1/28, 12:31 PM (Source: TeleTrader)
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3M EPS falls 27.5% in Q4 to $1.68, revenue rises

The 3M Company posted revenue of $8.1 billion in the last quarter of fiscal 2019 and fulfilled expectations as the figure grew 2.1%, year-on-year. Basic GAAP earnings per share were at $1.68 in the fourth quarter as they fell 27.5% from the same quarter a year ago. The fourth quarter GAAP EPS figure includes $0.49 per share in charges that were not in the previous guidance, the company stressed. Meanwhile, net income attributable to 3M came in at $969 million, declining from $1.35 billion year-on-year.

Full-year basic EPS was $7.92 as it dropped 12.8% compared to 2018. Net sales for 2019 were $32.1 billion which compares to $32.8 billion in the previous 12-month period. Meanwhile, net income declined from $5.3 billion in 2018 to $4.6 billion last year.

CEO Mike Roman said: "While we continued to manage challenges in certain key end markets, we generated solid underlying margins and robust free cash flow. We also continue to build for the future, including the launch of our new global operating model which represents the next phase of our transformation journey. As a result of our actions, we are well positioned to improve our performance, return to growth and deliver a successful 2020."

3M stocks dropped 2.35% in premarket trade.

Breaking the News / VP