3M Co. beats earnings target but misses on revenue, stock falls

3M Co. MMM, +1.34% shares fell 1.9% in premarket trades on Tuesday after the company fell short of revenue estimates and cut its 2022 profit view on economic headwinds, although it delivered stronger-than-expected quarterly results. 3M’s third-quarter profit more than doubled to $3.86 billion, or $6.77 a share, from $1.43 billion, or $2.45 a share, in the year-ago quarter. Excluding one-time items, adjusted earnings were $2.69 a share in the latest quarter. Revenue at the maker of adhesives and sticky notes fell to $8.62 billion from $8.94 billion. Wall Street analysts expected 3M to earn $2.60 a share on revenue of $8.71 billion, according to FactSet data. Looking ahead, 3M said it’s trimming its 2022 adjusted earnings target to $10.10 a share to $10.35 a share, from its earlier estimate of $10.30 to $10.80 a share, due to a stronger U.S. dollar and an “uncertain macroeconomic environment.” Analysts currently expected 2022 earnings of $10.30 a share. During the third quarter, 3M divested its food safety business and began spinning off its Health Care business, “resulting in two world-class, public companies,” 3M said.