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3M posted weaker-than-expected earnings

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Miguel A. Rodriguez
Miguel A. Rodriguez
14 Septembrie 2020
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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Miguel A. Rodriguez
Miguel A. Rodriguez
financial_writer

Miguel a lucrat pentru instituții financiare importante, precum Banco Santander și Banco Central-Hispano. De asemenea, a publicat cărți despre Forex.