9.70 to $10.10.
Vista Partners LLC (”Vista”) is a California Registered Investment Advisor based in San Francisco. Vista delivers timely and relevant insights via the website: www.vistapglobal.com with daily stories, weekly market updates, monthly macroeconomic newsletters, podcasts, & Vista’s proprietary equity and market research to help you stay informed and stay competitive. Vista’s mission is to invest partner capital while arming investors with a comprehensive global financial perspective across all market sectors. Vista also seeks to provide select issuers with actionable advice regarding fundamental development, corporate governance, and capital market directives.
Stay Informed! Stay Competitive! Please join us at Vista Partners and receive our FREE email updates throughout the week and view our exclusive content and research.
