The share of 3M Co. strengthens by 1.8% in pre-conference trading, as the company that manufactures post-it and industrial equipment, announced better-than-expected earnings for the first quarter.
3M reported a net profit of $ 1.299 billion, or $ 2.26 per share, for the quarter, down from $ 1.624 billion, or $ 2.77 per share, a year ago.
Adjusted earnings per share, excluding court costs, stood at $ 2.65 against $ 2.32 estimates.
Sales fell to $ 8.829 billion from $ 8.851 billion, compared to estimates for $ 8.749 billion.
“We continue to prioritize better customer service while managing the supply chain and inflation challenges,” he said.
The company now expects earnings per share of $ 9.89-10.39 against estimates for $ 10.15-10.65.
Adjusted earnings per share, excluding extraordinary ones, are expected to reach $ 10.75-11.25, compared to estimates for $ 10.28.
Source: Capital
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