Dow Jones Industrial Average stock 3M sank early Tuesday after the industry giant reported better-than-expected fourth-quarter earnings, but outlined 2024 guidance below Wall Street expectations.
3M delivered earnings growth of 6%, to $2.42 per share, in Q4 with sales of $7.69 billion, down 5% compared to last year. Analysts had expected EPS of $2.31. Revenue just met expectations. For the full year, 3M earnings totaled $9.24 per share, down 9% compared to 2022, with sales falling 8% to $31.39 billion. Ahead of earnings, Wall Street forecast 2023 EPS of $9.13 and revenue of $31.51 billion.
The Dow Jones stock fell more than 9% to 98.11 Tuesday during market action. On Monday, 3M stock edged up 0.2% to 108.02. Ahead of Tuesday trade, 3M stock have angled 1.2% lower in January and has recorded three straight weekly declines.
The broadly diversified maker of industrial, medical and other products also outlined initial guidance for 2024 on Tuesday. 3M expects sales growth in the range of 0.25%-2.25% and EPS between $9.35-$9.75. The Dow Jones stock is also predicting operating cash flow of $6.5-$7.1 billion in 2024.
Wall Street forecasts 3M earnings of $9.90 per share in 2024 with sales growing more than 3% to $32.39 billion.
3M has a 65 Composite Rating out of 99. The Dow Jones stock has Relative Strength Rating, an exclusive gauge for share-price movement, of 64. Meanwhile, 3M stock has a 57 EPS Rating.
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