3M tops 2Q net income expectations, misses revenue forecasts

MarketsAssociated Press

3M Co. (MMM) on Thursday reported second-quarter earnings of $1.3 billion.

On a per-share basis, the St Paul, Minnesota-based company said it had profit of $2.02.

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The results beat Wall Street expectations. The average estimate of eight analysts surveyed by Zacks Investment Research was for earnings of $1.99 per share.

The maker of Post-it notes, industrial coatings and ceramics posted revenue of $7.69 billion in the period, which fell short of Street forecasts. Six analysts surveyed by Zacks expected $7.9 billion.

3M expects full-year earnings to be $7.80 to $8 per share.

3M shares have dropped slightly more than 5 percent since the beginning of the year, while the Standard & Poor's 500 index has climbed nearly 3 percent. The stock has climbed nearly 8 percent in the last 12 months.

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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on MMM at http://www.zacks.com/ap/MMM

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Keywords: 3M, Earnings Report, Priority Earnings