3M's stock surges after profit and sales fall less than expected, guidance holds
Shares of 3M Co. MMM, +1.07% surged 3.4% in premarket trading Thursday, after the consumer, health care and industrial products company reported a second-quarter profit and sales that fell less than expected, while maintaining its full-year outlook. Net income fell to $1.13 billion, or $1.92 a share, from $1.86 billion, or $3.07 a share, in the year-ago period. Excluding non-recurring items, adjusted EPS declined to $2.20 from $3.07, but was above the FactSet consensus of $2.05.
9% but topped expectations, consumer sales declined 0.5% roughly in line with expectations and safety and industrial sales dropped 9.0% to be just shy of expectations. For 2019, 3M cut its net EPS guidance to $8.25 to $8.75 from $8.53 to $9.03 to reflect a charge for the deconsolidation of its Venezuelan subsidiary, but maintained its adjusted EPS outlook of $9.25 to $9.75 and its return on invested capital guidance of 20% to 22%.
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