3M earnings to fall short

Company expects its full-year earnings to disappoint analysts. Will investors forgive it?

By TheStreet Staff Dec 8, 2009 12:15PM

TheStreetBy Joseph Woelfel, TheStreet

 

3M (MMM), which makes products ranging from tape to road signs, said Tuesday it expects 2009 earnings of $4.30 to $4.35 a share, less than the $4.57 estimate of analysts surveyed by Thomson Reuters.

 

Excluding items, 3M said its profit would be $4.50 to $4.55.

 

3M said it expects to earn $4.85 to $5 next year, while analysts predict a profit of $4.94. The St. Paul, Minn.-based company forecast revenue of $24.5 billion to $25.5 billion, with organic sales rising 5% to 7% and currency exchanges adding 2% to 3% to sales. Analysts forecast 2010 revenue of $24.46 billion.

 

Bing: More about 3M

 

3M is conducting an analyst meeting in New York Tuesday, where it will announce plans to "increase investment in research and development and new product development as a means to gain market share," 3M said in a press release.

 

Shares of 3M, a member of the Dow Jones Industrial Average, have climbed 40% this year, outperforming the 25% gain of the S&P 500 Index and the 22% advance of the Dow.

 

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