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3M: 1Q Earnings Snapshot

Last Updated Apr 28, 2020 at 3:50 am PDT

ST PAUL, Minn. (AP) _ 3M Co. (MMM) on Tuesday reported first-quarter net income of $1.29 billion.

On a per-share basis, the St Paul, Minnesota-based company said it had net income of $2.22. Earnings, adjusted for non-recurring gains, were $2.16 per share.

The results beat Wall Street expectations. The average estimate of six analysts surveyed by Zacks Investment Research was for earnings of $2.02 per share.

The maker of Post-it notes, industrial coatings and ceramics posted revenue of $8.07 billion in the period, also exceeding Street forecasts. Three analysts surveyed by Zacks expected $7.99 billion.

3M shares have declined 13% since the beginning of the year, while the Standard & Poor’s 500 index has dropped 11%. The stock has decreased 19% in the last 12 months.

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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on MMM at https://www.zacks.com/ap/MMM

The Associated Press