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.
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