What To Expect From 3M’s (MMM) Q3 Earnings

Industrial conglomerate 3M (NYSE:MMM) will be announcing earnings results this Tuesday before the bell. Here’s what to expect.

3M beat analysts’ revenue expectations last quarter, reporting revenues of $6.5 billion, up 5.6% year on year. It was a very strong quarter for the company, with an impressive beat of analysts’ organic revenue estimates and full-year EPS guidance beating analysts’ expectations.

Is 3M a buy or sell going into earnings? Read our full analysis here, it’s free for active Edge members.

This quarter, the market is expecting 3M’s revenue to grow 4.5% year on year, in line with the 4.1% increase it recorded in the same quarter last year.

Analysts covering the company have generally reconfirmed their estimates over the last 30 days, suggesting they anticipate the business will stay the course heading into earnings. 3M rarely misses Wall Street’s revenue estimates.

Looking at 3M’s peers in the industrial machinery segment, only Worthington has reported results so far. It exceeded analysts’ revenue estimates, delivering year-on-year sales growth of 13.2%. The stock traded up 1.3% on the results.

In the last year or so, investors have shifted their focus from one macro dynamic to the next (AI disintermediation and AI investment to geopolitical conflict, interest rates, and the health of the wider economy). While some of the industrial machinery stocks have shown solid performance in this choppy environment, the group has generally underperformed, with share prices down 5.7% on average over the last month. 3M’s stock price was unchanged during the same time and is heading into earnings with an average analyst price target of $186.15 (compared to the current share price of $163.47).

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