3M Stock Slides 10% As Outlook Falls Short of Expectations

Dow Jones01-23

Shares of 3M Co. $(MMM)$ tanked 10% over in morning trading Tuesday, after the consumer, industrial and healthcare-products company reported fourth-quarter profit that rose above expectations but provided a 2024 outlook that was well below forecasts.

Net earnings per share rose to $1.70 from 98 cents a year ago. Excluding nonrecurring items, such as litigation costs and other special items, adjusted EPS rose to $2.42 from $2.18 to beat the FactSet consensus of $2.31.

Total sales fell 0.8% to $8.01 billion, above the FactSet consensus of $7.69 billion. Looking ahead, the company said it expects 2024 adjusted EPS of $9.35 to $9.75, below the FactSet consensus of $9.90. The stock has soared 26.2% over the past three months through Monday, while the Dow Jones Industrial Average , of which the stock is a component, has advanced 15.4%.

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