ST PAUL, Minn. (AP) _ 3M Co. (MMM) on Thursday reported first-quarter net income of $891 million.
On a per-share basis, the St Paul, Minnesota-based company said it had net income of $1.51. Earnings, adjusted for non-recurring costs, came to $2.23 per share.
The results missed Wall Street expectations. The average estimate of six analysts surveyed by Zacks Investment Research was for earnings of $2.50 per share.
The maker of Post-it notes, industrial coatings and ceramics posted revenue of $7.86 billion in the period, also falling short of Street forecasts. Three analysts surveyed by Zacks expected $8.09 billion.
3M shares have increased 15 per cent since the beginning of the year, while the Standard & Poor’s 500 index has increased 17 per cent. The stock has risen 9 per cent in the last 12 months.
This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on MMM at https://www.zacks.com/ap/MMM
The Associated Press