3M: profit falls 40%, maintains 2019 forecast
(CercleFinance.com) - Diversified US manufacturer 3M reported a 40% drop in quarterly profit, citing slow growth conditions, and maintained its full-year earnings forecast.
The St. Paul, Minnesota-based company - often considered as a bellwether for the US economy - said net income for the second quarter was 1.12 billion dollars, or 1.95 dollar per share, down from 1.85 billion, or 3.14 dollars a share, a year earlier.
Sales were down 2.6% to 8.2 billion dollars.
While sales grew 5.8% at the health care division, they fell by 9% in the safety and industrial unit, the group said.
3M maintained its full-year 2019 adjusted earnings expectation, which it forecasts to be in a range of 9.25 dollars to 9.75 dollars per share.
Its shares have jumped by over 5% in premarket trading.
Copyright (c) 2019 CercleFinance.com. All rights reserved.
The St. Paul, Minnesota-based company - often considered as a bellwether for the US economy - said net income for the second quarter was 1.12 billion dollars, or 1.95 dollar per share, down from 1.85 billion, or 3.14 dollars a share, a year earlier.
Sales were down 2.6% to 8.2 billion dollars.
While sales grew 5.8% at the health care division, they fell by 9% in the safety and industrial unit, the group said.
3M maintained its full-year 2019 adjusted earnings expectation, which it forecasts to be in a range of 9.25 dollars to 9.75 dollars per share.
Its shares have jumped by over 5% in premarket trading.
Copyright (c) 2019 CercleFinance.com. All rights reserved.