A stronger U.S. dollar took a toll on the performance of diversified technology company 3M during the first quarter, as the company reported earnings and revenue that fell shy of market expectations on Thursday, which sent its stock tumbling in pre-market trading.
The company specifically cited the negative impact of a stronger greenback on sales, which also prompted 3M to reduce its full-year outlook. After the earnings announcement, the company’s shares shed nearly four percent after the opening bell on Wall Street.
The St. Paul, Minnesota company posted first-quarter earnings excluding items of $1.61 per share, up from $1.59 a share in the year-earlier period. Revenue increased to $7.63 billion from $7.49 billion a year ago.
Analysts had expected 3M to report earnings excluding items of $1.65 a share on $7.81 billion in revenue, according to a consensus estimate from Thomson Reuters.
“We achieved record first-quarter sales and solid operating margins in the face of a low-growth economic environment and the strong U.S. dollar,” said Inge G. Thulin, 3M chairman, president and CEO.
via CNBC
Get OANDA’s exclusive weekly Market Pulse FX
HTMLText
| Email Address: | Preferred Format: |
This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.
View the original article: http://forexblog.oanda.com/20130425/3m-fails-to-meet-market-expectation-blames-strong-dollar/
A quick look on #UCO website will produce a ton of fresh #MLM ideas to help you get more money. Go to http://www.uconnective.com
To Signup you must have a #UCO coin, you can #BUY it with only $3 from ClickAlert or Send e-mail at clickalert@ymail.com or Call/SMS to +1 (202) 599-1808 and start earning $51 per day!
No comments:
Post a Comment