3M meets 2Q profit forecasts

Published 10:18 am Tuesday, July 26, 2016

ST PAUL — 3M Co. (MMM) on Tuesday reported second-quarter profit of $1.29 billion.

On a per-share basis, the St Paul, Minnesota-based company said it had net income of $2.08.

The results met Wall Street expectations. The average estimate of seven analysts surveyed by Zacks Investment Research was also for earnings of $2.08 per share.

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The maker of Post-it notes, industrial coatings and ceramics posted revenue of $7.66 billion in the period, which fell short of Street forecasts. Four analysts surveyed by Zacks expected $7.72 billion.

3M expects full-year earnings to be $8.15 to $8.30 per share.

3M shares have climbed 19 percent since the beginning of the year, while the Standard & Poor’s 500 index has increased 6 percent. The stock has risen 20 percent in the last 12 months.