3M Profits Beat Expectations, Miss Mark On Revenues
3M Company beat Wall Street’s earnings expectations in the fourth quarter, but fell short on projected revenues that were up less than expected.
For the quarter ending Dec. 31, the Maplewood-based maker of Scotch Tape and Post-It reported profits of $1.18 billion, or $1.81 per share, up 5 percent from the same time last year. Analysts expected profits of about $1.79 per share, according to Zacks Investment Research.
All of 3M’s business groups posted an increased in sales.
“3M delivered strong results in the fourth quarter, which culminated a solid 2014 performance,” CEO Inge Thulin said in a statement.
Revenues for the quarter hit $7.7 billion. Despite that being a 2 percent increase from the same time last year, analysts expected a number closer to $7.77 billion. The company’s stock was down as much as 2 percent, but began to recover by midday and was down about 1.4 percent to $162 per share.
3M had a strong 2014, with its third quarter results back in October carrying the day at the Dow Jones Industrial Average. In December, the company sold off its static control business to Chino, California-based Desco Industries.