3M Co. Q1 Profit Decreases, but beats estimates

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

The company's bottom line came in at $928 million, or $1.67 per share. This compares with $976 million, or $1.76 per share, in last year's first quarter.

Excluding items, 3M Co. reported adjusted earnings of $1.33 billion or $2.39 per share for the period.

Analysts on average had expected the company to earn $1.96 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

The company's revenue for the quarter fell 0.4% to $8.00 billion from $8.03 billion last year.

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

-Earnings (Q1): $928 Mln. vs. $976 Mln. last year. -EPS (Q1): $1.67 vs. $1.76 last year. -Revenue (Q1): $8.00 Bln vs. $8.03 Bln last year.

-Guidance: Full year EPS guidance: $6.80 to $7.30