3M easily beats earnings expectations in the first quarter

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3M Co. shares MMM, -0.38% rose 1.8% in premarket trade Tuesday, after the maker of post-it notes and industrial equipment posted better-than-expected first-quarter earnings. 3M posted net income of $1.299 billion, or $2.26 a share, for the quarter, down from $1.624 billion, or $2.77 a share, in the year-earlier period. Adjusted per-share earnings excluding litigation charges came to $2.65, ahead of the $2.32 FactSet consensus. Sales fell to $8.829 billion from $8.851 billion, ahead of the $8.749 billion FactSet consensus. “We continue to prioritize actions to better serve our customers while managing supply chain and inflationary challenges,” Chief Executive Mike Roman said in a statement. The company is now expecting full-year EPS of $9.89 to $10.39 versus earlier guidance of $10.15 to $10.65. Adjusted per-share earnings excluding special items is expected to range from $10.75 to $11.25, compared with a FactSet consensus of $10.28. Shares have fallen 16% in the year to date, while the S&P 500 SPX, +0.57% has fallen 10%.

This article was originally published by Marketwatch.com. Read the original article here.

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