3M Co. reported second quarter earnings that beat analysts’ expectations. The company also affirmed its full-year profit guidance.
The industrial conglomerate’s adjusted earnings for three months ending June came in at $2.20 per share, which is higher than the Street consensus estimate of $2.04 per share.
The company’s total revenue fell -2.6% from last year to $8.2 billion, but exceeded analysts' expectations of an $8.02 billion.
In April, 3M decided to slash 2,000 jobs, as weakening demand in automotive and electronics sectors in China apparently propelled the company to cut production.
Looking ahead, 3M projects its full-year adjusted earnings in the range of $9.25 to $9.75 per share, thereby maintaining its prior forecast. GAAP earnings, however, are expected by the company to be in the range of $8.25 to $8.75 per share, down from a prior projection of $8.53 to $9.03 per share, due to a 28 cent charge related to the de-consolidation of its Venezuelan subsidiary.