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3M Updates 2018 Earnings Guidance - Quick Facts

3M (MMM) announced the company now expects adjusted 2018 earnings to be in the range of $10.20 to $10.45 per share versus prior expectation of $10.20 to $10.55. The company noted that the update to the range reflects the impact of the divested income associated with the communication markets business which was not included in prior guidance.

3M updated its 2018 GAAP earnings expectations to reflect the full-year impact from the communication markets business divestiture and related actions. The company now expects GAAP earnings to be in the range of $9.08 to $9.38 per share versus $8.68 to $9.03 previously.

The company maintained its full-year organic local-currency sales growth guidance of 3 to 4 percent and free cash flow conversion of 90 to 100 percent.

For the second-quarter, GAAP EPS was $3.07 compared to $2.58 last year, up 19 percent year-on-year. Sales were up 7.4 percent to $8.4 billion. Organic local-currency sales increased 5.6 percent while acquisitions, net of divestitures, increased sales by 0.8 percent. Foreign currency translation increased sales by 1.0 percent year-on-year.

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