The famous American company 3M (NYSE:MMM) (formerly known as Minnesota Mining and Manufacturing Company) revealed its results for Q3 on Thursday. The company has always stood up to its reputation and has a series of amazing profit numbers for the past 56 years. The report showed that the EPS was $1.29 with profits of more than 8 billion dollars whereas, the company’s Q3 for 2013 showed EPS of only $1.78, generating gross revenue of around $7.92b.
This quarter was reasonably strong however. Their sales increased about 5.6% resulting in record revenue of $7.9b. The company’s local currency growth was rounded up to 5.8%. The different departments stand as follows; Safety and Graphics with 8%, Health Care with 7% and Industrial with 6% increase. The results are quite satisfying for the company. The company had limited their annual earnings per share from a range of 7.3-7.55 to 7.4-7.5 dollars. The present EPS estimation for the whole years is calculated to be $7.46.
3M (NYSE:MMM) has also tightened its range for organic sales growth (for local-currency) from 3% to 6% originally to a 4% to 5% which means almost 31.8 to 32.72b dollars. In fact the company’s foreign currency organic sales growth is also expected to drop by 15% for the present year, despite the company’s earlier estimate for only a 1% drop. But on a year-after-year basis, 3M (NYSE:MMM) displayed positive growth worldwide. The South American and Canadian market rose a by an amazing 11%, the Asia-Pacific region showing an increase of 7% and the American (US) market had a growth of around 5%.
While, 3M’s (NYSE:MMM) European, Mid-East and African regions reported a growth of almost 4%. The company’s CEO is quite sure about 3M’s performance and believes that the company has delivered its organic growth with fairly large margins of around 22%. The CEO says that they are trying hard to go beyond their previous benchmark and would be making some crucial changes in the company’s strategy and portfolio.
3M (NYSE:MMM) has not abandoned its target but they have only made some slight changes by increasing their lower limits and shedding off some of their upper limits. They wished to make a more concentrated target and wanted to divert all their efforts for the mean point for this range. Surprisingly, 3M’s (NYSE:MMM) shares were a bit high on the opening on Thursday. They started at around $141 within the company’s present year limit which is 122.7 to 147.87 dollars.
The famous Thomas Reuters had expected the prices to be about $151 prior to the announcement of this report. Inge Thulin concluded his report by saying that 3M (NYSE:MMM) had given an extra ordinary performance during the quarter and this trend was observed in all the departments the company manages. The company has plans to remain focused on the expansion of their networks and business across the world whereas, productivity is the main point on which their efforts would be based.