3M posted quarterly adjusted earnings of $2.48 per share, lower than the $2.65 a share that analysts polled by FactSet had expected. Sales decreased to $8.70 billion from the year-ago quarter’s $8.95 billion and reflected a negative impact from foreign-exchange rates of 4 percentage points. The FactSet consensus estimate was $8.57 billion.
The company slashed its outlook to -2.5% to -0.5% sales growth for the full year, from its prior expectation of positive growth of 1% to 4%. It also lowered its adjusted EPS forecast to $10.30 to $10.80 compared with a prior forecast for $10.75 to $11.25. "Looking ahead, we updated our adjusted full-year expectations largely due to the strength of the U.S. dollar and uncertain macroeconomic environment," CEO Mike Roman mentioned in a press release. "We remain focused on innovating for customers, driving operational improvements and advancing our environmental stewardship - while positioning 3M for the future through our plan to spin off our Health Care business and resolve Combat Arms litigation in a manner that is efficient and equitable."
MMM's Aroon Indicator triggered a bullish signal on July 15, 2024. Tickeron's A.I.dvisor detected that the AroonUp green line is above 70 while the AroonDown red line is below 30. When the up indicator moves above 70 and the down indicator remains below 30, it is a sign that the stock could be setting up for a bullish move. Traders may want to buy the stock or look to buy calls options. A.I.dvisor looked at 220 similar instances where the Aroon Indicator showed a similar pattern. In of the 220 cases, the stock moved higher in the days that followed. This puts the odds of a move higher at .
The average fundamental analysis ratings, where 1 is best and 100 is worst, are as follows