-- 3M (MMM) reported first-quarter earnings above market estimates on Tuesday, although sales fell short of expectations, as the industrial conglomerate maintained its full-year outlook.
The company posted adjusted earnings of $2.14 per share for the March quarter, up from $1.88 a year ago and ahead of the FactSet-polled consensus of $1.98. Adjusted sales improved 3.9% to $6 billion, just shy of the Street's view for $6.01 billion.
3M's shares increased 2.5% in Tuesday trade, reducing its year-to-date loss to 3.1%.
The company continues to project adjusted EPS between $8.50 and $8.70 for 2026 on adjusted sales growth of about 4%. The Street is looking for non-GAAP EPS of $8.65 and sales of $25.1 billion.
"We had a good start to the year, and despite operating in a volatile environment, we remain confident in achieving our 2026 guidance while staying committed to our long-term strategy," Chief Executive William Brown said in a statement.
Revenue in the safety and industrial segment rose to $2.93 billion in the first quarter from $2.75 billion in the prior-year period, while transportation and electronics increased to $1.85 billion from $1.82 billion. Consumer sales ticked up to $1.13 billion from $1.12 billion.
The company recorded sales growth in China and Europe, the Middle East and Africa, while revenue fell in the Americas.
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