3M Co (NYSE:MMM) took a dive today following the release of its earnings report for the first quarter of 2018.
During the first quarter of the year, 3M Co reported earnings per share of $2.50. This is an increase over its earnings per share of $2.16 from the same period of the year prior. However, it was still bad news for MMM stock by coming in below Wall Street’s earnings per share estimate of $2.52 for the quarter.
Net income reported by MMM in the first quarter of 2018 was $$606 million. The manufacturing company reported net income of $1.32 billion for the first quarter of 2017. MMM notes that it suffered a charge of $217 million during the first quarter in connection to the recent tax reform in the U.S.
3M Co reported operating income of $1.01 billion for the first quarter of the year. This is down from its operating income of $1.74 billion that was reported in the first quarter of the previous year.
Revenue reported by 3M Co in the first quarter of the 2018 was $8.28 billion. This is better than its revenue of $7.69 billion that was reported for the same time last year. It also came in above analysts’ revenue estimate of $8.26 billion for the period.
3M Co also lowered its earnings outlook for the full year of 2018 in its most recent earnings report. It now expects earnings per share to range from $10.20 to $10.55. The previous guidance had earnings per share coming in between $10.20 to $10.70. Wall Street is looking for earnings per share of $10.56 for the year.
MMM stock was down 7% as of noon Monday.
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As of this writing, William White did not hold a position in any of the aforementioned securities.
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