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3M (MMM) Q2 Earnings: Taking a Look at Key Metrics Versus Estimates
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3M (MMM - Free Report) reported $8.33 billion in revenue for the quarter ended June 2023, representing a year-over-year decline of 4.3%. EPS of $2.17 for the same period compares to $2.48 a year ago.
The reported revenue represents a surprise of +4.65% over the Zacks Consensus Estimate of $7.95 billion. With the consensus EPS estimate being $1.65, the EPS surprise was +31.52%.
While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall Street expectations to determine their next course of action, some key metrics always provide a better insight into a company's underlying performance.
Since these metrics play a crucial role in driving the top- and bottom-line numbers, comparing them with the year-ago numbers and what analysts estimated about them helps investors better project a stock's price performance.
Here is how 3M performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:
Net Sales- Safety and Industrial: $2.77 billion versus the two-analyst average estimate of $2.82 billion. The reported number represents a year-over-year change of -5.4%.
Net Sales- Consumer: $1.29 billion versus $1.25 billion estimated by two analysts on average. Compared to the year-ago quarter, this number represents a -2.8% change.
Net Sales- Health Care: $2.08 billion versus $2.05 billion estimated by two analysts on average. Compared to the year-ago quarter, this number represents a -4.8% change.
Net Sales- Transportation and Electronics: $2.19 billion versus the two-analyst average estimate of $1.89 billion. The reported number represents a year-over-year change of -3.4%.
Operating Income- Safety and Industrial: $534 million versus $523.07 million estimated by two analysts on average.
Operating Income- Consumer: $235 million versus the two-analyst average estimate of $169.82 million.
Operating Income- Health Care: $411 million versus the two-analyst average estimate of $355.88 million.
Operating Income- Transportation and Electronics: $410 million compared to the $257.86 million average estimate based on two analysts.
Shares of 3M have returned +3.8% over the past month versus the Zacks S&P 500 composite's +4.9% change. The stock currently has a Zacks Rank #3 (Hold), indicating that it could perform in line with the broader market in the near term.
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3M (MMM) Q2 Earnings: Taking a Look at Key Metrics Versus Estimates
3M (MMM - Free Report) reported $8.33 billion in revenue for the quarter ended June 2023, representing a year-over-year decline of 4.3%. EPS of $2.17 for the same period compares to $2.48 a year ago.
The reported revenue represents a surprise of +4.65% over the Zacks Consensus Estimate of $7.95 billion. With the consensus EPS estimate being $1.65, the EPS surprise was +31.52%.
While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall Street expectations to determine their next course of action, some key metrics always provide a better insight into a company's underlying performance.
Since these metrics play a crucial role in driving the top- and bottom-line numbers, comparing them with the year-ago numbers and what analysts estimated about them helps investors better project a stock's price performance.
Here is how 3M performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:
- Net Sales- Safety and Industrial: $2.77 billion versus the two-analyst average estimate of $2.82 billion. The reported number represents a year-over-year change of -5.4%.
- Net Sales- Consumer: $1.29 billion versus $1.25 billion estimated by two analysts on average. Compared to the year-ago quarter, this number represents a -2.8% change.
- Net Sales- Health Care: $2.08 billion versus $2.05 billion estimated by two analysts on average. Compared to the year-ago quarter, this number represents a -4.8% change.
- Net Sales- Transportation and Electronics: $2.19 billion versus the two-analyst average estimate of $1.89 billion. The reported number represents a year-over-year change of -3.4%.
- Operating Income- Safety and Industrial: $534 million versus $523.07 million estimated by two analysts on average.
- Operating Income- Consumer: $235 million versus the two-analyst average estimate of $169.82 million.
- Operating Income- Health Care: $411 million versus the two-analyst average estimate of $355.88 million.
- Operating Income- Transportation and Electronics: $410 million compared to the $257.86 million average estimate based on two analysts.
View all Key Company Metrics for 3M here>>>Shares of 3M have returned +3.8% over the past month versus the Zacks S&P 500 composite's +4.9% change. The stock currently has a Zacks Rank #3 (Hold), indicating that it could perform in line with the broader market in the near term.