Stock Alert: 3M Down 4% After Q2 Results Miss Estimates

(RTTNews) - Shares of 3M Co. (MMM), a maker of consumer, health-care and industrial products, are declining almost 4 percent or $6.30 in Tuesday's morning trade at $156.94 after its second-quarter financial results missed analysts' estimates.

Tuesday, 3M reported second-quarter net income of $1.29 billion or $2.22 per share, up from $1.13 billion or $1.92 per share in the year-ago period. However, adjusted earnings of $1.78 per share missed the average estimate of analysts polled by Thomson Reuters at $1.80 per share.

Sales declined 12.2 percent to $7.18 billion from $8.17 billion last year. This compares with the Street estimate of $7.32 billion. 3M also said its guidance for the full-year 2020 remains withdrawn as it is not able to estimate the duration, magnitude and pace of recovery across its end markets with reasonable accuracy due to the uncertain impact of the COVID-19 pandemic.

3M has traded in a range of $114.04 to $182.55 in the past 52 weeks.