Industrial conglomerate 3M (NYSE: MMM) will be announcing earnings results this Tuesday before market open. Here’s what to look for.
3M beat analysts’ revenue expectations by 1% last quarter, reporting revenues of $6.32 billion, up 4.1% year on year. It was a strong quarter for the company, with an impressive beat of analysts’ adjusted operating income estimates.
Is 3M a buy or sell going into earnings? Read our full analysis here, it’s free for active Edge members.
This quarter, analysts are expecting 3M’s revenue to grow 2.2% year on year to $5.94 billion, in line with the 2.2% increase it recorded in the same quarter last year. Adjusted earnings are expected to come in at $1.80 per share.
Analysts covering the company have generally reconfirmed their estimates over the last 30 days, suggesting they anticipate the business to stay the course heading into earnings. 3M has missed Wall Street’s revenue estimates twice over the last two years.
Looking at 3M’s peers in the industrial machinery segment, only Worthington has reported results so far. It beat analysts’ revenue estimates by 5.4%, delivering year-on-year sales growth of 19.5%. The stock price was unchanged following the results.
Read our full analysis of Worthington’s earnings results here.There has been positive sentiment among investors in the industrial machinery segment, with share prices up 8.8% on average over the last month. 3M is up 4.8% during the same time and is heading into earnings with an average analyst price target of $175.91 (compared to the current share price of $167.56).
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