TELETRADER News
10/25/2022, 12:34 PM
(Source: TeleTrader)
3M Q3 sales at $8.6 billion, down by 4% YoY
3M Co. reported Tuesday that its annual sales fell 4% to $8.6 billion year over year; however, the company also declared earnings per share of $6.77.
According to the release, operating cash flow fell 18% to $1.5 billion year-on-year. 3M also returned $1.0 billion to shareholders due to dividends and gross share repurchases.
"Excluding the impact of the decline in disposable respirator sales, our team posted over 3 percent organic growth. We delivered sequential and year-over-year margin expansion amidst macroeconomic challenges and the strengthening US dollar," said CEO Mike Roman. Following the release of the quarterly results, 3M shares went down by 2.31% to sell for $115.65 in premarket trading.