3M Co. (MMM) Tops Q2 EPS by 1c; Tightens FY16 EPS Outlook

3M Co. (NYSE: MMM) reported Q2 EPS of $2.08, $0.01 better than the analyst estimate of $2.07. Revenue for the quarter came in at $7.7 billion versus the consensus estimate of $7.71 billion.

GUIDANCE:

3M Co. sees FY2016 EPS of $8.15-$8.30, versus prior guidance of $8.10-$8.45 and the consensus of $8.25.

To reflect the current economic environment and outlook, the company also updated its organic local-currency sales growth guidance to be in the range of 0 to 1 percent, versus a previous range of 1 to 3 percent. 3M forecasts foreign currency translation to reduce 2016 sales by 1 to 2 percent, versus a previous expected reduction of 1 to 3 percent. The company also estimates its full-year tax rate will be in the range of 29.0 to 29.5 percent, versus a prior range of 29.5 to 30.5 percent.

For earnings history and earnings-related data on 3M Co. (MMM) click here.

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