3M (NYSE:MMM) shares ticked up before hours today on fourth-quarter results that topped the consensus forecast.
The Maplewood, Minnesota-based company posted profits of $1.1 billion, or $2.31 per share, on sales of $8.61 billion for the three months ended Dec. 31, 2021, for an 18.9% bottom-line slide on sales growth of 0.3%.
3M’s EPS of $2.31 came in 30¢ ahead of projections on Wall Street, where analysts were looking for sales of $8.59 billion.
The company’s health care segment experienced a 0.7% revenue growth year-over-year, with a major increase (4.1%) in its consumer business. 3M’s safety and industrial arm dipped 2.2% and its transportation and electronics segment dropped 1.5%.
“3M delivered a solid fourth-quarter performance – with notable strength in December – as we maintained our relentless focus on serving customers in a challenging external environment,” 3M Chairman and CEO Mike Roman said in a news release. “Our team effectively managed supply chain disruptions, made good progress on pricing actions and controlled costs.”
“As we continue to actively manage our portfolio and improve our operations, we will prioritize investments in fast-growing end markets to drive long-term growth, as well as advance our commitment to sustainability. As we enter 2022, I am confident we will continue to grow our business and find new ways to apply science to improve lives.”
3M did not offer financial guidance for 2022 but confirmed a strategic update and outlook meeting set for Feb. 14.
MMM shares were up 0.9% at $174.26 per share in pre-market trading today.
