FX, Uncertain Macro Forces 3M to Cut its Full-Year Guidance By Investing.com

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FX, Uncertain Macro Forces 3M to Cut its Full-Year Guidance

Published Oct 25, 2022 09:42

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FX, Uncertain Macro Forces 3M to Cut its Full-Year Guidance

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By Senad Karaahmetovic

Shares of 3M (NYSE:MMM) are trading over 3% lower today after the company cut its forecast for the full year to reflect the difficult macroeconomic environment and FX headwinds.

For the third quarter, 3M reported an EPS of $2.69, beating the analyst estimate of $2.62. Revenue for the quarter came in at $8.6 billion, missing the consensus estimate of $8.75 billion. The company's three largest segments by revenue missed the consensus.

3M said its updated guidance "reflects the continued strengthening of the U.S. dollar and the uncertain macroeconomic environment." The company now expects full-year EPS between $10.10 and $10.35, lower from the prior outlook of $10.30 to $10.80. Analysts were looking for $10.32.

Sales are expected to drop between 3% and 3.5%, a larger-than-expected decline relative to the prior -0.5% to -2.5% forecast.

Goldman Sachs analysts stated:

"Given the company modestly missed expectations and guided 4Q below FS consensus, we expect the shares to modestly underperform on this result."

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