3M (NYSE:MMM) shares rose slightly today on third-quarter results that topped the consensus forecast.
The Maplewood, Minnesota-based company posted profits of $1.4 billion, or $2.45 per share, on sales of $8.9 billion for the three months ended Sept. 30, 2021, for a 0.3% bottom-line gain on sales growth of 7.1%.
Earnings per share registering at $2.45 saw 3M come. in 25¢ ahead of Wall Street, where analysts were looking for sales of $8.7 billion.
3M’s healthcare segment brought in revenues of $2.2 billion, marking an increase of 4.1% year-over-year. The segment’s operating income was $529 million, an increase of 7% from the third quarter of 2020.
Sales within the healthcare segment increased in food safety, oral care, health information systems and separation and purification. Revenues dipped in medical solutions, but geographically the business’ sales grew in Asia Pacific, EMEA and the Americas.
“In the face of continued global challenges, the 3M team executed well and delivered broad-based organic growth, along with strong margins and cash flow,” 3M Chair and CEO Mike Roman said in a news release. “Overall, end-market demand remained strong, and we navigated supply chain disruptions by maintaining a relentless focus on serving and innovating for our customers. Moving ahead, we will continue to invest for the future by investing in strong demand areas aligned with global trends, while improving our operational performance, driving productivity and advancing sustainability.”
3M said it now expects to log adjusted EPS of $9.70 to $9.90, decreasing the top end of the estimate from $10.10. The company updated the bottom line of its prior sales guidance, though, raising the range of 7% to 10% growth to 9% to 10%.
MMM shares were up 0.1% at $182.60 in midday trading today. MassDevice’s MedTech 100 Index — which includes stocks of the world’s largest medical device companies — was up 0.5%.
