3M said GAAP earnings for the three months ending in September came in at $2.72 per share, up 5.4% from the same period last year and firmly ahead of the Street consensus forecast of $2.49 per share. Group revenues, 3M said, fell 2.4% to $8 billion, again shy of analysts' forecasts of an $8.2 billion tally.
Looking into the final months of 2019, 3M said it sees adjusted earnings in the region of $8.99 to $9.09 per share, down form a prior forecast of $9.25 to $9.75 per share, with a current-quarter range of $2.05 to $2.15. 3M also lowered its full-year organic local-currency sales guidance, and now sees a decline of between 1% to 1.5% versus a prior forecast of -1% to +2% growth.
"While the macroeconomic environment remains challenging, we executed well and built on the progress we made in the second quarter," said CEO Mike Roman. "We continued to effectively manage costs and reduce inventory levels, while generating strong margins and cash flow."
"We also continue to make good progress on our strategic priorities, including our recently-closed acquisition of Acelity, which is an exciting addition to 3M's health care portfolio," he added. "Moving ahead we'll continue to focus on driving operational improvements and investing for the future, which will position us for strong growth and premium returns as our markets recover."
3M shares were marked 5.2% lower at the start of trading Thursday following the earnings release to change hands at $160.03 each, a move that would extend the stock's year-to-date decline to around 16%.