3M Co. reported fourth quarter earnings that fell short of analysts’ expectations.
The conglomerate’s adjusted earnings for the quarter came in at $1.95 per share, compared to the Street estimate of $2.10 per share. The figure was also -15.6% lower than the year-ago level.
Revenue fell -1.9% year-over-year to $8.1 billion in the quarter, in line with analysts' estimates.
Industrial and safety sales declined -4.8% from the same quarter a year ago; and transportation and electronics revenues fell - 6.2% year-over-year for the quarter. But health care revenues surged + 25.4%
Looking ahead, 3M expects full-year 2020 organic, local-currency sales growth to be in the range of flat to +2%, and reported earnings of between $9.30 and $9.75 per share.