ST PAUL, Minn. (AP) _ 3M Co. (MMM) on Thursday reported third-quarter net income of $1.58 billion.
The St Paul, Minnesota-based company said it had profit of $2.72 per share. Earnings, adjusted for non-recurring gains, came to $2.58 per share.
The results surpassed Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for earnings of $2.47 per share.
The maker of Post-it notes, industrial coatings and ceramics posted revenue of $7.99 billion in the period, which did not meet Street forecasts. Three analysts surveyed by Zacks expected $8.1 billion.
3M expects full-year earnings in the range of $8.99 to $9.09 per share.
3M shares have decreased 11% since the beginning of the year, while the Standard & Poor’s 500 index has risen 20%. The stock has decreased 12% in the last 12 months.
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