Merchants sporting masks arrive earlier than the opening bell on the New York Inventory Trade (NYSE) on Might 26, 2020 at Wall Road in New York Metropolis.
Johannes Eisele | AFP | Getty Pictures
3M reported third-quarter outcomes Tuesday that beat analyst expectations on the again of sturdy personal-safety and well being care gear gross sales.
Here is how the manufacturing big’s outcomes fared comparted to Wall Road estimates:
- EPS: $2.43 per share vs. Refinitiv estimate of $2.26 per share
- Income: $8.35 billion vs. $8.32 billion anticipated
The corporate’s inventory traded flat within the premarket after the outcomes had been launched.
3M stated gross sales from its security and industrial division rose 6.9% on a year-over-year foundation to $3 billion, topping a FactSet estimate of $2.93 billion. The expansion was pushed by gross sales in private security, roofing granules, and automotive aftermarket, the corporate stated.
Gross sales from 3M’s well being care section, in the meantime, popped greater than 25% to $2.2 billion, pushed by positive aspects in medical options, separation and purification, and oral care gear. Analysts anticipated well being care gross sales to whole $1.36 billion, in keeping with FactSet.
“Our third-quarter efficiency demonstrated as soon as once more the energy of the 3M mannequin as we executed effectively, served prospects and continued to struggle the pandemic,” CEO Mike Roman stated in an announcement. “Although financial uncertainty and challenges because of the COVID-19 pandemic stay, we returned to optimistic natural gross sales development with sequential enchancment throughout companies and geographies.”
The corporate additionally stated its working money move got here in at $2.5 billion, up 23% from the year-earlier interval.
3M’s transportation and electronics division noticed gross sales decline by 7.4% to $2.3 billion throughout the third quarter. The corporate additionally expects October gross sales to vary between flat and and low single-digits development.
Shares of 3M are down greater than 5% 12 months to this point, lagging the S&P 500. In 2020, the broader market index as gained 5.3%.
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