10/24/2019, 12:31 PM (Source: TeleTrader)
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3M's EPS up 5.4% to $2.72 in Q3

3M Company said on Thursday its GAAP earnings per share (EPS) in the third quarter of 2019 jumped 5.4% to $2.72, topping market estimates. The company noted the EPS include a $0.14 per share benefit from a divestiture gain.

The conglomerate, whose products include office supplies, medical products and electronic materials, said its sales in the three-month period amounted to $8 billion, marking a 2% decrease year on year and missing estimates. The Minnesota-based company returned $1 billion to shareholders through dividends and gross share repurchases. Net income attributable to 3M stood at $1.6 billion in the third quarter, compared to the same period in 2018 when it was $1.5 billion.

"The 3M team delivered strong operational performance in the third quarter," CEO Mike Roman stated. "While the macroeconomic environment remains challenging, we executed well and built on the progress we made in the second quarter. We continued to effectively manage costs and reduce inventory levels, while generating strong margins and cash flow," he added.

3M shares fell over 3% in premarket trading following the release of the results.

Breaking the News / NP