3M beats expectations, cuts outlook

Profits for the healthcare business at 3M Cos. (NYSE:MMM) were flat during the fourth quarter but up for the year, as the industrial conglomerate topped the consensus forecast today on a soaring bottom line. St. Paul, Minn.-based 3M said its healthcare division put up operating income of $458.0 million on sales of $1.52 billion for the three months ended Dec. 31, 2018, down -0.4% and up 2.4%, respectively, compared with Q4 2017. Full-year operating income rose 2.0% to $1.80 billion on sales growth of 2.9% to $6.02 billion, compared with the prior year. The company cited increased food safety, HIT system, medical solutions and oral care sales, offset by declines for its drug-delivery business. 3M’s overall Q4 profits rocketed 157.6% to $1.35 billion, or $2.27 per share despite flat sales of $7.95 billion, down -0.6% compared with the same period in 2017. Adjusted to exclude one-time items – including a $1.25-per-share charge on last year’s Tax Cuts & Jobs Act – earnings per share were $2.31, 3¢ ahead of Wall Street, where analysts were looking for sales of $7.87 billion. Full-year profits rose 10.1% to $5.35 billion, or $9.09 per share, on sales growth of 3.5% to $32.77 billion. Adjusted EPS were $10.46, more than a half-dollar ahead of the consensus $9.95 view on The Street, where analysts were looking for sales of $32.72 billion. “3M executed well in the fourth quarter, with results that were in line with our expectations,” CEO Mike Roman sai...
Source: Mass Device - Category: Medical Devices Authors: Tags: Featured MassDevice Earnings Roundup Wall Street Beat 3m Source Type: news