Yahoo Finance Earnings To Watch: 3M (MMM) Reports Q2 Results Tomorrow
Industrial conglomerate 3M (NYSE:MMM) will be reporting results tomorrow before the bell. Here's what to look for.
3M missed analysts' revenue expectations by 25.4% last quarter, reporting revenues of $5.72 billion, down 28.8% year on year. It was a decent quarter for the company, with revenue and EPS exceeding analysts' estimates.
Is 3M a buy or sell going into earnings? Read our full analysis here, it's free.
This quarter, analysts are expecting 3M's revenue to decline 27.1% year on year to $5.83 billion, a further deceleration from the 4.7% decrease it recorded in the same quarter last year. Adjusted earnings are expected to come in at $1.68 per share.
Analysts covering the company have generally reconfirmed their estimates over the last 30 days, suggesting they anticipate the business to stay the course heading into earnings. 3M has missed Wall Street's revenue estimates six times over the last two years.
Looking at 3M's peers in the industrial machinery segment, some have already reported their Q2 results, giving us a hint as to what we can expect. General Electric's revenues decreased 42.6% year on year, beating analysts' expectations by 6.4%, and Otis reported a revenue decline of 3.2%, falling short of estimates by 3.4%. General Electric's stock price was unchanged following the results.
Read our full analysis of General Electric's results here and Otis's results here.
There has been positive sentiment among investors in the industrial machinery segment, with share prices up 5.6% on average over the last month. 3M is up 1.8% during the same time and is heading into earnings with an average analyst price target of $110.2 (compared to the current share price of $103.25).
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