The conglomerate disappointed with its earnings
The American multinational conglomerate corporation, 3M, released its financial report.
For Q2, the company posted weaker-than-expected earnings, as the pandemic impacted the profit and sales.
Its net income came in at $1.29 billion from last year’s $1.13 billion. The EPS rose to $2.22 from a previous $1.92.
Even though the net income increased, sales missed the $7.32 billion consensus, dropping 12% to $7.18 billion.
3M posted a revenue decline of 11.9% to $7.2 billion, missing the $7.32 billion forecast.
The company didn’t provide any further guidance as the future is uncertain due to the COVID-19 pandemic.
After the report, the stock price fell by 2.2%. Since the beginning of the year, it lost 7.5%, while USA30 dropped by 6.9%.
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Sources: marketwatch.com, thestreet.com
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