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3M’s stock declines after adjusted profit, turnover drops more than expected

Shares of 3M Co. undefined declined 2.2% in premarket trading Tuesday, after the diversified health, consumer and industrial products producer reported earnings and sales in the second quarter that missed expectations, as results were “significantly impacted” by COVID 19 pandemic. Net income increased to $ 1.29 billion, or $ 2.22 per share, from $ 1.13 billion or $ 1.92 per share in the prior year period. Excluding one-off items, adjusted earnings per share were down 16% to $ 1.78, under FactSet’s consensus of $ 1.81. Revenue was down 12% to $ 7.18 billion, with the FactSet consensus missing $ 7.32 billion. Security and industry sales were down 9.2% to $ 2.7 billion, below the FactSet consensus of $ 2.62 billion; healthcare revenues declined 0.4% to $ 1.8 billion to miss expectations of $ 1.95 billion; transportation and electronics sales were down 20.9% to $ 1.9 billion to miss expectations of $ 1.97 billion; and consumer revenues declined 6.2% to $ 1.2 billion, in line with expectations of $ 1.22 billion. The company said it is still unable to provide financial guidance given the uncertainties surrounding the COVID-19 pandemic. For July to date, 3M said sales are rising in last year’s low single-digit percentage range. The stock lost 7.5% year to year through Monday, while the Dow Jones Industrial Average fell undefined by 6.9%.