3M beats by $0.02, misses on revs; narrows FY14 EPS guidance
- Reports Q3 (Sep) earnings of $1.98 per share, $0.02 better than the Capital IQ Consensus Estimate of $1.96; revenues rose 2.8% year/year to $8.14 bln vs the $8.22 bln consensus.
- Co issues in-line guidance for FY14, narrows EPS to 7.40-7.50 from $7.30-7.55 vs. $7.46 Capital IQ Consensus Estimate. FY14 Guidance Details: Organic local-currency sales growth is expected to be 4 to 5 percent versus 3 to 6 percent previously. 3M estimates foreign currency impacts will reduce sales by approximately 1.5 percent for the year versus a previous estimate of approximately 1 percent. The company also updated its full-year free cash flow conversion expectation to 95 to 100 percent from a prior range of 90 to 100 percent.