--> -1.62% Pre-Market
3M misses by $0.08, misses on revs; reaffirms FY15 organic local-currency sales growth guidance
Reports Q1 (Mar) earnings of $1.85 per share, $0.08 worse than the Capital IQ Consensus Estimate of $1.93; revenues fell 3.2% year/year to $7.58 bln vs the $7.83 bln consensus.
- The company noted that foreign currency impacts reduced first-quarter pre-tax earnings by approximately $90 mln or the equivalent of $0.10 per share
- For 2015 in total, 3M now expects foreign currency impacts to reduce earnings by $0.35-0.40 per share versus a prior expectation of negative $0.20 per share
- For the full year, 3M maintained its forecast for organic local-currency sales growth in the range of 3-6%