3M: raises 2017 estimates; stock still drops.
(CercleFinance.com) - 3M: raises 2017 estimates; stock drops.
Stock in Minnesota Mining & Manufacturing (3M) fell on Tuesday despite the diversified manufacturer slightly raising its guidance for 2017.
In early morning trading, the shares dropped 5.5% to 198.4 dollars.
The industry and technology giant, whose products range from Post-It notes to Scotch tape, said it now expects to earn between 8.80 and 9.05 dollars per share versus a prior expectation of 8.70 dollars to 9.05 dollars.
The St Paul-based company also forecasts organic local-currency sales growth to be 3 to 5 per cent for 2017, up from previous guidance of 2 to 5 per cent.
In the second quarter, group sales amounted to 7.8 billion dollars, up 1.9 per cent year-on-year in dollar terms, with organic local-currency sales increasing 3.5 per cent.
3M reported second-quarter earnings of 2.58 dollars per share, an increase of 24 per cent versus the second quarter of 2016.
Copyright (c) 2017 CercleFinance.com. All rights reserved.
Stock in Minnesota Mining & Manufacturing (3M) fell on Tuesday despite the diversified manufacturer slightly raising its guidance for 2017.
In early morning trading, the shares dropped 5.5% to 198.4 dollars.
The industry and technology giant, whose products range from Post-It notes to Scotch tape, said it now expects to earn between 8.80 and 9.05 dollars per share versus a prior expectation of 8.70 dollars to 9.05 dollars.
The St Paul-based company also forecasts organic local-currency sales growth to be 3 to 5 per cent for 2017, up from previous guidance of 2 to 5 per cent.
In the second quarter, group sales amounted to 7.8 billion dollars, up 1.9 per cent year-on-year in dollar terms, with organic local-currency sales increasing 3.5 per cent.
3M reported second-quarter earnings of 2.58 dollars per share, an increase of 24 per cent versus the second quarter of 2016.
Copyright (c) 2017 CercleFinance.com. All rights reserved.