Shares of diversified services provider 3M Company (NYSE:MMM) are ticking higher today after it announced better-than-anticipated second-quarter numbers. Revenue declined 4.4% year-over-year to $8.32 billion but landed past estimates by $440 million. EPS at $2.17 too comfortably surpassed expectations by $0.44.
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Looking ahead, for full-year 2023, the company expects EPS to range between $8.60 and $9.10 versus the prior outlook between $8.50 and $9. Sales are expected to decline between 5% and 1%.
Importantly, the company has now resolved claims regarding forever chemicals or PFAS by public water suppliers (PWS) in the U.S. and recorded a $10.3 billion pre-tax charge during the quarter. The charge is equivalent to the present value of the anticipated $12.5 billion in payments over the next 13 years.
Overall, the Street has a $106.31 consensus price target on 3M alongside a Hold consensus rating. With today’s gains, 3M shares have now surged nearly 9% over the past month.
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