PREVIEW: 3M seen posting 4.7% Q4 revenue drop

3M Co

22/01/2024 17:32

** Shares of 3M  MMM.N  gaining ~0.7% at $108.50 on Mon
ahead of qtrly report due before market open on Tues
    ** Wall Street sees industrial conglomerate reporting adj
EPS of $2.31, a 1.3% yr/yr gain, on rev of $7.70 bln, down 4.7%
from year-ago qtr, according to LSEG data
    ** Co has beaten or met EPS estimates for all but one of
eight most recent qtrs - last miss was Q3 2022
    ** On Nov 7, MMM declared dividend on co's common stock of
$1.50/sh for Q4
    ** On Oct 24, co hiked full-year adj profit forecast as it
offsets softening demand with price hikes
    ** Of 18 analysts covering 3M, 16 rate stock "hold," and 2
recommend "sell"; median PT of $111 - LSEG
    ** So far in 2024, MMM down ~0.7% vs the Dow's  .DJI  ~0.8%
gain and S&P 500 Industrials  .SPLRCI  ~0.6% decline over the
same time period
    ** Options imply a 4.4% swing in either direction for MMM
shares by Fri, compared with an avg one-day move of 3.3% over
past eight earnings days, according to Trade Alert
    

 (Reporting by Stephen Culp; Additional reporting by Saqib
Ahmed)
 ((stephen.culp@thomsonreuters.com; 646-223-6076;))