3M tanks after slashing full-year guidance
- 3M posted third-quarter results that missed on both the top and bottom lines.
- The company also slashed its full-year guidance, citing impacts from foreign exchange.
- Shares of the Dow Jones industrial average heavyweight dropped more than 7% before Tuesday's opening bell.
- Watch 3M trade in real time here.
3M, a Dow Jones industrial average heavyweight, plunged more than 7% ahead of Tuesday's opening bell after missing on both the top and bottom lines and cutting its full-year guidance.
The multinational conglomerate in industry, health care, and consumer goods said Tuesday it earned $2.58 per share in the third quarter, missing the Wall Street estimate of $2.71, according to Bloomberg data. 3M posted $8.2 billion of sales, down 0.2% year-over-year, missing the $8.4 billion that was expected by analysts.
"In the third quarter, 3M delivered a double-digit increase in cash flow and earnings-per-share, along with strong margins despite slower growth," CEO Mike Roman said in the press release.
"We also continued to deploy capital to invest in our future and return cash to our shareholders."
Looking ahead, the company trimmed its full-year guidance, saying it now sees earnings per share to be in the range of $9.90 to $10.00, versus its previous forecast of $10.20 to $10.45. Analysts were expecting $10.28 per share. 3M cited a $0.05 per share headwind from foreign currency. It previously expected a benefit of $0.10 per share.
Shares were 21% this year through Monday.
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