Why Shares of 3M Are Down Today
Shares of 3M (NYSE: MMM) fell more than 5% in early trading Tuesday after the conglomerate reported fourth-quarter earnings that fell short of expectations and full-year sales that were down year over year. The company also announced plans to restructure, but investors are having a hard time getting excited about 3M's outlook.
Before markets opened on Tuesday, 3M reported fourth-quarter adjusted earnings of $1.95 per share on revenue of $8.1 billion, falling short of the consensus estimate for $2.10 per share in earnings on sales of $8.12 billion. Sales at 3M's safety and transportation units fell, while consumer sales were flat and healthcare sales grew 25%, fueled by a large acquisition in the sector.
Sales at 3M's consumer goods segment, including its Post-it notes, were flat. Image source: Getty Images.
Source Fool.com
