3M Misses 1QFY14 Estimates For Earnings And Revenues

3M missed out on both earnings and revenues as the Consumer segment recorded a slight year-over-year decline. The stock is down almost 1.5%


3M Company (MMM) announced results for the first quarter of its fiscal year 2014 (1QFY14; ended March 31, 2014) during pre-market hours today. The company missed out on earnings estimates as well as consensus revenue expectations.

The company reported earnings per share of $1.79, missing analysts’ expectations of $1.80. Earnings however, grew 11.2% year-over-year (YoY) on total revenues of $7.83billion. Expected sales for the quarter were $7.96 billion. Organic local currency sales grew 4.6% as the company returned $2.3 billion to shareholders via dividends and share repurchases. Operating margin for the company expanded slightly by 0.4% to 21.9% YoY.

The stock is down almost 1.5%.

 

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