3M Co. shares
rose 2% in premarket trade Tuesday, after the maker of Post-It notes and diversified industrial company beat estimates for the third quarter. The St. Paul, Minn.-based company posted net income of $1.434 billion, or $2.45 a share, for the quarter, compared with $577.8 million, or $2.45 a share, in the year-earlier period. Sales rose to $8.942 billion from $8.350 billion. The FactSet consensus was for EPS of $2.21 and sales of $8.655 billion. “Overall, end-market demand remained strong, and we navigated supply chain disruptions by maintaining a relentless focus on serving and innovating for our customers,” CEO Mike Roman said in a statement. The company is now expecting full-year EPS of $9.70 to $9.90, compared with prior guidance of $9.70 to $10.10. It expects full-year sales to grow 9% to 10% compared with prior guidance of 7% to 10%. The FactSet consensus is for EPS of $9.79 and sales of $35.1 billion, implying growth of 9%. Shares have gained 4% in the year to date, while the S&P 500
has gained 21.6%.
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