3M Updates Guidance - Quick Facts

(RTTNews) - 3M (MMM) announced, for 2018, the company now expects adjusted 2018 earnings to be in the range of $9.90 to $10.00 per share versus prior expectation of $10.20 to $10.45. The company noted that the update to the ranges reflects an estimated full-year earnings headwind of $0.05 per share from foreign currency versus a prior expectation of a benefit of $0.10 per share.

3M also updated full-year organic local-currency sales growth guidance to approximately 3 percent from 3 to 4 percent and free cash flow conversion to 90 to 95 percent from 90 to 100 percent.

Third-quarter GAAP earnings were $2.58 per share, an increase of 10.7 percent year-over-year. Sales were $8.2 billion with organic local-currency sales up 1.3 percent.