QUICK LINKS:

3M's 2nd-quarter performance mixed

Created: 07/23/2015 11:21 AM WNYT.com
By:

ST. PAUL, Minn. (AP) — Some lower expenses helped 3M post a higher profit in the second quarter, but foreign currency translation pressured its revenue.

The maker of Post-it notes, industrial coatings and ceramics also cut the high end of its forecasted range for 2015 earnings, citing lower-than-expected global economic growth.

For the three months ended June 30, 3M earned $1.3 billion, or $2.02 per share. That compares with $1.27 billion, or $1.91 per share, a year ago.

The results beat Wall Street expectations. The average estimate of eight analysts surveyed by Zacks Investment Research was for earnings of $1.99 per share.

Shares climbed slightly in Thursday premarket trading.

Operating expenses declined to $5.85 billion from $6.28 billion.

Revenue for the St. Paul, Minnesota-based company dropped to $7.69 billion from $8.13 billion as sales declined across its business segments.

Six analysts surveyed by Zacks expected higher revenue of $7.9 billion.

For 2015, 3M Co. now anticipates earnings between $7.80 and $8 per share. Its previous guidance was for $7.80 to $8.10 per share.

Analysts polled by FactSet predict full-year earnings of $7.91 per share.

_____

Elements of this story were generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on MMM at http://www.zacks.com/ap/MMM

_____

Keywords: 3M, Earnings Report, Priority Earnings

(Copyright 2015 by The Associated Press. All Rights Reserved.)

Albany

Scattered Clouds
69°
84° | 59°
  • Feels like: 69° F
  • Wind: 0mph
  • Humidity: 90%