ST. PAUL, Minn. (AP) - Some lower expenses helped 3M post a higher profit in the second quarter, but foreign currency translation pressured its revenue.
ST. PAUL, Minn. (AP) — Some lower expenses helped 3M post a higher profit in the second quarter, but foreign currency translation pressured its revenue.
The maker of Post-it notes, industrial coatings and ceramics also cut the high end of its forecasted range for 2015 earnings, citing lower-than-expected global economic growth.
For the three months ended June 30, 3M earned $1.3 billion, or $2.02 per share. That compares with $1.27 billion, or $1.91 per share, a year ago.
The results beat Wall Street expectations. The average estimate of eight analysts surveyed by Zacks Investment Research was for earnings of $1.99 per share.
Shares climbed slightly in Thursday premarket trading.
Operating expenses declined to $5.85 billion from $6.28 billion.
Revenue for the St. Paul, Minnesota-based company dropped to $7.69 billion from $8.13 billion as sales declined across its business segments.
Six analysts surveyed by Zacks expected higher revenue of $7.9 billion.
For 2015, 3M Co. now anticipates earnings between $7.80 and $8 per share. Its previous guidance was for $7.80 to $8.10 per share.
Analysts polled by FactSet predict full-year earnings of $7.91 per share.
Elements of this story were generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on MMM at http://www.zacks.com/ap/MMM
Keywords: 3M, Earnings Report, Priority Earnings