3M: cuts profit outlook on deal costs, challenging markets
(CercleFinance.com) - Diversified US manufacturer 3M reported slightly higher third-quarter profit, but cut its full-year profit forecast, due to acquisition costs and challenging macroeconomic conditions.
The maker of products ranging from Post-It notes to abrasives announced net income of 1.58 billion dollars, or 2.75 dollars per share, compared with 1.54 billion dollars, or 2.64 dollars per share, a year earlier.
Profit beat Wall Street forecasts, with the consensus looking for 2.49 dollars.
In its statement, 3M said it now expects full-year 2019 EPS of 8.20 dollars to 8.30 dollars, below its previous forecast of 8.25 dollars to 8.75 dollars per share.
This forecast includes an estimated 0.15 dollar per share negative impact from the recently closed acquisition of US healthcare firm Acelity, which was previously not included in the group's full-year guidance.
Copyright (c) 2019 CercleFinance.com. All rights reserved.
The maker of products ranging from Post-It notes to abrasives announced net income of 1.58 billion dollars, or 2.75 dollars per share, compared with 1.54 billion dollars, or 2.64 dollars per share, a year earlier.
Profit beat Wall Street forecasts, with the consensus looking for 2.49 dollars.
In its statement, 3M said it now expects full-year 2019 EPS of 8.20 dollars to 8.30 dollars, below its previous forecast of 8.25 dollars to 8.75 dollars per share.
This forecast includes an estimated 0.15 dollar per share negative impact from the recently closed acquisition of US healthcare firm Acelity, which was previously not included in the group's full-year guidance.
Copyright (c) 2019 CercleFinance.com. All rights reserved.