3M Co. Q1 Profit Decreases, but beats estimates

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

The company's earnings came in at $0.98 billion, or $1.76 per share. This compares with $1.30 billion, or $2.26 per share, in last year's first quarter.

Excluding items, 3M Co. reported adjusted earnings of $1.09 billion or $1.97 per share for the period.

Analysts on average had expected the company to earn $1.58 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

The company's revenue for the quarter fell 9.1% to $8.03 billion from $8.83 billion last year.

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

-Earnings (Q1): $0.98 Bln. vs. $1.30 Bln. last year. -EPS (Q1): $1.76 vs. $2.26 last year. -Analyst Estimates: $1.58 -Revenue (Q1): $8.03 Bln vs. $8.83 Bln last year.

-Guidance: Full year EPS guidance: $8.50 to $9.00