3M's Stock Slumps After Downbeat Profit Outlook

By Tomi KilgoreMarketsMarketWatch Pulse

Shares of 3M Co. slumped 1.4% in premarket trade Tuesday, after the diversified industrial and consumer products company reported third-quarter earnings that topped expectations but cut its full-year outlook. Earnings for the quarter to Sept. 30 rose to $1.33 billion, or $2.15 a share, from $1.30 billion, or $2.05 a share, in the same period a year ago. The FactSet consensus for earnings per share was $2.14. Revenue was $7.71 billion, in line with a year ago and with the FactSet consensus. For the full year, the company cut its EPS outlook to a range of $8.15 to $8.20 from $8.15 to $8.30. The FactSet consensus is $8.21. The stock had run up 14% year to date through Monday, while the Dow Jones Industrial Average has gained 4.6%.

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