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.
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