3M’s (St. Paul, Minn.) net income grew 8 percent in the third quarter of 2018 to $1.54 billion, compared with $1.42 billion during the third quarter of 2017.
The company’s net sales declined 0.2 percent during the quarter to $8.2 billion compared with the same period last year. Its third quarter shares were $2.58, a 10.7 percent jump from the third quarter of 2017.
The company lowered its anticipated adjusted 2018 earnings from $10.20–$10.45 to $9.90–$10.00, citing a first-quarter legal settlement and a Tax Cuts and Jobs Act-related expense for the decline.
3M shares dropped 6.4 percent to $188.50 in premarket trading following the release of its earnings report Oct. 23.
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