3M and Illinois Tool Works Fall Short of Revenue Forecasts
Oct 23rd 2012 9:11AM
3M Co. (NYSE: MMM) and Illinois Tool Works Inc. (NYSE: ITW) this morning each posted higher profits than a year ago, but revenues missed consensus estimates.
The St. Paul, Minn.-based conglomerate posted adjusted earnings per share (EPS) of $1.65 on revenues of $7.53 billion. In the same period a year ago, the company reported EPS of $1.52 on revenues of $7.53 billion. The quarter's results also compare to the Thomson Reuters consensus estimates for EPS of $1.65 and $7.63 billion in revenues.
3M said sales fell in Europe and Asia, and the company lowered its full-year EPS forecast to of $6.27 to $6.35 from the previous $6.35 to $6.50. The consensus estimate of analysts currently calls for $6.40.
The Illinois-based industrial equipment maker posted earnings of $1.12 per share and sales of $4.50 billion. In the year-ago period, the company reported EPS of $1.00 on $4.58 billion in revenue. The Thomson Reuters consensus estimates called for EPS of $1.06 and revenue of $4.58 billion.
The company said results were helped by lower costs, favorable raw material prices and stronger demand in North America. It narrowed its full-year EPS forecast to a range of $4.06 to $4.14, from its earlier range of $4.03 to $4.19. Wall St. estimates are at $4.11 per share.
3M shares are down more than 2% in premarket trading to $90.33. The 52-week range is $75.49 to $95.46. Illinois Tool Works shares are inactive in premarket trading but ended yesterday at $60.56 in a 52-week range of $42.41 to $62.09.
Filed under: 24/7 Wall St. Wire, Earnings, Industrials Tagged: ITW, MMM