Shares Of 3M Slide 1.5% After Company Reports Q2 Revenue Below Expectations

By Trey Williams Markets MarketWatch Pulse

Shares of 3M Co. fell 1.5% before the market opened on Tuesday after the company reported revenue for the second-quarter that missed Wall Street expectations. Net income for the quarter came in at $1.58 billion, or $2.58 per share, up from $1.29 billion, or $2.08 per share during the same quarter a year ago. FactSet's per-share earnings consensus was for $2.54. Sales for the quarter hit $7.81 billion, which was an improvement compared with last year's $7.66 billion, but just below FactSet's consensus of $7.87 billion. 3M saw the biggest sales growth in electronics and energy, which was up 7.5%, followed by industrial sales, which grew 2.5%. The company revised its per-share earnings outlook for the the full year and expects earnings in the range of $8.80 to $9.05 per share, compared with its previous estimate of $8.70 to $9.05 per share. Shares of 3M have gained 17.6% in the year to date, while the S&P 500 index is up 10.3%.

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