3M and Illinois Tool Works Fall Short of Revenue Forecasts

Before you go, we thought you'd like these...
Before you go close icon

3M Co. (NYSE: MMM) and Illinois Tool Works Inc. (NYSE: ITW) this morning each posted higher profits than a year ago, but revenues missed consensus estimates.

The St. Paul, Minn.-based conglomerate posted adjusted earnings per share (EPS) of $1.65 on revenues of $7.53 billion. In the same period a year ago, the company reported EPS of $1.52 on revenues of $7.53 billion. The quarter's results also compare to the Thomson Reuters consensus estimates for EPS of $1.65 and $7.63 billion in revenues.

3M said sales fell in Europe and Asia, and the company lowered its full-year EPS forecast to of $6.27 to $6.35 from the previous $6.35 to $6.50. The consensus estimate of analysts currently calls for $6.40.

The Illinois-based industrial equipment maker posted earnings of $1.12 per share and sales of $4.50 billion. In the year-ago period, the company reported EPS of $1.00 on $4.58 billion in revenue. The Thomson Reuters consensus estimates called for EPS of $1.06 and revenue of $4.58 billion.

The company said results were helped by lower costs, favorable raw material prices and stronger demand in North America. It narrowed its full-year EPS forecast to a range of $4.06 to $4.14, from its earlier range of $4.03 to $4.19. Wall St. estimates are at $4.11 per share.

3M shares are down more than 2% in premarket trading to $90.33. The 52-week range is $75.49 to $95.46. Illinois Tool Works shares are inactive in premarket trading but ended yesterday at $60.56 in a 52-week range of $42.41 to $62.09.


Filed under: 24/7 Wall St. Wire, Earnings, Industrials Tagged: ITW, MMM
Read Full Story

Markets

S&P 500 2,203.76 11.81 0.54%
DJIA 19,219.21 48.79 0.25%
NASDAQ 5,302.40 46.74 0.89%
DAX 10,684.83 171.48 1.63%
HANG SENG 22,505.55 -59.27 -0.26%
NIKKEI 225 18,274.99 -151.09 -0.82%
USD (per EUR) 1.08 0.02 1.86%
USD (per CHF) 1.01 -0.01 -0.79%
JPY (per USD) 113.64 0.15 0.13%
GBP (per USD) 1.27 0.01 0.48%

From Our Partners