3M shares are trading lower after the company reported better-than-expected Q4 EPS, but issued FY24 Adj EPS guidance below estimates.
Portfolio Pulse from Benzinga Newsdesk
3M shares are trading lower following the release of their Q4 earnings report. Despite reporting better-than-expected earnings per share (EPS) for Q4, the company's forecast for FY24 adjusted EPS fell short of analysts' estimates, leading to a negative reaction in the stock market.
January 23, 2024 | 11:38 am
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NEGATIVE IMPACT
3M reported a strong Q4 EPS, but the stock is down due to lower than expected FY24 adjusted EPS guidance.
The stock price of 3M is likely to face downward pressure in the short term as the market reacts to the company's weaker-than-expected forward guidance for FY24 adjusted EPS. This is a common market reaction when a company's future earnings outlook does not meet analysts' expectations, even if past performance has been strong.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 100