3M 2nd-quarter profit slips as economy lags
ST. PAUL, Minn. — Manufacturing conglomerate 3M Co. said Thursday its second-quarter profit fell 17 percent as the global recession cut sales to car makers, but results still beat analysts’ expectations.
The Dow Jones industrial average component, which makes products including Scotch tape and Post-it notes, also raised its full-year sales and earnings forecasts, and shares rose in premarket trading.
Net income attributable to common shareholders for the three months ended in June slipped to $783 million, or $1.12 per share, from $945 million, or $1.33 per share, in the same period a year earlier. Excluding special items, the company recorded profit of $1.20 per share.
Revenue fell 15 percent to $5.72 billion.
Analysts expected profit of 94 cents per share on revenue of $5.41 billion, according to a survey by Thomson Reuters. Such estimates typically exclude special items.
3M increased its 2009 profit outlook to a range of $4.10 to $4.30 per share, excluding special items, from a previous range of $3.90 to $4.30.
The company now expects revenue to decline 10 percent to 13 percent from last year, compared with its previous forecast for a decline of 11 percent to 15 percent. The company’s new guidance implies revenue of $22.52 billion to $22.77 billion.
Analysts project 2009 income of $3.97 per share on revenue of $21.75 billion.
Sales to car makers suffered a double-digit decline, but sales of respiratory products used to prevent the spread of swine flu increased.
During the second quarter 3M eliminated about 1,000 jobs, reducing its total headcount to about 76,000 employees worldwide.
In premarket trading, the stock rose $1.68, or 2.6 percent, to $66.35. In the last 52 weeks, shares have ranged from $40.87 to $74.71.
Related News
Earnings roundup: Levi Strauss profit drops 41 pct, Bassett Furniture posts $3.4M loss in 3QOctober 8th, 2009 Earnings roundup: Levi Strauss, Bassett FurnitureAmong the earnings stories for Thursday, Oct. 8, from AP Financial News:
SAN FRANCISCO (AP) — Levi Strauss & Co.
Greif posts decline in 3Q profit, but beats Wall Street estimatesSeptember 2nd, 2009 Greif posts steep decline in 3Q profitDELAWARE, Ohio — Industrial packaging products manufacturer Greif Inc. said Wednesday its third-quarter profit fell 39 percent, though its adjusted results that excluded restructuring charges beat Wall Street expectations.
Williams-Sonoma raises full-year, third-quarter adjusted earnings forecastsAugust 26th, 2009 Williams-Sonoma ups full-year adj. profit outlookSAN FRANCISCO — Williams-Sonoma Inc.
Dr. Pepper Snapple Group increases its full-year adjusted earnings forecastAugust 13th, 2009 Dr. Pepper Snapple raises 2009 adj. profit outlookPLANO, Texas — Dr.
Fossil raises full-year profit guidance again, says recession will weigh on quarterly resultsAugust 11th, 2009 Fossil increases full-year earnings forecast againRICHARDSON, Texas — Fossil Inc, which makes watches and other fashion accessories, raised its full-year earnings outlook for the second time in three months after reporting second-quarter results that beat analysts' estimates. The company now expects 2009 profit of $1.63 to $1.73 per share.
Alliant Techsystems posts 28 percent increase in 1st-quarter profit on higher ammunition salesAugust 6th, 2009 Alliant Techsystems 1Q profit up on strong salesMINNEAPOLIS — Military contractor Alliant Techsystems Inc. said Thursday its fiscal first-quarter profit rose 28 percent on higher ammunition sales and improved margins, topping analysts' expectations.
Honda reports plunging profit, but raises forecast as it holds up better than rivalsJuly 29th, 2009 Honda reports plunging profit but raises forecastTOKYO — Honda reported a 96 percent drop in first quarter profit to 7.5 billion yen ($79.8 million), the automaker's first earnings drop in four years, but raised its full-year forecast. Honda Motor Co.
Earnings roundup: US Steel posts loss as steel demand falls; Supervalu profit falls, cuts viewJuly 28th, 2009 Earnings roundup: US Steel, SupervaluAmong the earnings stories for Tuesday, July 28, from AP Financial News:
PITTSBURGH (AP) — United States Steel Corp., the largest U.S.-based steel maker, said Tuesday it lost $392 million during its second quarter as the global recession hurt orders for the metal. MINNEAPOLIS (AP) — Grocery chain Supervalu Inc.
Sweden's Nordea posts 11 pct drop in 2Q profit, but raises full-year outlookJuly 21st, 2009 Nordea posts 11 pct drop in 2Q net, raises outlookSTOCKHOLM — The Nordic region's biggest financial group, Nordea Bank AB, on Tuesday reported an 11 percent drop in second-quarter net profit, mainly due to higher loan losses and staff costs, but raised its full-year outlook. Net profit in the quarter fell to euro616 million ($874 million), down from euro692 million in the same quarter last year.
Carnival books better-than-expected 32 percent drop in 2nd-qtr profit but lowers 2009 outlookJune 18th, 2009 Carnival reports 32 percent drop in 2Q profitMIAMI — Cruise operator Carnival is reporting a better-than-expected 32 percent drop in second-quarter profit but is lowering its full-year forecast to reflect rising fuel costs. Miami-based Carnival Corp.
Home Depot says its full-year earnings may come in better than previously forecastJune 10th, 2009 Home Depot raises full-year earnings expectationsATLANTA — Home Depot, the nation's largest home improvement retailer, anticipates its full-year earnings may now come in better than previously forecast. The move comes a few weeks after smaller rival Lowe's Cos.
inVentiv adjusts profit goal, but earnings forecast is still in range of analyst expectationsMay 9th, 2009 inVentiv Health narrows profit range for 2009SOMERSET, N.J. — InVentiv Health Inc., which provides services for the pharmaceutical and life sciences industries, narrowed its profit forecast for the year, but still expects a profit in range of analyst estimates.
Drugmaker Perrigo posts higher 3Q profit on strong consumer healthcare sales, raises forecastMay 9th, 2009 Drugmaker Perrigo posts higher 3Q earningsALLEGAN, Mich. — Perrigo Co.
Silgan Holdings expects lower 2nd-quarter earnings and backs 2009 profit outlookApril 30th, 2009 Silgan Holdings expects lower 2Q earningsSTAMFORD, Conn. — Silgan Holdings Inc., a packaging manufacturer, on Thursday backed its full-year profit outlook and forecast lower second-quarter profit.
Marriott provides tentative 2nd-qtr and 2009 earnings forecast, says uncertainty remains highApril 23rd, 2009 Marriott provides tentative earnings forecastBETHESDA, Md. — Marriott International Inc.
Loading ...