The Key Takeaway From 3M's Latest Presentation
3M (NYSE: MMM) CFO Nick Gangestad's presentation at the Morgan Stanley Laguna conference this month contained a mix of positives and negatives. To give a superficial summary of it: It looks likely that 3M could cut full-year guidance again in its upcoming third-quarter earnings report. However, that quick takeaway shouldn't detract from the positive aspects.
During the second-quarter earnings call in July, Gangestad said he was expecting "flat to low single-digit organic [revenue] growth" in the third quarter. Now, however, he says he thinks it will be "closer to flat."
Declining global automotive production is hurting 3M's revenue outlook. Image source: Getty Images.
Source Fool.com
