Merchants sporting masks arrive earlier than the opening bell on the New York Inventory Alternate (NYSE) on Might 26, 2020 at Wall Avenue 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 large’s outcomes fared comparted to Wall Avenue 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 have been launched.
3M mentioned 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 mentioned.
Gross sales from 3M’s well being care section, in the meantime, popped greater than 25% to $2.2 billion, pushed by beneficial properties in medical options, separation and purification, and oral care gear. Analysts anticipated well being care gross sales to whole $1.36 billion, based on FactSet.
“Our third-quarter efficiency demonstrated as soon as once more the power of the 3M mannequin as we executed effectively, served prospects and continued to battle the pandemic,” CEO Mike Roman mentioned in a press release. “Although financial uncertainty and challenges as a result of COVID-19 pandemic stay, we returned to optimistic natural gross sales progress with sequential enchancment throughout companies and geographies.”
The corporate additionally mentioned 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 progress.
Shares of 3M are down greater than 5% 12 months so far, lagging the S&P 500. In 2020, the broader market index as gained 5.3%.
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