3M Co. Q1 Profit Decreases, but beats estimates

(RTTNews) - 3M Co. (MMM) reported earnings for first quarter that decreased from last year but beat the Street estimates.

The company's earnings totaled $1.30 billion, or $2.26 per share. This compares with $1.62 billion, or $2.77 per share, in last year's first quarter.

Excluding items, 3M Co. reported adjusted earnings of $1.52 billion or $2.65 per share for the period.

Analysts on average had expected the company to earn $2.31 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

The company's revenue for the quarter fell 0.2% to $8.83 billion from $8.85 billion last year.

3M Co. earnings at a glance (GAAP) :

-Earnings (Q1): $1.30 Bln. vs. $1.62 Bln. last year. -EPS (Q1): $2.26 vs. $2.77 last year. -Analyst Estimates: $2.31 -Revenue (Q1): $8.83 Bln vs. $8.85 Bln last year.

-Guidance: Full year EPS guidance: Adj; $10.75 - $11.25