3M Guides FY21 In Line With Estimates; Q4 Results Top View - Quick Facts

(RTTNews) - While reporting financial results for the fourth quarter and fiscal 2020 on Tuesday, 3M Co. (MMM) initiated its earnings, sales and organic local-currency sales growth outlook for the full-year 2021, in line with analysts' expectations.

For fiscal 2021, the company now projects earnings in a range of $9.20 to $9.70 per share on sales growth of 5 to 8 percent, with organic local-currency growth between 3 and 6 percent. On average, analysts polled by Thomson Reuters expect the company to report earnings of $9.52 per share on net sales growth of 6.1 percent to $33.91 billion for the year. Analysts' estimates typically exclude special items.

For the fourth quarter, net income attributable to 3M increased to $1.39 billion or $2.38 per share from $0.97 billion or $1.66 per share in the prior-year quarter. Sales were up 5.8 percent year-on-year to $8.58 billion. Organic local-currency sales grew 5.5 percent.

The Street was looking for earnings of $2.15 per share on net sales of $8.40 billion for the quarter.