3M Quarterly Earnings Boosted, Beating Wall Street Estimates – NYSE:MMM
3M Co announced higher-than-expected quarterly earnings. 3M reported net earnings of $954 million, or $1.35 per share, compared with $928 million, or $1.28 per share, a year earlier. While analysts on average, were expecting a profit of $1.31 a share.
Sales surged 6 percent to $7.1 billion, matching Wall Street estimates. 3M’s industrial and transportation segment sales reported the gain of 14 percent, reflecting healthy auto, aerospace and energy markets as well as achievements, among others. Sales at 3M segments that make office supplies and health and safety also moved up.
However, revenue dropped in the display and graphics segment, upset by what 3M called “deteriorating” demand for consumer electronics. Its electro and communications also posted lower sales.
Minneapolis-based 3M stated its prediction of 2012 earnings between $6.25 and $6.50 per share, saying it would concentrate on its bottom line in the near-term in a slower growth environment.
3M Company(NYSE:MMM) is currently trading at $87.89 and jumped +1.63%. Its total traded volume is 1.76 million shares. Its fifty two week range was $68.14-$96.85. The total market capitalization remained $60.61 billion.
MMM is ahead its 52 week low with 28.36% and its last month price volatility remained 1.86%. Its beta coefficient was 0.88 with a target price of $92.88. In its share capital MMM has 700.84 million outstanding shares and 700.59 million have been floated in market. MMM has insider ownership of 0.03% with its institutional ownership remained 71.61%.