logo
Plus   Neg
Share
Email

Stock Alert: 3M Down 4% After Q2 Results Miss Estimates

Shares of 3M Co. (MMM), a maker of consumer, health-care and industrial products, are declining almost 4 percent or $6.30 in Tuesday's morning trade at $156.94 after its second-quarter financial results missed analysts' estimates.

Tuesday, 3M reported second-quarter net income of $1.29 billion or $2.22 per share, up from $1.13 billion or $1.92 per share in the year-ago period. However, adjusted earnings of $1.78 per share missed the average estimate of analysts polled by Thomson Reuters at $1.80 per share.

Sales declined 12.2 percent to $7.18 billion from $8.17 billion last year. This compares with the Street estimate of $7.32 billion. 3M also said its guidance for the full-year 2020 remains withdrawn as it is not able to estimate the duration, magnitude and pace of recovery across its end markets with reasonable accuracy due to the uncertain impact of the COVID-19 pandemic.

3M has traded in a range of $114.04 to $182.55 in the past 52 weeks.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
Despite the coronavirus pandemic, retailers are prepared for an early start to the holiday shopping season by offering discounts earlier so that consumers can buy and receive the gifts they want in time, the National Retail Federation or NRF said. The NRF also said it is launching a nationwide consumer education campaign called "New Holiday Traditions". Facebook (FB) has revealed new messaging features for Instagram, which will make it easier for users to stay in touch with others across Facebook's family of apps. The main change is that people using the Messenger app can now reach Instagram users, and vice versa. The users can control where they receive... Regeneron Pharmaceuticals, Inc. announced positive first data from a descriptive analysis of a seamless Phase 1/2/3 trial of its investigational antibody cocktail REGN-COV2 in COVID-19 patients. REGN-COV2 rapidly reduced viral load and associated symptoms in infected COVID-19 patients. The company said it plans rapidly to discuss results with regulatory authorities.
Follow RTT