Bolstered by Better-than-expected Earnings, 3M Shares Jump Nearly 3%
Oct, 24th 12:56
Shares of 3M Co. rallied nearly 3 percent in premarket trade on Tuesday after the multinational conglomerate corporation reported profit and revenue for the third quarter that beat expectations.
3M’s shares jumped 2.91 percent to trade at $228.00, boosted by better-than-expected third-quarter earnings reports. Indeed, the industrial, safety and consumer products company said it earned $1.43 billion, or $2.33 a share in the three-month period to September, up from $1.33 billion, or $2.15 a share, in the same period a year ago.
Adjusted for non-incurring items, earnings per share came in at $2.21.
Meanwhile, revenue was reported to reach $8.17 billion, increasing for a reading of $7.71 billion recorded in the same quarter last year and easily topping market forecast calling or revenue of $7.92 billion. The Minnesota-based company raised its net EPS guidance to a range of $9.00 to $9.10 from $8.80 to $9.05.
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