3M reported third-quarter earnings recently, reporting earnings of $1.58 billion, or $2.72 a share in comparison to $1.54 billion, or $2.58 a share for the same period a year ago and exceeding expectations at $2.49 per share.
CEO Mike Roman stated “While the macroeconomic environment remains challenging, we executed well and built on the progress we made in the second quarter. Moving ahead we’ll continue to focus on driving operational improvements and investing for the future, which will position us for strong growth and premium returns as our markets recover.”
The company’s health and consumer products businesses grew during the quarter at 4.7 percent and 1.7 percent, respectively. Its Transportation business declined by 4.4 percent and its safety and industrial unit dropped by 5.7 percent. Sales suffered abroad with declining markets in Europe, the Middle East, and Africa. Sales in Asia dropped by 5 percent.
3M reduced its full-year forecast from $8.25 and $8.75 a share to $8.20 and $8.30 a share.
3M (MMM) is a global science company that seems to never stop inventing. Using 46 technology platforms, their integrated team of scientists and researchers works with customers to create breakthroughs. Their inventions have improved daily life for hundreds of millions of people all over the world. With $30 billion in sales, 90,000 employees connect with customers all around the world. Scientists, researchers, and marketers work across countries and across subjects to solve challenges big and small. To learn more about 3M (MMM) and to track its ongoing progress please visit the Vista Partners 3M (MMM), Coverage Page.
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