3M Co (NYSE:MMM) released its earnings report for the three months through July 39 this morning before the market closed. The company showed earnings per share of $1.71 for the quarter on revenue totaling $7.75. On Wednesday, shares in 3M Co (NYSE:MMM) traded down a fraction to close the day at $116.33.
Analysts following 3M Co were looking for earnings of $1.70 per share from this morning’s earnings report by consensus. Consensus revenue estimates for the second quarter came in at $7.8 billion. The second quarter of last year saw the company earn $1.66 per share on revenue of $7.5 billion. 3M Co (NYSE:MMM) has seen shares grow solidly for the last two years.
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3M at all time high
3M Co will open on today’s market at just under its all time high price of $117.30. It would take a brave investor to bet against the diversified technology company in any sustained way. The firm has added more than 23% to the value of its shares so far in 2013, and it hasn’t seen a sizable fall since European worries hit it hard back in 2011.
Even after all of the good faith investors have in 3M Co (NYSE:MMM) has been accounted for, the company is trading for a reasonably low P/E of a little over 18. The company is expected to continue growing its earnings in the coming years, with analysts estimating $6.71 per share in 2013 and $7.34 per share in 2014. Last year the company managed to earn $6.32.
3M Co (NYSE:MMM) will host an earnings call to discuss these numbers at 8 am CT in order to discuss this morning’s earnings. Investors and analysts alike will want to question the company’s outlook in the face of a slowing Chinese economy and a struggling European one. Analysts may also be interested in how the changes in the computing industry will affect the company’s trajectory in the medium term future.