3M Q4 Adj. EPS $2.42 Beats $2.31 Estimate, Adj. Sales $7.69B Marginally Miss $7.70B Estimate
Portfolio Pulse from Benzinga Newsdesk
3M (NYSE:MMM) reported Q4 adjusted earnings per share (EPS) of $2.42, surpassing the consensus estimate of $2.31 by 4.76%. This represents an 11.01% increase from the $2.18 EPS reported in the same quarter last year. However, 3M's quarterly sales of $7.69 billion fell slightly short of the expected $7.70 billion, a marginal miss by 0.09%, and a 4.78% decrease from the $8.08 billion reported in the previous year's comparable quarter.
January 23, 2024 | 11:32 am
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3M reported higher-than-expected Q4 EPS at $2.42, an 11.01% YOY increase, but a slight miss in sales with $7.69B versus the $7.70B estimate, a 4.78% YOY decrease.
The positive earnings surprise may provide a short-term boost to 3M's stock price, reflecting the company's ability to outperform earnings expectations. However, the slight miss on revenue and the year-over-year decline in sales could temper investor enthusiasm, suggesting a neutral short-term impact on the stock price.
CONFIDENCE 90
IMPORTANCE 75
RELEVANCE 100