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3M Investors Pull Back On Mixed Q3 Earnings, Guidance Cut

Tanzeel Akhtar

3M Co (NYSE: MMM) reported third-quarter earnings of $2.58 per share Thursday, beating the analyst consensus estimate of $2.49 by 3.61%. This is unchanged from the same period last year.

The company reported quarterly sales of $7.991 billion, which missed the analyst consensus estimate of $8.16 billion by 2.07%. This is a 1.97% decrease over sales of $8.152 billion in the same period last year.

3M guided to fourth-quarter EPS in a range of $2.20-$2.30 versus a $2.41 Street estimate and cut its fiscal year 2019 EPS guidance from a range of $9.25-$9.75 to $8.99-$9.09 versus a $9.29 Street estimate.

"The 3M team delivered strong operational performance in the third-quarter," CEO Mike Roman said in a statement. 

View more earnings on MMM

"While the macroeconomic environment remains challenging, we executed well and built on the progress we made in the second-quarter. We continued to effectively manage costs and reduce inventory levels, while generating strong margins and cash flow." 

3M shares were trading down 1.93% at $165.50 in Thursday's premarket session. The stock has a 52-week high of $219.75 and a 52-week low of $150.58.

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