MMM 3M Company

By Patrick Thomas 

3M Co. posted lower quarterly sales in some core divisions and cut its earnings forecast for the year.

The maker of everything from Post-it Notes to molar crowns on Thursday said sales fell to $7.99 billion in its latest quarter from $8.15 billion a year earlier. Analysts had expected $8.17 billion of revenue in the quarter, according to FactSet.

The St. Paul, Minnesota-based manufacturing conglomerate reported a profit of $1.58 billion, or $2.72 a share, compared with $1.54 billion, or $2.58 a share, a year ago. The company's earnings included a 14-cent gain from the divestiture of its gas and flame detection business. Analysts polled by FactSet were expecting earnings of $2.51 a share.

For its 2019 fiscal year, the company said it expects a profit between $8.20 and $8.30 a share, compared with its previous guidance of between $8.25 and $8.75 a share.

Excluding certain one-time charges, the company said it expects adjusted earnings to be between $8.99 and $9.09 from its previous range of $9.25 to $9.75 a share.

Shares of the company fell 2.8% in premarket trading.

For its current quarter, the company said it expects earnings between $2.05 and $2.15 a share, lower than the $2.31 a share analysts were hoping for, according to FactSet.

Sales in some of the company's divisions, including health care and consumer products rose during the quarter. Health-care revenue grew by 4.7% in the second quarter. Consumer products revenue grew nearly 2%.

Safety and industrial sales fell nearly 6% to $2.8 billion for the quarter and in its transportation and electronics business declined 4.4%.

Write to Patrick Thomas at Patrick.Thomas@wsj.com

(END) Dow Jones Newswires

October 24, 2019 07:33 ET (11:33 GMT)

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