PREVIEW: 3M seen posting 6.2% y/y earnings growth

Marley Spoon SE

24/10/2022 19:34

** Shares of 3M Co  MMM.N  rise 1.7% to $118.83 ahead of its
qtrly report due before the opening bell on Tues
    ** Street expects the industrial conglomerate to post adj Q3
EPS of $2.60, up 6.2% from the year-ago qtr, on $8.70 bln rev -
down 2.7% yr/yr, according to Refinitiv
    ** Co last missed consensus earnings estimate on Q2 2020,
has met/beaten expectations since - Refinitiv
    ** On Oct 3, Barclay's cut MMM PT, said slowing demand and
overall dynamics for industrials sector "unappealing" 
    ** On July 26 Q2 earnings call, the diversified manufacturer
announced spin-off of healthcare segment, disclosed seeking
bankruptcy for unit that makes earplugs for the U.S. military.
MMM facing claimsfrom >290,000 former, active military members
who say the earplugs are defective, damaged their hearing
    ** Of 23 analysts covering MMM, majority recommend "hold",
with 1 rating stock "buy" or stronger, 5 "sell" and 1 "strong
sell"; median PT of $126 is down 12.5% from three months ago
    ** YTD, stock has plunged ~33%, vs S&P 500's  .SPX  ~20%
drop and Dow's  .DJI  ~13% decline over the same time period
    ** Options imply a 4.8% swing in either direction for MMM
shares by Fri, compared with an avg one-day move of 2.3% 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;))