3M Cuts FY22 Reported EPS View; Backs Adj. EPS Forecast Above Market - Update

(RTTNews) - 3M Co. (MMM), while reporting weak first-quarter profit and revenues on Tuesday, said it now expects its fiscal 2022 earnings per share to be in the range of $9.89 to $10.39, compared to a prior expectation of $10.15 to $10.65.

The update in earnings outlook reflects previously referenced first-quarter charge of $0.26 per share for Zwijndrecht-related PFAS environmental commitments.

Excluding Zwijndrecht investment, full-year 2022 financial outlook remains unchanged. Full-year 2022 adjusted earnings is still expected to be in the range of $10.75 to $11.25 per share.

On average, 22 analysts polled by Thomson Reuters expect earnings of $10.31 per share for the year. Analysts' estimates typically exclude special items.

The company's full-year organic sales growth and free cash flow conversion ranges remain unchanged.