3M (NYSE:MMM) shares took a hit today despite first-quarter results that topped the consensus forecast.
The Maplewood, Minn.-based company posted profits of $1.6 billion, or $2.77 per share, on sales of $8.9 billion for the three months ended March 31, 2021, for a 24.2% bottom-line gain on sales growth of 9.6%.
Adjusted to exclude one-time items, earnings per share were also $2.77, 48¢ ahead of Wall Street, where analysts were looking for sales of $8.5 billion.
3M’s healthcare segment reported sales of $2.2 billion for a 6.8% year-over-year increase. Sales increases were observed in oral care, separation and purification, medical solutions and health information systems, with the only decline in food safety.
Sales grew for 3M’s healthcare business across all geographic areas as the segment recorded operating income of $509 million, representing a 13% year-over-year uptick.
“The first quarter was highlighted by broad-based organic growth, robust cash flow and a double-digit increase in earnings per share,” 3M chairman & CEO Mike Roman said in a news release. “Our four industry-leading businesses are delivering strong results, while we accelerate 3M’s digital transformation and sustainability efforts with significant new goals to improve air and water quality.
“While uncertainty related to COVID-19 remains, we will stay focused on driving growth, building on favorable market trends, improving operational performance and delivering for customers and shareholders.”
3M maintains its previously announced financial guidance, with the company expecting to log adjusted EPS of $9.20 to $9.70 per share, with full-year sales growth expected to range between 5% and 8%.
MMM shares were down -3.1% at $193.53 in early-morning trading today. MassDevice’s MedTech 100 Index — which includes stocks of the world’s largest medical device companies — was unchanged so far this morning.