3M misses by $0.01, reports revs in-line; guides FY17 EPS in-line; raises low end of guidance
- Reports Q2 (Jun) earnings of $2.58 per share, $0.01 worse than the Capital IQ Consensus of $2.59; revenues rose 1.9% year/year to $7.81 bln vs the $7.86 bln Capital IQ Consensus.
- Co raises the low end of guidance for FY17, sees EPS of $8.80-9.05 vs. $8.98 Capital IQ Consensus Estimate and vs $8.70-9.05, previously; raises mid-points sales guidance, now forecasts organic local-currency sales growth to be 3 to 5 percent, up from previous guidance of 2 to 5 percent.
- Total sales grew 7.5 percent in Electronics and Energy, 2.5 percent in Industrial, 1.8 percent in Health Care, and 0.5 percent in Consumer; total sales declined 0.9 percent in Safety and Graphics. Organic local-currency sales increased 8.4 percent in Electronics and Energy, 3.8 percent in Industrial, 3.2 percent in Safety and Graphics, 2.5 percent in Health Care, and 0.7 percent in Consumer.