3M Slips Despite Solid Earnings
Q4 earnings for 3M printed higher, led by strength in its core industrial unit and steady overseas sales.
The maker of industrial adhesives and “post-it notes” reported Q4 earnings of $1.88 per share on revenue of $7.33 billion, compared to $1.66 per share a year ago. The firm said sales in its industrial division increased by 3% to $2.5 billion, led by automotive original equipment manufacturing.
The company also restated its previous 2017 EPS guidance to reach the $8.45 to $8.80 range.
Despite the upbeat report, shares of 3m fell 2.54% to close at $176.00. This is just 4% below the 5-year high posted in July at $181.50. We would expect good technical support to emerge back at the Mid-November lows around $170.50.
