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3M Company MMM on Tuesday reported better-than-expected second-quarter results and raised its full-year guidance.
The company posted adjusted earnings of $2.40 per share, beating the analyst consensus estimate of $2.25. Revenue rose 2.4% year over year to $6.50 billion, topping expectations of $6.41 billion.
3M increased its 2026 adjusted earnings forecast to a range of $8.80 to $8.95 per share from its prior outlook of $8.50 to $8.70. The new range is above the Wall Street consensus estimate of $8.75.
The company also updated its full-year revenue outlook to a range of $23.19 billion to $25.37 billion, compared with analysts’ estimate of $25.15 billion.
“We delivered a strong second quarter, exceeding expectations with mid-single-digit sales growth, robust operating margins of about 25%, and double-digit EPS growth, reflecting the progress we’re making on our strategic priorities and building a higher-performing company,” said William Brown, 3M Chairman and CEO. “As a result of our strong first-half performance and continued momentum, we are increasing our full-year guidance and remain confident in our ability to create long-term value for shareholders. I want to thank the 3M team for their disciplined execution, dedication, and relentless focus on delivering innovative solutions for our customers.”
3M shares fell 2.5% to trade at $168.72 on Wednesday.
These analysts made changes to their price targets on 3M following earnings announcement.
- RBC Capital analyst Deane Dray maintained the stock with an Underperform rating and raised the price target from $123 to $132.
- Citigroup analyst Andrew Kaplowitz maintained the stock with a Neutral and raised the price target from $166 to $183.
Considering buying MMM stock? Here’s what analysts think:
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This article 3M Analysts Increase Their Forecasts After Strong Q2 Earnings originally appeared on Benzinga.com.
