Analysts on Wall Street project that 3M (MMM) will announce quarterly earnings of $1.66 per share in its forthcoming report, representing a decline of 31.4% year over year. Revenues are projected to reach $5.79 billion, declining 27.7% from the same quarter last year.
Over the last 30 days, there has been a downward revision of 4.5% in the consensus EPS estimate for the quarter, leading to its current level. This signifies the covering analysts' collective reconsideration of their initial forecasts over the course of this timeframe.
Ahead of a company's earnings disclosure, it is crucial to give due consideration to changes in earnings estimates. These revisions serve as a noteworthy factor in predicting potential investor reactions to the stock. Numerous empirical studies consistently demonstrate a strong relationship between trends in earnings estimate revision and the short-term price performance of a stock.
While investors typically rely on consensus earnings and revenue estimates to gauge how the business may have fared during the quarter, examining analysts' projections for some of the company's key metrics often helps gain a deeper insight.
With that in mind, let's delve into the average projections of some 3M metrics that are commonly tracked and projected by analysts on Wall Street.
The collective assessment of analysts points to an estimated 'Net Sales- Safety and Industrial' of $2.67 billion. The estimate indicates a year-over-year change of +0.4%.
Analysts predict that the 'Net Sales- Consumer' will reach $1.24 billion. The estimate indicates a change of +0.9% from the prior-year quarter.
The consensus estimate for 'Net Sales- Transportation and Electronics' stands at $1.79 billion. The estimate indicates a year-over-year change of +1.1%.
Analysts expect 'Operating Income (non-GAAP measures)- Consumer' to come in at $217.98 million. The estimate is in contrast to the year-ago figure of $221 million.
Analysts forecast 'Operating Income (non-GAAP measures)- Transportation and Electronics' to reach $389.67 million. The estimate compares to the year-ago value of $370 million.
The consensus among analysts is that 'Operating Income (non-GAAP measures)- Safety and Industrial' will reach $570.25 million. The estimate is in contrast to the year-ago figure of $524 million.
View all Key Company Metrics for 3M here>>>
3M shares have witnessed a change of +7.2% in the past month, in contrast to the Zacks S&P 500 composite's -3.3% move. With a Zacks Rank #4 (Sell), MMM is expected underperform the overall market performance in the near term. You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>
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