MMM 3M Company

  By Imani Moise 
 

3M Co. reported first-quarter earnings Tuesday morning. Here's what you need to know:

EARNINGS: Profit fell to $602 million, or 98 cents a share, compared with $1.32 billion, or $2.16 a share in the comparable quarter. Excluding the impact of the recently enacted tax overhaul and a legal settlement, earnings rose 16% to $2.50 in line with analysts' expectations.

REVENUE: Sales rose 7.7% to $8.28 billion slightly over expectations of $8.23 billion. Revenue was driven by a 15% increase in sales at the company's safety and graphics unit. Organic sales rose 2.8% across all business groups.

OUTLOOK: The company narrowed its guidance for the fiscal year to adjusted earnings of $10.20 a share to $10.55 a share compared with prior guidance of up to $10.70 a share.

STOCK MOVE: Shares fell 3.6% to $208.11 during premarket trading. Before Tuesday trading the stock had fallen 8.3% so far this year compared to the S&P 500's 0.1% decline.

(END) Dow Jones Newswires

April 24, 2018 08:27 ET (12:27 GMT)

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